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:

• Tether Invests Multi-Billion-Dollar Profits in Strategic Growth
  Tether is on track to close the year with over $10 billion in profit. This week, the company invested $775 million into Rumble, a decentralized media platform. It also channels profits into stablecoin ventures like StablR and Quantoz, which comply with MiCA regulations. Although Tether is formally leaving the EU, these partnerships keep it closely tied to the European market.
• IMF Pressures El Salvador to Roll Back Bitcoin Policies
  The IMF is offering El Salvador a $1.4 billion loan on the condition that the country loosens its Bitcoin laws. Businesses will no longer be required to accept Bitcoin, taxes can no longer be paid in Bitcoin, and the government must halt the development of its Bitcoin wallet, Chivo. While Bukele’s Bitcoin reserve remains untouched, the move highlights the IMF’s influence over smaller economies and the tension between freedom and control.
• $2.2 Billion in Crypto Stolen by Criminals This Year
  Chainalysis reports that the majority of this amount was stolen through private key theft, accounting for over 43% of the losses. Notable incidents include $305 million stolen from Japan's DMM Bitcoin and $235 million from India’s WazirX. North Korean hackers were responsible for $1.3 billion of the total stolen funds.
• SEC Loses Anti-Crypto Commissioner Caroline Crenshaw
  Plans to reappoint Crenshaw were halted following protests from the crypto community. Known for her close ties to Elizabeth Warren, Crenshaw voted against the introduction of Bitcoin and Ether ETFs, which now attract billions in monthly inflows. Analysts view this as a win for the U.S. crypto sector, although oversight remains strict under Gary Gensler's leadership.

Amdax's Take

The Federal Reserve's announcement to slow down the pace of interest rate cuts next year was met with negative reactions across financial markets. Given the robust state of the U.S. economy, this reaction seems more like an overreaction. Will the crypto market recover during Christmas and turn green? It’s not unlikely. However, a sideways movement is also very probable due to lower trading activity during the holidays.