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📈Crypto Market Rebounds After Record Liquidations

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Digital asset markets are bouncing back, with altcoins rallying and spot crypto ETFs posting hefty inflows. The move comes after leveraged traders suffered $1.5 billion in liquidations yesterday following a bearish start to the week.

Eric Trump, the U.S. president-elect’s son, told an audience at the Bitcoin MENA 2024 conference in Abu Dhabi that he expects the price of BTC to break into seven figures in the future.

DWF Labs is the latest crypto VC to announce a crypto AI play, with the firm unveiling a $20 million fund for AI Agent projects.

Also, Circle partners with Binance, Bitmain announces U.S. facility, Binance taps Babylon for BTC staking, Starknet extends incentive campaign, and Magic Eden token debuts.

✍️ In today’s newsletter:

  • Altcoins and ETFs lead crypto recovery
  • Leverage traders get hit by $1.5 billion in liquidations
  • Eric Trump says BTC will tag $1 million
  • DWF Labs floats $20 million AI Agent fund
  • Circle teams up with Binance to promote USDC
  • Bitmain plots U.S. manufacturing facility
  • Binance ups Babylon staking limits
  • Starknet to run ‘DeFi Spring’ until incentives run out
  • ME crashes on launch

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🚀Altcoins and Crypto ETFs Attract Dip Buyers After Record Liquidations

Crypto markets are rebounding after a bearish start to the week, with just seven of the top 100 assets pulling back over the past 24 hours. Institutional investors moved in to buy the dip, with spot crypto ETFs hosting inflows of $745.2 million.

💥Crypto Market Rocked By Record Liquidations Topping $1.5 Billion

The market comeback comes after leverage traders suffered record liquidations totaling $1.5 billion yesterday. Despite the bounce, 17 of the top 100 cryptocurrencies remain down over the past seven days.

👀Eric Trump Predicts Bitcoin Could Reach $1 Million

Eric Trump, the son of president-elect Donald Trump, believes the price of Bitcoin will break into seven figures in the future. “I think Bitcoin is a fundamental shift in the way we think about money and how we think about wealth and the future,” Trump said.

🤖Venture Capital Firms Pile Into CryptoAI

DWF Labs, a crypto VC firm, unveiled a $20 million fund for supporting web3 AI Agent projects. The news coincides with Solana’s AI hackathon kicking off.

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Stellar has launched Build Better, a new initiative intended to bridge the gap between Web3's ambitious visions and making an impact in the real world. The campaign invites community members to share their ideas for improving the worlds of finance, creativity, and access, with the best concepts being developed at an upcoming hackathon in Prague.

Over eight weeks, the initiative will collect community input through polls, questions, and video submissions, focusing on the central question: "What would you build better?" These ideas will shape hackathon tracks where developers will then work to bring them to life. Participants can win from a $30K USD prize pool.

Read More: From lofty visions to real-world impact: Stellar launches community-powered Build Better hackathon

🤝️Circle Inks Partnership With Binance and Expands MENA Operations

Circle, the world’s second-largest stablecoin issuer, inked a strategic partnership with Binance, the largest centralized exchange. Binance will adopt USDC for its corporate treasury operations and continue integrating support for USDC across its products, while Circle will provide the exchange with “technology, liquidity, and tools” as part of the agreement.

⛏️Bitmain Launches U.S. Facility Amid Escalating U.S.-China Trade Tensions

Bitmain will establish its first Bitcoin mining facility in the United States, home to Bitcoin miners commanding 45% of global hash rate. The move comes as Chinese manufacturers are bracing for the incoming Trump administration to impose hefty tariffs on imports from China.

🥩Binance Offers BTC Staking Through Babylon

Binance increased limits for Bitcoin stakers from 1,000 BTC to an extra 500 BTC. Binance’s staking product leverages Babylon, which opened up to deposits for the third time, precipitating $1 billion in inflows during the first day.

🌱Starknet Extends $50 Million ‘DeFi Spring’ Campaign

Starknet announced its DeFi Spring promotion will continue to run until all of the 90 million STRK tokens it put up as incentives have been allocated. Starknet’s network TVL is up 39% over the past 30 days.

🪂Magic Eden Launches Native Ecosystem Token and Airdrop

Magic Eden’s ME token has slumped 68.6% since going live, last changing hands at a $697.3 million market cap. The airdrop distributed 12.5% of the token’s supply to early adopters, with a further 50% earmarked for community incentives.

🌍 ELSEWHERE

  • Aptos (APT) Market Cap Tanks by $2 Billion Ahead of $134 Million Token Unlock (BeInCrypto)
  • Bernstein predicts MicroStrategy's momentum to further accelerate amid potential Nasdaq 100 inclusion (The Block)
  • FTX recovers $14.5 million through political donation settlements (CryptoSlate)

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