Maker targets $5,000 as Ethereum soars, breaking downtrends with bullish signals and strong holder confidence.
El Salvador has made headlines once again by acquiring 11 Bitcoin, a significant move coming right after negotiating a $1.4 billion loan deal with the IMF. This controversial purchase raises
El Salvador purchased 11 Bitcoin only a day after reaching a $1.4 million IMF loan deal that called to reduce public sector engagement in “Bitcoin-related economic activities.”
In a significant technological development toward security and decentralisation, Gala Games is revolutionizing its blockchain infrastructure by transitioning GalaChain from a Raft consensus mechanism to a more robust Byzantine Fault Tolerance (BFT) consensus algorithm. GalaChain is the first hyperledger fabric chain to release this update and this strategic migration represents a critical step towards creating a more secure and decentralized blockchain environment. The transition is currently underway in the test environment, with plans to implement the changes on the mainnet in the near future. When completed, GalaChain will distinguish itself as one of the pioneering public Hyperledger Fabric blockchains to successfully implement this sophisticated consensus mechanism. Migrating From Raft to BFT Consensus At the heart of this upgrade is a drastic improvement in network resilience. Raft, a Crash Fault Tolerant consensus algorithm, falls short in scenarios involving malicious activity. It operates under the assumption that network nodes will behave predictably and without malicious intent. It can effectively manage non-malicious failures like system crashes or temporary downtime. However, this approach leaves significant vulnerabilities in a landscape increasingly threatened by sophisticated cyber attacks. For instance, a compromised leader node or a network partition could disrupt operations and lead to incorrect decisions. This highlights the need for a more superior and secured upgrade. The BFT Advantage Over Raft By contrast, BFT algorithm introduces a more sophisticated approach to network consensus. It is designed for hostile environments where some nodes may behave maliciously. BFT algorithms can withstand and neutralize potential malicious activities by requiring consensus from a substantial majority. Even if up to one-third of nodes act maliciously, it demands consensus from two-thirds of honest network nodes before finalizing any transaction. This means that even if some nodes attempt to send false messages or manipulate the consensus process, the network remains stable and secure. This critical feature significantly reduces the risk of single point of failure, fortifying the network against targeted attacks and improving fault tolerance. Building Trust and Reliability The implications of this upgrade extend beyond mere technical optimization. For users and developers in the Gala Games ecosystem, the BFT migration promises enhanced trust, improved transaction reliability, and a more robust blockchain infrastructure that can effectively resist potential security threats. As blockchain transitions with features that reduce risks and improves security, Gala Games’ proactive approach to network security demonstrates a commitment to the future of the ecosystem by creating trustworthy digital platforms.
Central banks of the emerging markets, from Brazil to South Asia, have been finding ways to offset a growing dollar. According to a Bloomberg report, Gov. Eli Remolona said on Friday that the Philippine Central Bank was closely watching the peso drop and intervening in currency markets. Indonesia promised to defend the rupiah (IDR) to stabilize markets, while Brazil said it spent $14 billion last week to strengthen the real (BRL). Developing economies are facing mounting pressure. India’s rupee and Brazil’s real reached all-time lows, and South Korea’s won tumbled to a 15-year low. A weakening currency can worsen inflation and raise the cost of servicing debt for those nations that depend on foreign borrowing. Currency strategist Christopher Wong said fighting a strong dollar trend is tough, and “intervention in such an environment can only slow the pace of currency depreciation. Despite that, central banks may still have to use a mix of verbal and actual intervention tools”. Emerging-market FX has faced a sharp quarterly decline Source: Bloomberg Since late September, the MSCI Emerging Markets Currency Index has dropped 3.3%, its sharpest quarterly decline in two years. It has compounded the challenges with the U.S. Federal Reserve’s stance matching a more cautious approach. This will lead to fewer interest-rate cuts next year and increased concerns about inflation. With a strong dollar, emerging market central banks are willing to take bold action to save their currencies from falling too far and stave off even wider economic damage. On Friday, South Korea said it will increase the limit banks can hold in forward contracts by 50% of its foreign currency reserves. The move is an effort to attract more money to enter the country to balance the currency market supply and demand. At the same time, China’s central bank intervened to prop up the yuan, setting its daily reference rate much higher than the market had been projecting. Land a High-Paying Web3 Job in 90 Days: The Ultimate Roadmap
Musk Loves Bitcoin could turn early investors into multi-millionaires, like Shiba Inu (SHIB) and Dogecoin (DOGE) did. Musk Loves Bitcoin (MUSKBTC), a new Solana memecoin that was launched today, is set to explode over 14,000% in price in the coming days. This is because MUSKBTC is set to soon be listed on numerous crypto exchanges, according to reports. This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and drive its price up. Currently, Musk Loves Bitcoin can only be purchased via Solana decentralized exchanges, like Jup.ag and Raydium.io, and early investors stand to make huge returns in the coming days. Early investors in SHIB and DOGE made astronomical returns, and Musk Loves Bitcoin could become the next viral memecoin. Musk Loves Bitcoin launched with over $9,000 of liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains. How to Buy To buy Musk Loves Bitcoin on Raydium.io or Jup.ag ahead of the CEX listings, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Musk Loves Bitcoin by entering its contract address – 35GthqqwTd9HokNVfUzGpjsALCJbeUXXeKeJcrPCZsJB – in the receiving field. If you don’t have one of these wallets already, you can create a new wallet in a few minutes and transfer some Solana to it (which will then be used to buy the memecoin), from an exchange like Coinbase, Binance and many others. In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price. If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner. The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum. This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like MUSKBTC. Such memecoins have no utility and no inherent value, but investors looking for high gains have been investing in them due to their potential to rapidly rise in price.
The ratio of mentions on social media for “buying the dip” has ramped up as Bitcoin dropped below the six-figure price level just days before Christmas, according to Santiment.
Bitcoin's (BTC) post-Fed price drop to $96,000 has activated a crucial contrary indicator that has historically marked the end of price pullbacks. On Wednesday, the Fed cut the benchmark borrowing cost as expected but penciled in only two rate cuts for 2025, down from four projected in September. The central bank stressed that it's not interested in participating in a potential government plan to build a strategic BTC reserve. Since then, BTC has dropped over 8%, hitting lows near $96,000 at one point. As of writing, the cryptocurrency changed hands near $97,500, down nearly 10% from the record high of $108,266 reached early this week, CoinDesk data show. The losses have caused the 50-hour simple moving average (SMA) to dip below the 200-hour SMA, confirming a bearish crossover. The pattern suggests that the ongoing pullback could evolve into a deeper one, although it has failed to live up to its reputation during the recent bull run. Bitcoin has experienced a few pullbacks during its post-U.S. election rally from $70,000 to over $100,000, and each of these dips has ended with a bearish crossover of the 50- and 200-hour SMAs. The latest crossover, therefore, offers hope to bulls expecting a renewed move into six figures above $100,000. A potential bounce could face resistance near $10,600, a level identified by the descending trendline, representing the recent price drop. A violation there would open doors for record highs. It's important to remember that patterns don't always play out as expected, and the contrary indicator discussed above may fail, potentially leading to a deeper drop. The first sign of trouble will be if prices move below the overnight low of $96,000, which could expose the swing low of around $91,000 recorded on Dec. 5.
BETY.com is enhancing the online gaming and betting landscape by integrating blockchain technology and hash
In a notable development for Donald Trump’s crypto initiative, World Liberty Financial (WL), has reportedly exchanged approximately $10 million worth of wrapped Bitcoin (WBTC) for tokens associated with project adviser Justin Sun, founder of the TRON blockchain. World Liberty Financial Links With Justin Sun In Major Token Swap According to blockchain data analytics firm Nansen, a digital wallet linked to President-elect’s World Liberty Financial swapped its entire holding of 103 cbBTC tokens for WBTC on a Wednesday operation. Wrapped Bitcoin serves as a bridge for Bitcoin (BTC) holders to engage in decentralized finance (DeFi) activities on the Ethereum (ETH) blockchain, enabling broader participation in the DeFi ecosystem. Related Reading: Crypto Expert Predicts Major Altcoin Season As Market Cap Eyes Record Levels Although World Liberty has been marketed as a decentralized finance lending platform, it has yet to become operational as it is still in early stages of development and presales of its WLF token. Sun, a cryptocurrency entrepreneur known for his high-profile investments and attention-grabbing antics—including purchasing a banana duct-taped to a wall for $6.2 million—invested $30 million in World Liberty Financial in November, becoming an adviser to the project. His involvement appears to have pushed World Liberty past a financial threshold that could allow Trump to profit from the enterprise, potentially securing at least $15 million for the Trump family based on terms outlined in World Liberty’s “gold paper.” Trump’s Crypto Initiative Struggles The recent token swap follows World Liberty’s earlier cryptocurrency acquisitions, including significant investments in Aave (AAVE) and Chainlink (LINK). Additionally, Nansen’s data indicates that the project’s wallets received around $250,000 in ONDO, a token from Ondo Finance, which specializes in tokenization. The backdrop of these transactions is marked by controversy, particularly following a backlash triggered by a strategic partnership between Sun’s BiT Global and crypto custody firm BitGo, the operator of Wrapped Bitcoin. This partnership prompted US-based crypto exchange Coinbase to seek a delisting of WBTC from its exchange due to concerns over Sun’s potential influence and control. Related Reading: Bitcoin May Surge To $200,000 By Mid-2025 Amid ‘Mild’ Price Pullbacks: Report Earlier this month, BiT Global filed a lawsuit against Coinbase in response to the delisting, but a federal judge in California ruled in favor of Coinbase, denying BiT Global’s request for a temporary restraining order. Despite the promotional efforts by Trump and his sons, World Liberty Financial has faced challenges in the market, with sales reportedly falling 93% short of projections. This lack of traction raises questions about the project’s viability and its ability to fulfill its ambitious promises of transforming the financial landscape. At the time of writing, the total crypto market capitalization has fallen to the $3.3 trillion mark, after hitting an all-time high of $3.73 trillion on Tuesday, which also pushed the price of Bitcoin to a new record above $108,000. Featured image from RFI, chart from TradingView.com