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- Merry Christmas! | Russia’s Central Bank Develops Surveillance Platform to Crack Down on Illegal Crypto OTC Services
Merry Christmas! | Russia’s Central Bank Develops Surveillance Platform to Crack Down on Illegal Crypto OTC Services
News on the Blockchain
December 25, 2024
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🌍 Daily Crypto Market Overview
Global Stats:
Cryptocurrencies: 2.4M+
Exchanges: 771
Market Cap: $3.42T (+3.04%)
24h Volume: $133.24B (-13.55%)
Bitcoin Dominance: 56.7%
Ethereum Dominance: 12.3%
ETH Gas Price: 3.5 Gwei
Fear & Greed Index: 62 (Greed)
🪙 Top 5 Cryptocurrencies by Market Cap:
Name | Price | 24h Change | Market Cap | 24h Volume |
|---|---|---|---|---|
Bitcoin | $98,050.93 | +3.92% | $1.94T | $43.55B |
Ethereum | $3,490.04 | +2.59% | $420.41B | $21.66B |
Tether | $0.9992 | +0.06% | $139.32B | $108.03B |
BNB | $702.95 | +1.73% | $101.23B | $1.04B |
Solana | $198.39 | +3.07% | $95.12B | $3.54B |
💹 Market Highlights:
Total DeFi Volume: $12.56B (9.42% of 24h volume)
Stablecoins Volume: $121.71B (91.35% of 24h volume)
Coin with Highest % Change: RUDSOLF/SOL (+1791%)
📈 Preview On Today’s News:
- Russia’s Central Bank Develops Surveillance Platform to Crack Down on Illegal Crypto OTC Services
- Matador Technologies Commits $4.5M to Bitcoin for Strategic Financial Growth
- Ethereum Set to Surpass Bitcoin by 2025, Sparking Altcoin Growth
Keep reading below for more!
Today’s News:
1)
Russia’s Central Bank Develops Surveillance Platform to Crack Down on Illegal Crypto OTC Services
Russia’s central bank is set to launch a new surveillance platform aimed at combating illegal cryptocurrency over-the-counter (OTC) services and other suspicious financial activities. Collaborating with Rosfinmonitoring, local banks, and financial experts, the Bank of Russia plans to create a centralized database that will enable the sharing of information about illicit transactions across all credit institutions. This platform will target individuals, referred to as “droppers,” who engage in money laundering and other illegal activities through crypto exchanges, online casinos, and pirated websites by misusing banking services and bypassing KYC procedures. Currently, banks can only share information with institutions where the clients hold accounts, but the new system will allow for comprehensive tracking and blocking of suspicious activities nationwide. Although the timeline for the platform’s launch remains uncertain, the central bank aims to implement a solution that effectively addresses financial misconduct without causing social tension or impacting legitimate citizens.
Centralized Surveillance: The new platform will centralize data sharing among all credit institutions to better identify and block individuals involved in illegal crypto OTC services and money laundering.
Collaborative Effort: The initiative involves cooperation between the Bank of Russia, Rosfinmonitoring, local banks, and financial experts to enhance the detection and prevention of illicit financial activities.
2)
Matador Technologies Commits $4.5M to Bitcoin for Strategic Financial Growth
Matador Technologies, a Canadian firm specializing in digitizing physical assets, has announced a strategic investment of $4.5 million in Bitcoin by the end of 2024. This move is part of their new treasury strategy aimed at mitigating risks associated with Canada’s heavy reliance on oil exports and escalating national debt, leading the company to shift a significant portion of their cash reserves from Canadian to US dollars. The unanimous decision by Matador’s Board of Directors underscores Bitcoin's role as an inflation-resistant asset, aligning with the company's vision for financial stability in a volatile global economy. Additionally, Matador plans to leverage Bitcoin's security for their upcoming blockchain-based digital gold platform set to launch in 2025, reinforcing their commitment to innovative financial solutions. Leadership from President Sunny Ray and CEO Deven Soni emphasize that Bitcoin is integral to Matador’s future, reflecting the company’s values of trust and permanence.
Strategic Investment: Matador Technologies is allocating $4.5 million to Bitcoin to diversify its treasury and protect against economic instability in Canada by shifting reserves from Canadian to US dollars.
Future Initiatives: The Bitcoin investment supports Matador’s planned blockchain-based digital gold platform, highlighting their dedication to integrating secure, innovative financial technologies.
3)
Ethereum Set to Surpass Bitcoin by 2025, Sparking Altcoin Growth
Crypto analyst Michael Van De Poppe has predicted a historic turning point for Ethereum (ETH) in January 2025, anticipating that ETH could surpass Bitcoin (BTC) based on the ETH/BTC ratio rising above 0.04. This surge is expected to trigger an “altcoin run,” attracting increased investments into the Ethereum ecosystem and boosting the value of ETH-based tokens like Shiba Inu (SHIB) and Mantle (MNT). Additionally, Ethereum-focused exchange-traded funds (ETFs) are projected to outperform Bitcoin ETFs, further solidifying ETH’s position in the market. These developments suggest a promising future for Ethereum and significant growth across the broader cryptocurrency landscape.
Ethereum Predicted to Outperform Bitcoin: Michael Van De Poppe forecasts that Ethereum’s ETH/BTC ratio will exceed 0.04 by January 2025, potentially making ETH surpass BTC in market performance.
Altcoin and ETF Growth Expected: The rise in Ethereum’s strength is likely to spark an “altcoin run,” boosting ETH-based tokens and leading to increased investment in Ethereum-focused ETFs.
