Global Hive Buzz

Bitcoin Soars Beyond $42k in a Year-Long Rally

As of the latest update, the price of Bitcoin (BTC) has surged by 5.9% in the past 24 hours, marking an impressive increase of over 140% in the last year.

This surge in Bitcoin's value is attributed to growing anticipation surrounding the potential approval of a Bitcoin exchange-traded fund (ETF), with the US Securities and Exchange Commission (SEC) expected to decide by January 10.

A recent report from December 4 highlights that, in addition to its rising value, Bitcoin has entered the list of the top 10 largest assets by market capitalization.

Data from the Infinite Market Cap portal reveals that Bitcoin's market cap has reached $809.6 billion, just 3% less than Meta, which currently holds a market cap of $834.76 billion. This milestone may signify a shift from the previous crypto winter.

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Tokens Linked to Terra Skyrocket by 70% Amid Bitcoin Linking and Burn Program

Several tokens associated with the Terra ecosystems, including Terra 2.0 and Terra Classic, have witnessed remarkable growth, more than doubling in value over the past week. This surge has propelled year-to-date gains to over 10,000%, making it one of the most notable project reversal stories in the crypto industry.

Three tokens, Luna Classic (LUNC), Terra 2.0 (LUNA), and TerraUSD Classic (USTC), have experienced an impressive surge of up to 70% in the last 24 hours, contributing to weekly gains exceeding 300%.

These substantial increases can be attributed to various catalysts. Terraform Labs recently announced a $15 million investment in two projects within the Terra ecosystem, enhancing liquidity and making certain trading pools more attractive for on-chain traders.

In the previous month, Mint Cash, a Bitcoin-focused payment project, unveiled plans for a USTC revamp that involves using Bitcoin (BTC) to support its intended dollar-pegged stability. The project also announced an airdrop plan for LUNC and USTC holders.

Additionally, Binance, the cryptocurrency exchange, continued its burn program, permanently removing LUNC from the circulating supply based on transactional fees earned from LUNC trading pairs.

Coinbase CEO Addresses Speculations on Base Token and Solana Integration

Brian Armstrong, the CEO of Coinbase, has addressed rumors surrounding the potential creation of a Base token for the exchange's Layer 2 (L2) network. Armstrong clarified that there are no plans to introduce a token specifically for Base.

Armstrong emphasized the company's intention for Base to be an industry-wide initiative rather than exclusively tied to Coinbase as an asset. He highlighted the importance of fostering interoperability within the broader cryptocurrency landscape and reiterated Coinbase's commitment to establishing and maintaining stability and trust in the industry.

Acknowledging that 7% of transactions on Coinbase currently utilize layer-2 solutions, including Base, Armstrong expressed the company's dedication to increasing this percentage in the future. This commitment extends to integrating with other blockchain ecosystems, such as Solana, to facilitate swift and cost-effective transactions.

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