- The cryptocurrency market’s valuation held firm at $3.37 trillion on Tuesday, halting a $13 billion outflow over the previous 24 hours.
- Microsoft shareholders voted against a proposal to allocate a portion of the company’s reserves to Bitcoin during the annual meeting on December 10.
- Amid market volatility, Cardano (ADA), Ripple (XRP), and Binance Coin (BNB) showed recovery signals, reclaiming key resistance levels as Bitcoin retook $17,000.
In the ever-evolving world of cryptocurrency, Tuesday saw a market rebound led by Cardano and XRP. This development occurred as Microsoft rejected a Bitcoin Reserve Plan and the sector’s valuation remained steady at $3.37 trillion. The 24-hour period also witnessed a halt in a significant outflow of $13 billion.
Microsoft’s Stand on Bitcoin Reserve Plan:
Microsoft shareholders recently voted against a proposal to allocate a part of the company’s reserves to Bitcoin at their annual meeting. The proposal, introduced by the National Center for Public Policy Research (NCPPR), suggested that Bitcoin could diversify assets and enhance shareholder value. However, the board, as well as the shareholders, disagreed, citing Bitcoin’s volatility and the company’s existing robust asset management processes.
Market Recovery Led By Cardano and XRP:
Following a global crypto market crash that triggered over $15 billion worth of liquidations, Bitcoin price reclaimed $97,000. This recovery led to a ripple effect in the altcoin markets, with currencies such as Ripple (XRP), Cardano (ADA), and Binance Coin (BNB) all reclaiming key resistance levels. Ripple’s price rebounded above $2.35, aided by a vital approval from New York State regulators for its newly launched RLUSD stablecoin.
Ethereum Whales’ Investment Trends Amid Crypto Crash:
Despite Ethereum’s price volatility since the beginning of December, on-chain data trends indicate that the largest investors of Ethereum remained reluctant to sell into market Fear, Uncertainty, and Doubt (FUD). Real-time changes in balances held by the top 1000 wallets with the largest ETH holdings suggest that despite the market volatility, ETH whales maintain a positive momentum, indicating an early bullish reversal.
Eric Trump’s Bitcoin Forecast:
At the Bitcoin MENA event in Abu Dhabi, Eric Trump made a bold forecast that Bitcoin could eventually achieve a $1 million valuation. He stressed Bitcoin’s inherent scarcity and its role as a transformative global asset and a hedge against inflation, economic instability, and geopolitical risks.
Conclusion:
The unfolding events in the cryptocurrency world continue to shape the market trends, with tech giants, crypto whales, and influential figures playing significant roles. The recent market rebound led by Cardano and XRP, Microsoft’s stance on the Bitcoin Reserve Plan, and Eric Trump’s bullish Bitcoin forecast highlight the dynamic nature of the crypto industry. As the sector evolves, investors and stakeholders alike must remain informed and adaptable to navigate the volatile landscape.
