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We’re at that pivotal point in the bull market where USDT FUD (fear, uncertainty, doubt) resurfaces, potentially driving this sustained pullback across the crypto market. Bitcoin has dropped another 2% in the past 24 hours, now trading at a low of $93.4k.
The latest wave of USDT FUD stems from the imminent delisting of the stablecoin on centralised exchanges throughout Europe. The European Union’s MiCA regulation (Markets in Crypto Assets) comes into full effect tomorrow, requiring stablecoins to adhere to stringent standards of transparency and financial reserves. USDT does not currently meet these requirements.
Tether, the issuer of USDT, has long been criticised for its lack of regular audits, opting instead for quarterly asset verification reports by a third party. The transparency of its reserves has remained a contentious issue over the years, further fueling concerns.
With USDT being the largest stablecoin by market cap, this delisting is expected to drive a shift in funds toward alternative stablecoins such as USDC, which complies with MiCA regulations. Despite the regulatory pressures, USDT dominance has rallied in recent days, even as the broader crypto market experiences bearish momentum.
While USDT’s delisting will impact centralised exchange volumes across Europe, it will likely retain its position as the premier stablecoin in other global markets. Moreover, it remains the dominant stablecoin within decentralised finance ecosystems.
Short-term volatility caused by FUD often creates bearish sentiment, but it also opens opportunities for investors to accumulate discounted Bitcoin and altcoins. While immediate market movements may seem uncertain, Bitcoin’s long-term bullish trajectory remains intact. For savvy investors, these dips could offer excellent entry points into Bitcoin or undervalued altcoins with strong growth potential.
Looking for tailored strategies? Contact your Stormrake Crypto Broker for personalised guidance.
STORMRAKE’S GIFT TO YOU:
STORMRAKE’S GIFT TO YOU:
Thank You for an Incredible Year!
As the year comes to a close, we want to express our gratitude for being a valued part of our community. Your trust and support have made 2024 an amazing year, and we’re excited to help you achieve even greater milestones in the year ahead.
As a token of our thanks, we’re giving you a special end-of-year bonus:
For every AUD$10,000 worth of Bitcoin you purchase with Stormrake, we’ll gift you AUD$20 worth of Bitcoin.
It’s our way of saying thanks for choosing us as your trusted partner in crypto.
This exclusive offer ends tomorrow, December 31, 2024—don’t miss out on this opportunity!
*Terms & Conditions Apply*
Stormrake Spotlight: Cetus Protocol (CETUS) ($0.3051)
Stormrake Spotlight: Cetus Protocol (CETUS) ($0.3051)
Cetus Protocol has reached a major support level highlighted on Saturday. This zone could provide a solid foundation for entries through dollar-cost averaging. As the leading protocol on Sui, Cetus is well-positioned to deliver significant returns, assuming Sui’s performance aligns with market expectations.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin has set a new low of $93.4k, reinforcing its bearish structure and momentum. A further decline toward the key CPR level of $92k appears likely, with the 21 EMA and 55 EMA continuing to act as strong resistance levels.
BTC Total ETF Flows for 29 Dec: $ N/A million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
Ethereum has shown relative strength against Bitcoin, even experiencing a brief bullish momentum shift with the 21 EMA crossing above the 55 EMA. However, this momentum was short-lived. ETH has since fallen below all major moving averages, including the critical support level of $3,370.
ETH Total ETF Flows for 29 Dec: $ N/A Million
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
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*All prices are denominated in USD unless stated otherwise*
Written by Alexandar Artis
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No Advice Warning
The information in this newsletter is general only. It should not be taken as constituting professional advice from the author - Stormrake PTY LTD.
Stormrake is not a financial adviser and does not provide financial product advice. You should consider seeking independent legal, financial, taxation or other advice to check how the information relates to your unique circumstances. Stormrake is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by this newsletter.
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