Crypto Market Dips as Bitcoin Surges: December 12th, 2024 Crypto News Digest

The crypto market is seeing red across most assets today, but Bitcoin is bucking the trend. Here’s your digest of today’s key crypto news.

Crypto Market Dips with Mixed Performances

The global cryptocurrency market capitalization has dipped by 1.3% in the last 24 hours, now sitting at $3.65 trillion. Trading volume for the day is $388 billion. It’s been a tough stretch for many assets, with the market in the red for the most part, but a few exceptions are emerging in the form of a handful of top coins.

Out of the top 100 cryptocurrencies by market cap, 21 coins are showing positive movement, but 79 are in the red. Among the top 10 coins, Bitcoin (BTC) has had a solid performance, gaining 4.8% and reaching a price of $101,347. Ethereum (ETH) also showed strength, rising 4.7% to $3,827.

XRP continues to be a standout performer, up 5.1% to $2.35, making it the best performer of the day.

With the dip across the crypto market, traders are wondering if the downturn is a short-term correction or if it marks a larger trend for the digital asset sector. We’ll keep watching as more data pours in.

Backpack Exchange Partners with Sui Blockchain for Integration

In exciting news for the crypto world, Backpack Exchange, a platform that simplifies asset management and trading, has announced a new partnership with Sui, a Layer-1 blockchain. This integration will unlock new opportunities for projects on Sui, allowing them to integrate and list on Backpack’s exchange and wallet, which is available on iOS, Android, and as a Chrome browser extension.

Backpack’s platform currently serves users in over 150 countries and has reached a $60 billion trading volume since its launch just a year ago. The collaboration will boost the visibility of Sui to Backpack’s large and diverse user base. Sui users will also gain access to Backpack’s comprehensive wallet infrastructure, which is expected to improve user experience on both platforms.

With both Sui and Backpack bringing different strengths to the table, this collaboration marks an important step for blockchain and crypto adoption.

USDT Gains Recognition as Accepted Virtual Asset in Abu Dhabi

Tether, the issuer of USDT, has secured a significant milestone with the Abu Dhabi Global Market (ADGM). The Financial Services Regulatory Authority (FSRA) has officially recognized USDT as an Accepted Virtual Asset (AVA) in the market.

This approval applies to USDT issued on the Ethereum, Solana, and Avalanche blockchains, meaning that licensed entities within the ADGM can now offer services that include USDT. This is a big win for stablecoins and further legitimizes the role of crypto in global finance.

The approval is part of Abu Dhabi’s broader efforts to modernize its financial services and diversify its economy. The move will help integrate USDT more seamlessly into the UAE’s financial system and bring it closer to the standards of traditional financial services.

With more countries making moves to regulate and accept cryptocurrencies, this news represents another step toward broader institutional adoption.