Every week, Amdax summarizes what's happening in the crypto market for you. Want to learn more? Click through for further insights. 

This newsletter is a co-production with our partner Bitcoin Alpha.

Market Update 

Stay informed in three steps:

1. Bitcoin and Ether Start the Week Strong
   Bitcoin’s price rose to just above $108,000 earlier this week. Ether also had a strong opening, reaching a new yearly high of $4,100—a level last seen in December 2021. From this point, Ether remains about 20% away from reaching a new all-time high.
2. Bitcoin Breaks the €100,000 Mark
   Following Bitcoin’s crossing of the $100,000 threshold last week, it officially broke through the €100,000 level overnight between Sunday and Monday. This marks a historic moment for Bitcoin, but also a price level where many investors realized profits. This is reflected in the price, which dipped slightly starting Tuesday afternoon. Zooming out, Bitcoin is still in an upward trend that has persisted since November this year.
3. Altcoins Show Less Strength
   While Bitcoin and Ether began the week strong, many altcoins have yet to recover fully from last Monday’s drop. This price movement is still in line with a typical bull market pattern, where large price increases are followed by corrections. These resets in price, sentiment, and leveraged positions are healthy and necessary for sustained growth.

News Overview

Signal out of the noise:

• MicroStrategy Joins the Nasdaq-100. As of December 23, MicroStrategy will be part of the Nasdaq-100, an elite group of the largest tech and non-financial companies. This listing means more than prestige: funds tracking this index will be required to purchase MicroStrategy shares, potentially driving over $2 billion in inflows.

• Trump Strengthens Crypto Ties with Strategic Appointments. Brian Quintenz, head of policy at a16z Crypto, is reportedly the frontrunner to lead the CFTC under the Trump administration. Meanwhile, French Hill, a businessman and crypto enthusiast tied to the Republican Party, is set to chair the House Financial Services Committee. These moves suggest the incoming Trump administration is serious about giving crypto a central role in U.S. financial policy.

• Stablecoin Market Growth Continues. Tether has now issued over $140 billion in USDT. Ripple received regulatory approval in New York for its RLUSD stablecoin, though it has yet to launch. Meanwhile, Ethena’s USDe has become the third-largest stablecoin with a market cap of $5.78 billion, thanks to its high yields for holders. In the Netherlands, Quantoz is making strides with stablecoins targeting the European market, CEO Arnoud Star Busmann shared this week on the Cryptocast podcast.

• Will the IMF Force El Salvador to Relent? El Salvador is negotiating a multibillion-dollar loan with the IMF, with talks reportedly in advanced stages. The IMF is pushing the country to drop its requirement for businesses to accept Bitcoin as legal tender. President Bukele has yet to respond to the news, with the deal expected to be finalized in the coming weeks.

The Take from Amdax

After breaking its previous all-time high of $74,000 in early November, Bitcoin surged to $93,000 in just one week. Since then, it has been on a slower upward trajectory with higher highs and higher lows. In the short term, price movements may appear turbulent, particularly among altcoins. However, this volatility is not reflected in the continued capital inflows into U.S. crypto ETFs, signaling confidence from traditional investors in the long term, even during uncertain times.