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Senin, 06 Januari 2025

👨‍⚖️Do Kwon pleads not guilty in US court, SOL ETF odds rise, & other news

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Your weekly roundup of the 🔥hottest news in crypto:

👨‍⚖️Do Kwon pleads not guilty in US court, SOL ETF odds rise, & other news

Dec. 29 - Jan. 4


Top stories:

👨‍⚖️ Do Kwon appears before US judge

🎰 Odds of 2025 US Solana ETF listing top 77%

👉 Ether could struggle to deliver meaningful rallies in 2025

📰 Keep reading to get up to date on all of the latest news in crypto
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#1

Terraform co-founder Do Kwon appears before US judge, pleads not guilty

Terraform Labs co-founder Do Kwon appeared before a US magistrate on Jan. 2, 2025, and pleaded not guilty to charges in the first legal hearing for the former tech executive since his extradition to the US.

The embattled crypto founder appeared in Manhattan before US Magistrate Judge Robert W. Lehrburger of the Southern District of New York on Thursday afternoon to submit his plea and agreed to be held without bail.

The former tech executive faces nine counts of various charges, including securities fraud, wire fraud, money laundering charges and commodities fraud, for his role in the collapse of the Terra ecosystem.

A status conference is set for Jan. 8, 2025, for the defense and the prosecution to share evidence and discuss motions leading into the trial.

The hearing marks a milestone in the legal saga of the former tech executive, which has taken several turns since 2023, as Montenegrin court officials weighed extraditing the Terraform co-founder to the United States or his homeland of South Korea.

#2

Odds of 2025 US Solana ETF listing top 77%: VanEck research head


The odds of a Solana exchange-traded fund (ETF) listing in the United States this year are even higher than a popular betting market's optimistic forecast, according to Matthew Sigel, VanEck's head of digital assets research.

On Jan. 1, cryptocurrency prediction platform Polymarket said the odds of a US Solana ETF listing in 2025 are around 77%. In a post on the X platform, Sigel described Polymarket's forecast as "underpriced."

Sigel's optimism mirrors industry-wide expectations of more crypto ETF listings in the US after President-elect Donald Trump's November election win. Trump said he wants to make America "the world's crypto capital."

Prediction markets work by letting users trade contracts tied to specific events, with prices fluctuating dynamically based on expected outcomes. Polymarket's projected ETF listing odds increased to approximately 84% as of Jan. 2, according to its website.

#3 

China tightens crypto trade oversight with new forex rules


China's State Administration of Foreign Exchange introduced rules requiring the country's banks to monitor and flag risky trades involving crypto assets.

On Dec. 31, the South China Morning Post reported that mainland China's new rules will make it more difficult for residents to buy digital assets.

Under the rules, banks must monitor and report risky forex trading activities. This includes cross-border gambling, underground banks and illegal cross-border financial activities involving crypto assets.

Chinese regulators also require banks to track the activities based on the identity of individuals and institutions involved, their sources of funds and the frequency of their trades.

Liu Zhengyao, a lawyer at the ZhiHeng law firm in Shanghai, said that the new rules will provide another basis for punishing crypto trading, and added that China's regulatory stance toward crypto may continue to tighten.
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#4 Prediction of the week

Ether could struggle to deliver meaningful rallies in 2025: 10x Research

Markus Thielen, CEO of 10x Research, said Ether might not be the wisest investment choice for a 2025 bull run, as the asset may deliver underwhelming returns compared with Bitcoin.

Other analysts said they are waiting for more confirmation from the price charts to see which way it will go.

"While the possibility of a new catalyst cannot be ruled out, we wouldn't be surprised if Ethereum struggles to deliver meaningful rallies next year," Thielen said in a Dec. 30 market report.

"While we appreciate Ethereum's volatility, we believe it remains a poor medium-term investment and expect ETH to underperform BTC once again in 2025," Thielen said. "As a result, our stance on Ethereum remains clear: 'avoid.'"

Thielen said one of the most important metrics to watch in 2025 will be the trend in active validators. Still, he noted that the growth rate of validators had turned negative, dropping by about 1% over the past 30 days, raising concerns about the increasing risk of more validators exiting the network.

#5 FUD of the week

Cybertruck explosion at Trump hotel linked to bomb or fireworks: Musk


Tesla CEO Elon Musk said a bomb or fireworks caused a Tesla Cybertruck explosion outside the Trump International Hotel in Las Vegas, in what authorities are investigating as a possible act of terror.

Explosive materials were carried in the bed of the rented Cybertruck and thus weren't related to the Cybertruck itself, Musk said in a Jan. 1 follow-up post on X after confirming that Tesla was investigating the incident: "All vehicle telemetry was positive at the time of the explosion."

Police have said that the Cybertruck was filled with fireworks mortars, gasoline tanks and camping fuel.

"Current findings suggest this was an isolated incident with no indication of a larger plan," the Las Vegas Metropolitan Police Department said in a post on X.

#6 FUD of the week

Illegal crypto ads prevail in UK despite FCA warning


Illegal crypto ads continue to appear in the United Kingdom despite its financial regulator asking crypto projects to remove their advertisements targeting the country.

According to a Financial Times report, 54% of the 1,702 alerts issued by the UK's Financial Conduct Authority (FCA) between October 2023 and October 2024 ended in illegal crypto ads being taken down. The report said the rest of the crypto-related promotions are still up.

The FCA has not yet fined companies that failed to remove crypto ads that violate the FCA's rules. Regulations require digital asset promotions to get approvals from the FCA or an FCA-authorized business before going live.

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Sabtu, 04 Januari 2025

VanEck CEO recommends investors to double down on Bitcoin as hedge in 2025

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