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Delta Gold Technologies PLC (AQSE:DGQ) earlier this week discussed its ongoing research in quantum computing and the company’s commercial strategy following its recent listing on the Aquis Stock Exchange.

The company is pursuing a novel approach to building qubits, the core component of quantum computers, by using nanoscale gold. It highlighted that qubit creation is still a fundamental challenge in the sector, and its solution focuses on achieving both scalability and stability.

It has a three-year research partnership with the University of Toronto, with Professor Harry Ruda, a cited expert in the field, the lead investigator, joined by two postdoctoral fellows relocating to Toronto to work on the project.

The company told investors that approximately CA$1 million (£600,000) is being spent annually under this agreement, which secures the right to 100% of the intellectual property developed. The capital raised through the IPO, which totalled £2.50 million, is being deployed toward this programme and associated patent filings.

Michael Jones, CEO of Delta Gold, said the company is open-minded about its commercial pathway, with opportunities for licensing, partnerships, or direct applications.

Proactive:

Hello you're watching Proactive. I'm joined by Michael Jones, the CEO of Delta Gold Technologies PLC. Michael, very good to see you in the studio.

For viewers new to Delta Gold, how would you describe the company and the problem you're trying to solve in quantum computing?

Michael Jones:

Quantum computing is very interesting because there are companies that talk about having a quantum computer. And yet the very core part of the quantum computer is a qubit. And how to make a qubit — it's not actually settled. The physics is still in debate. The key thing is the qubit has to be both stable and scalable. Lots of companies are working on different science to create that. So it's still very much early in quantum computing days. We have a particular way of creating a qubit that we think is very innovative, and that's what we're working on.

Proactive:

In fact, your technology centres on nanoscale gold. What's uniquely promising about this material for quantum applications?

Michael Jones:

Well unfortunately I can't tell you for two reasons. I'm not a quantum physicist, and quantum is quite hard to understand. And second, it's part of our intellectual property.

It's actually a good thing I don't understand all of it. In a basic computer, you can have a zero or a one. In a quantum computer, you can have a zero, a one or something in between, at the same time. That ability to create multi-settings gives the quantum computer its power and its ability to calculate iterations much faster than a regular computer, tens or hundreds of thousands of times faster.

So creating a stable, scalable qubit is very unique. And gold has a particular property that gives it that potential.

Proactive:

What are Delta Gold's unique selling points?

Michael Jones:

We have some of the best people in the world working on this. Quantum physics and computing are exciting fields. Big companies like Microsoft, Amazon, Rigetti are spending billions a year on quantum computing. We happen to have some of the brightest people working on our solution. In fact, Professor Harry Ruda, our principal investigator at the University of Toronto, is chairing the Global Conference on Quantum Computing in Bern this summer. He's a true global leader.

Proactive:

What does your partnership with the University of Toronto give you that you couldn't build in-house?

Michael Jones:

That expertise. We're able to attract top academic talent from around the world. Two postdoctoral fellows are even moving with their families to Toronto because of the uniqueness of our idea and the opportunity to study under Professor Ruda. He's authored thousands of papers and been cited over 2,800 times. Also, working with the university gives us access to resources like electron microprobes and other equipment — a real benefit for a small company.

Proactive:

You’ve just listed on the Aquis Stock Exchange with a market cap of about £5.9 million and raised £2.5 million. How do you plan to deploy that capital?

Michael Jones:

Interestingly, the stock is up about 50% since the IPO, so we’re now over £10 million. The capital is to drive research. We have a sponsorship agreement with the University of Toronto and spend about CA$1 million, or £600,000 a year, on research. That programme is laid out over three years and earns us the right to 100% of the intellectual property. So, part of the expenditure will be around securing that IP, filing patents, and protecting it.

Proactive:

You've described Delta Gold as an IP-driven business. What does commercial success look like? Licensing, partnerships?

Michael Jones:

All of those. The company could become interesting to larger players as our science develops. We’re open-minded about how to monetise. The first step is to develop the IP, protect it, and see who’s interested. Quantum computing spans sectors — military, big data, encryption, banking, medical modelling — the power of the quantum computer cuts across industries. That gives us a lot of opportunity to look for partners or licensees.

Proactive:

Give us your investment case.

Michael Jones:

We’re a relatively small market cap. We have some of the best people in the world working in a high-growth area. We're quite unique. It's hard to get this expertise. It’s a way to get direct quantum computing exposure at a modest market cap.

Proactive:

And quite a bit of your stock is locked up for 12 months. What should this tell investors?

Michael Jones:

Absolutely. Our largest seed shareholder and the founders are locked up. About 49% of stock is locked up for a year, and the founders for over two years on a phased release. We all very much believe in what we’re doing. The exciting part comes as we crystallise the IP and look for licensing or partnerships. We've got a steady flow of business news. One exciting development is building a centre of excellence in quantum research, bringing top researchers globally to collaborate — something rare in academia.

Proactive:

You're early in a three-year research project. What milestones should investors look out for?

Michael Jones:

First, we’ll talk more about the team we’ve secured. That announcement is coming in the next week or two. Then, in 3–4 months, we’ll detail collaborations with global universities. In about a year, you should see patent filings and more public detail about the technology.

Proactive:

Well, I hope you'll keep us posted on your progress. Thank you very much for coming on today.

XRP continues to be deep in the red YTD.

Ripple continues with its impressive 2025, having notched a new major banking partnership in Europe for the first time and gaining a conditional approval from the US OCC to charter a national trust bank.

Both of these developments were announced in the span of less than 24 hours. Yet, the price of the underlying asset has not felt any positive consequences and continues to struggle to remain above $2.00.

Ripple’s Latest Wins
CryptoPotato reported at the end of November that Ripple is having its best year on record, with massive acquisitions, such as Hidden Road, the conclusion of the lawsuit against the US SEC, as well as the launch of numerous spot XRP ETFs. However, its cross-border token has slumped by more than 40% since the July all-time high of $3.65 and is underwater YTD.

As mentioned above, the company made two additional significant announcements on Friday that only build on its impressive 2025 performance. At first, the firm partnered with the Swiss-based AMINA Bank, which will use its stablecoin to support near-real-time cross-border payments for clients using Ripple Payments.

Just a few hours later, Ripple CEO Brad Garlinghouse outlined ‘huge news’ for the company he runs, indicating that it had received conditional approval from the US Office of the Comptroller of the Currency to launch a national trust bank. Thus, Ripple joined other digital asset-related companies, such as Circle, BitGo, Paxos, and Fidelity, in obtaining such licenses.

No Pump for XRP
Such major news typically impacts the underlying asset. However, this hasn’t been the case with XRP lately. In the first month of the launch of the spot XRP ETFs in the US, the asset’s price has tumbled from above $2.50 to just over $2.00 as of now, even though the financial vehicles have seen impressive inflows of nearly $1 billion.

The Friday announcements failed to stage a recovery for XRP either. In fact, the token slipped below $2.00 once again – for the second time in 36 hours – during the overall market-wide correction on Friday afternoon.

You may also like:

Garlinghouse With ‘Huge News’ for Ripple: National Trust Bank Approval Secured

wXRP Launch to Bring XRP to Solana, Ethereum and Other Networks

XRP Stands Alone as the Only Truly Undervalued Top-10 Crypto, per Santiment

Although it has managed to reclaim that level and to trade around $2.04 now, it’s still down nearly 20% in the past month. Moreover, it has lost over 40% of its value since its July all-time high, while the company behind it continues to notch new victories on different fronts.

XRPUSD Dec 13. Source: TradingView

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Ripple Labs has given an authorization to VivoPower International to launch a $300 million investment fund. VivoPower will run the fund through a joint venture with the South Korean asset manager, Lean Ventures, increasing institutional access to Ripple’s equity.

How Will VivoPower Access Ripple Labs Shares? 
The investment vehicle will be managed by Lean Ventures according to the official statement. The Seoul-based firm is also the fund manager for the South Korean government and private investors. Hence, its support provides the new business with greater credibility.

K-Weather, which is a Korean company, has also shown interest in becoming a member of the fund. Vivo federation, the digital asset division of VivoPower, will be in charge of finding and buying the Ripple Labs shares.

Ripple has already granted written consent to the first batch of preferred shares. This is part of Ripple’s overall expansion strategy, encompassing its multi-chain RLUSD strategy.

Efforts are currently being done to negotiate with existing institutional shareholders to reach the $300 million mark. Regulatory advancements also support this institutional interest, including the recent OCC banking license for Ripple in the U.S.

VivoPower expects to earn at least $75 million from management and performance fees over a period of three years. This estimate depends on the size of the fund at present. Hence, any increase in the future valuation of Ripple Labs will be an additional benefit to the company.

Ripple Investment Strategy Is Based On Korean Demand
According to Adam Traidman, the Chairman of the Advisory Council of VivoPower, the strategic value of Korea is vital. According to him, Korean investors will gain access to Ripple equity at lower prices than XRP market valuations.

Managing Partner of Lean Ventures, Chris Kim, confirmed the strong demand for Ripple-related products in Korea. He also said that crypto investors in Korea are always eager to invest in opportunities associated with XRP.

Why Did VivoPower Shares Jump?
VivoPower’s stock jumped 13% to $2.88 following the announcement, per Yahoo Finance data. Crypto analyst Crypto Eri said the fund is designed to give investors exposure to Ripple and XRP-linked growth.

She noted that the structure may offer a material discount to spot market pricing. The analyst further said that the structure targets return over a three-year period.

TLDR

Table of Contents

TLDRTechnical Structure Fuels Breakout ExpectationsMarket Participation and Capital Flows Support Optimism

Solana remains in accumulation below a major trendline, signaling potential upside pressure.
Whale wallet “1011 Insider” added 250k $SOL, showing sustained institutional confidence.
Coinbase’s Solana DEX swaps boost liquidity, supporting higher trading activity.
$SOL leads 24h DEX volumes at $4.048B, outpacing Ethereum and BSC.

Solana price is drawing renewed attention as market participants assess whether current conditions could support a potential 50% rally.

The asset remains confined within a prolonged accumulation range, yet sentiment has shifted as technical compression aligns with improving network and institutional signals.

Despite muted price action, optimism has grown around Solana’s structure and positioning. 

Traders and analysts increasingly view the consolidation as preparation rather than weakness, especially as broader participation metrics continue to firm beneath long-term resistance.

Technical Structure Fuels Breakout Expectations
Recent commentary from market analyst Captain Faibik frames Solana price action as deliberate accumulation. 

In a widely shared tweet, Faibik described SOL as moving patiently below a major descending trendline. According to this view, repeated defenses of support indicate absorption rather than distribution.

The descending trendline remains the primary barrier to upside. Since the broader decline began, every recovery attempt has stalled near this level. 

As a result, price behavior has appeared choppy, with limited follow-through in either direction.

This prolonged compression has tightened the trading range. Chart-based projections shared by analysts suggest that a decisive trendline break could trigger rapid expansion. 

Targets discussed in trader commentary point to a potential 45% to 50% move toward the next liquidity zone, should confirmation occur.

Market Participation and Capital Flows Support Optimism
Beyond technicals, accumulation activity by large holders has reinforced market confidence. Analyst Ai Yi reported that the wallet identified as “1011 Insider Whale” accumulated 250,000 SOL, valued near $34.44 million. 

The reported portfolio size of approximately $616 million suggests sustained exposure rather than short-term positioning.

Liquidity conditions have also improved through infrastructure upgrades. Coinbase recently enabled on-chain swaps on its Solana-based decentralized exchange integration. This development simplifies access to Solana liquidity and supports transactional efficiency across platforms.

Institutional engagement has remained visible through fund activity. Solana exchange-traded products reportedly recorded net inflows of 80,780 SOL, equivalent to roughly $11 million. Additionally, anticipation surrounding Invesco Galaxy’s proposed Solana ETF has added to demand expectations.

Network usage metrics further support the optimistic tone. Solana led 24-hour decentralized exchange volumes with $4.048 billion, surpassing Ethereum and BSC. This activity reflects continued trader reliance on Solana’s throughput and cost structure.

As Solana price remains below its defining trendline, confirmation is still required. Yet growing participation, steady accumulation, and sustained network usage have shaped a market environment where optimism continues to build.

Bitcoin, the world’s largest cryptocurrency, came under sharp criticism after the Reserve Bank of India’s Deputy Governor T. Rabi Sankar said the digital asset has no real value and is driven only by speculation. 

Despite raising such concerns from the Deputy Governor, crypto adoption in India continues to grow rapidly in spite of strict taxes and regulations.

Speaking at the Mint Annual BFSI Conclave 2025, RBI Deputy Governor T. Rabi Sankar said Bitcoin should not be seen as money or a financial asset. He explained that while the blockchain technology behind Bitcoin is innovative, Bitcoin itself was only created to showcase that technology, not to hold real value.

Sankar noted that blockchain proved it is possible to transfer digital tokens between unknown parties without needing a trusted middleman. This breakthrough opened the door to many useful applications across finance and other sectors. 

However, he stressed that Bitcoin was never meant to represent value in the same way money does.

Bitcoin Compared to Tulip ManiaFurther explaining his point, Sankar compared Bitcoin’s price movement to the famous tulip mania of the 17th century. He said Bitcoin’s price exists only because people are willing to pay for it, not because it has any underlying worth.

He added that Bitcoin is not backed by any issuer, promise to pay, or cash flow. Because of this, he believes it does not qualify as real money. He also argues that cryptocurrencies are not true financial assets since they do not earn income or represent ownership in a business.

Meanwhile, he warned that crypto is highly volatile, which is clear as Bitcoin is nearly 30% below its peak, while many other cryptocurrencies are down 40% to 70%.

India’s Growing Crypto User Base Despite WarningsDespite these strong warnings from the central bank, India’s crypto market continues to expand. The country now has over 100 million crypto users, making it one of the largest crypto markets globally.

However, the government has maintained a cautious approach. In 2022, India introduced a 30% tax on crypto gains along with a 1% tax deducted at source (TDS) on every trade. 

These measures were designed to discourage excessive speculation while allowing authorities to monitor activity in the sector.

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Active Currencies 19196

Market Cap $3,171,749,465,612.10

Bitcoin Share 56.96%

24h Market Cap Change $-1.75

AMBCrypto

USDT moves $156B in small transfers as Tether eyes $500B valuation

Journalist

Posted: December 13, 2025

Tether [USDT] is getting bigger!

The company is scaling across payments, capital markets, and even legacy institutions. From a surge in small-dollar transfers to ambitions that stretch far beyond stablecoins, Tether is testing the limits of how big a crypto-native giant can go.

Small transfers, big deal

Samyukhtha L KM is a Financial Journalist and Market Analyst at AMBCrypto whose work is defined by one central question: Is the latest trend in blockchain hype, or history in the making?
Her expertise is built on a strong academic foundation, with a Master’s in Journalism and Mass Communication from Amity University and a Bachelor’s in Commerce from the University of Madras. This dual qualification equips her with a unique skill set: the financial acumen to dissect market mechanics and the journalistic rigor to investigate and communicate complex subjects with clarity.
Samyukhtha specializes in analyzing the socio-economic impact of blockchain adoption and assessing the viability of new market narratives. This includes a focus on high-velocity, community-driven assets such as memecoins, where she evaluates sentiment and fundamentals. She is dedicated to providing readers with insightful, well-researched commentary that looks beyond immediate market moves to understand the long-term implications of decentralized technology.

Journalist

Posted: December 13, 2025

AAVE emerged as a key beneficiary of the recent Federal Reserve interest rate cuts.

The token gained roughly 9% on the day, trading near $205 at press time. That move unfolded as attention turned toward Aave’s [AAVE] upcoming V4 upgrade.

The upgrade introduced a redesigned liquidation engine, aimed at improving capital efficiency and strengthening risk controls across the protocol.

That shift appeared to resonate quickly with market participants, as both price action and derivatives data reflected renewed interest.

Liquidation engine sparked leverage rebound
Traders responded swiftly following the V4 announcement. Derivatives positioning, which had remained muted earlier, began to expand.

Open Interest climbed by approximately $34 million over the last 24 hours, according to CoinGlass data. That rise marked a clear reversal from the relatively flat positioning seen earlier in the week.

Source: CoinGlass

The increase suggested growing leveraged participation, particularly from larger traders willing to deploy capital alongside the upgrade narrative.

Even so, elevated Open Interest also raised sensitivity to sharp price swings, keeping volatility risks in focus.

Network activity picked up alongside price
On-chain activity strengthened in parallel with Derivatives expansion. Active Receiving Addresses increased sharply during the same period.

CryptoQuant data showed receiving addresses nearly doubled after the 7th of December. At press time, the metric stood near 1.2K.

Source: CryptoQuant

That rise pointed to broader token movement across wallets, signaling increased participation rather than isolated whale transfers.

At the same time, Aave’s protocol revenue improved. Token Terminal data showed weekly network fees increased by roughly $0.3 million.

Total fees reached $15.47 million, reflecting income from lending interest and liquidation-related activity across the protocol.

That revenue growth aligned with higher loan usage, reinforcing the link between network fundamentals and price momentum.

Source: Token Terminal

Liquidity cluster defined upside focus
Despite the rally, Derivatives Heatmaps highlighted a clear liquidity barrier above current prices.

CoinGlass’ Liquidation Heatmap showed a $1.99 million liquidity cluster around the $223 level.

Source: CoinGlass

That zone stood out as a near-term price magnet if bullish momentum persisted and broader market conditions remained stable.

However, failure to sustain leverage support could expose AAVE to sharper pullbacks, given the recent build-up in derivatives positioning.

Final Thoughts

Aave’s recent move highlighted how protocol upgrades can quickly reshape trader behavior across derivatives and on-chain activity.
While leverage and fees supported momentum, elevated positioning suggested price action may remain sensitive to market conditions. 

According to CryptoSlam data, NFT sales volume has plunged by 15.72% to $64.95 million, down from last week’s $77.10 million.

Summary

Bitcoin recovered to $90K and ETH held $3K, but NFTs continued to underperform.
NFT sales plunged 16% to $64.95M as buyer and seller participation collapsed.
NFT buyers fell 68% and sellers dropped 71%.

Market participation has crashed, with NFT buyers plummeting by 68.41% to 154,955 and sellers dropping by 71.48% to 115,051. NFT transactions fell by 13.25% to 940,713.

At the same time, Bitcoin’s (BTC) price has recovered to the $90,000 level following recent volatility. Ethereum (ETH) has maintained the $3,000 level, holding steady above this key threshold.

The global crypto market cap now stands at $3.07 trillion, up from last week’s $3.05 trillion. However, the NFT sector has experienced a sharp downturn with collapsing market participation.

DMarket retains lead as major collections decline
DMarket on the Mythos blockchain maintained first place with $4.50 million in sales, down 40.45% from last week’s $6.73 million. The collection processed 118,034 transactions with 10,282 buyers and 8,792 sellers.

Algebra Positions NFT-V2 on Ethereum held second position at $2.39 million, plummeting 49.36% from last week’s $4.47 million. The collection saw 305 transactions with 55 buyers and 144 sellers.

Courtyard on Polygon secured third place with $2.18 million, down 36.18% from last week’s $3.42 million. The collection processed 41,269 transactions.

Source: Top collections by NFT Sales Volume (CryptoSlam)
YES BOND on BNB posted the most resilience at fourth with $2.04 million, down just 3.02% from last week’s $2.09 million. The collection had 1,907 transactions.

Guild of Guardians Heroes on Immutable-Zk dropped to fifth at $1.78 million, collapsing 67.62% from last week’s $5.46 million. The collection recorded 1,675 transactions.

CryptoPunks placed sixth with $1.77 million, down 13.87% from last week’s $2.06 million. The Ethereum collection had 18 transactions with 16 buyers and 15 sellers.

Solana surges as Ethereum and Immutable decline
Ethereum maintained first position with $23.93 million in sales, down 10.88% from last week’s $27.30 million.

The network recorded $4.43 million in wash trading, bringing its total to $28.36 million. Buyers collapsed by 70.47% to 12,141.

BNB Chain (BNB) climbed to second place with $9.44 million, up 21.18% from last week’s $7.73 million.

The blockchain recorded $118,899 in wash trading, with buyers dropping 76.66% to 14,599.

Bitcoin held third position at $6.10 million, down 21.20% from last week’s $7.19 million. The network saw 3,552 buyers, down 79.51%.

Source: Blockchains by NFT Sales Volume (CryptoSlam)
Solana (SOL) secured fourth place with $5.54 million, surging 44.54% from last week’s $4.03 million.

The blockchain recorded $5.36 million in wash trading, bringing its total to $10.90 million. Buyers fell 80.07% to 14,891 despite the sales increase.

Mythos Chain dropped to fifth at $4.64 million, down 39.26% from last week’s $6.88 million. The blockchain attracted 13,721 buyers, down 73.74%.

Immutable (IMX) tumbled to sixth with $3.15 million, plunging 63.32% from last week’s $8.51 million. The blockchain had 1,845 buyers, down 74.95%.

Polygon (POL) landed in seventh at $3.12 million, down 29.38% from last week’s $4.38 million. The blockchain recorded $5.99 million in wash trading, with buyers falling 70.74% to 27,758.

Bitcoin BRC-20 NFT maintains top position
The $X@AI BRC-20 NFT held the top individual sales spot at $809,337.16 (8.7195 BTC), sold nine days ago.

Four CryptoPunks rounded out the top five:

CryptoPunks #6615 sold for $153,356.75 (47.99 ETH) nine days ago
CryptoPunks #309 sold for $134,530.52 (42 ETH) nine days ago
CryptoPunks #4566 sold for $123,808.45 (39.9 ETH) four days ago
CryptoPunks #4172 sold for $111,232.08 (33 ETH) three days ago

In this 2025, the Bitcoin market has been dominated at different times by various trends. 

Among all, however, there is one in particular that has been the true protagonist of the year, especially since many of the other trends have concerned the crypto market in general rather than specifically Bitcoin. 

Instead, the dominant trend specifically concerned BTC, and only to a much lesser extent other cryptocurrencies. This is the so-called institutional adoption, or rather the treasury trend. 

Summary

Institutional Adoption of BitcoinThe TreasuriesRegulatory DevelopmentsTechnological InnovationThe Correlation with EquitiesThe New CycleSatoshi and the US DollarModified Cycle or Not?
Institutional Adoption of Bitcoin
Institutional adoption of Bitcoin does not refer to adoption by public institutions. Instead, it refers to the adoption of BTC by so-called institutional investors.

The term “institutional investors” refers to all investors who allocate substantial financial resources on behalf of others, thus making investments in a systematic and professional manner.

These are professional investors who do not invest for themselves, as ordinary citizens (known as retail investors) do, but on behalf of their clients, and therefore with their clients’ resources and not necessarily with their own funds. 

For example, the now-famous BlackRock Bitcoin ETF (IBIT) falls into this category, which over time has raised more than 62 billion dollars from its investors and has purchased over 770,000 BTC. 

Instead, private individuals who invest their own funds on their own behalf are simply called retail, regardless of the amounts invested, even though in the vast majority of cases (but not all) these are medium-small amounts. 

In particular, institutional investors are those who are required to operate according to strict ethical and regulatory standards, ensuring transparency and acting in the best interest of their clients. 

Indeed, the institutional adoption of Bitcoin among major institutional investors is a phenomenon that only emerged on a large scale last year, with the debut of major ETFs on the stock exchange, and has solidified this year. 

In particular, 2025 marked a massive entry of institutional investors into the Bitcoin market, which might have even succeeded in reducing BTC price volatility by 40% compared to 2021. 

The main consequence of this has been the transformation of Bitcoin into a fairly “mature” asset, suitable even for many diversified portfolios.

The Treasuries
Among the main institutional investors are those companies that have become true BTC treasuries, meaning they buy Bitcoin simply to hold them in their portfolio in the hope that this will increase their value. 

The most famous is Strategy (formerly MicroStrategy), which has come to hold more than 660,000 BTC. Although this is less than IBIT, they are in the same magnitude. 

Several other companies have also started purchasing BTC solely to hold them in their portfolios, and although Strategy began five years ago, 2025 was the year of the Bitcoin treasury boom. 

As of today, there are over 1.3 million BTC in the wallets of dozens of private companies worldwide, which is not much less than the 1.6 million BTC held by ETFs.  

It is noteworthy that even the United States of America has established its own Bitcoin treasury, called a strategic reserve, into which more than 300,000 BTC seized over the years by the Department of Justice have been accumulated. 

Regulatory Developments
Another significant trend, which has affected the crypto market as a whole, is related to developments in public regulation. 

In fact, during 2025, especially thanks to the new Trump administration in the USA, regulation has shifted from an obstacle to a springboard, to the extent that the USA has enacted the specific GENIUS Act, which created a framework for stablecoins, and the CLARITY Act classifies BTC as a commodity, exempting it from SEC Rule 204A-1 and reducing overlap with the CFTC.

In reality, this trend is primarily linked to stablecoins, and only secondarily to cryptocurrencies, but it is of such historical importance that it cannot be ignored even in the specific case of Bitcoin. 

To be honest, this also had a downside, namely the estimated 13% increase in compliance costs, but what matters for the purpose of this analysis is that 2025 was the year of legislative breakthrough.

Technological Innovation
A minor yet significant trend has been related to technological innovation. 

To be honest, the trend of technological innovation has dominated financial markets and has also had significant impacts on crypto markets, but it has had lesser impacts on Bitcoin. 

The fact is that on a technical level, Bitcoin changes very little, even though above the slowly evolving layer-1, there is a whole development of layer-2 or higher protocols that continues to progress. 

In 2025, there have indeed been developments that have enhanced the utility of Bitcoin, even though none of these directly concern the core protocol. These are additional solutions that can still have a significant impact. 

The Correlation with Equities
A trend that has significantly impacted the price movement of BTC is its correlation with the stock market performance, particularly the U.S. market. 

In reality, technically it is simply the emergence of a correlation with the trend of other risk-on assets that had already appeared in the past, but this year it has become much more solidified. 

If until a few years ago it was a fairly common opinion that the price trend of Bitcoin could follow different logics compared to those of the stock market, in this 2025 it has instead become quite evident that its risk-on nature makes it inevitably very similar from this point of view to other risk-on assets, and profoundly different from risk-off assets like gold. 

And thus, institutional investors themselves have begun to view Bitcoin not merely as “digital gold,” but more importantly as a high-yield diversification component, comparable to an asymmetric “call” on the digital future.

Therefore, the price of Bitcoin appears increasingly tied not only to the internal dynamics of supply and demand in the crypto markets but also, and more importantly, to fiscal, monetary, and geopolitical policies in the USA and globally.

The New Cycle
One of the most discussed trends, especially in the latter part of the year, has been related to the narrative of the so-called “long cycle” or the cycle variation. 

Bitcoin has a cycle of about 4 years (3 years and 10 months, to be precise) linked to the halving. 

To date, there have been four halvings (2012, 2016, 2020, and 2024), each followed by a bullrun the following year (2013, 2017, 2021, and 2025). 

The fact, however, is that not only has this year’s bullrun been different, because it was much more limited, but there was also a lack of a true large speculative bubble, as in the previous three cases. 

This difference has been interpreted by many as the end of the classic 4-year cycle, or a monumental change, whereas it could simply be an anomaly. 

Satoshi and the US Dollar
Initially, Satoshi Nakamoto intended for there to be exactly one halving every four years, specifically in January. In fact, he mined the first Bitcoin block on January 3, 2009, with the expectation that subsequent halvings would occur in January 2013, January 2017, January 2021, January 2025, and so on. 

Instead, BTC mining progressed faster than expected, reducing the average time between halvings to 3 years and 10 months. As a result, the first halving was not in January 2013 but in November 2012, the second in July 2016, the third in May 2020, and the fourth in April 2024. 

It is likely that not only was Satoshi’s choice of 4 years not random, but it was also no coincidence that he mined the first block right at the beginning of January 2009. 

The curious thing is that the Bitcoin protocol was published by Nakamoto on October 31, 2008, but he waited more than two months to mine the first block. 

Another curious fact is that in January 2009, the new US president (Barack Obama) took office, having been elected in November of the previous year, and that US presidential elections are always held every four years, in November, with the new president officially taking office in January of the following year. In fact, in January 2013, Obama’s second term began, in January 2017, Trump’s first term, in January 2020, Biden’s term, and in January 2025, Trump’s second term. 

These curiosities might have an explanation if one hypothesizes that Satoshi Nakamoto was aware of the US Dollar cycle and aimed to link Bitcoin’s price trend to that cycle. After all, he created it precisely to provide a tool for defense against the loss of purchasing power of fiat currencies, among which the dollar is the main one globally, and the technique used to achieve this was precisely the halving. 

Indeed, over the following years, and especially after 2017 and even more so after 2020, the trend of Bitcoin’s price in dollars (BTCUSD) began to correlate with the USCPI/DXY ratio, which is the Consumer Price Index in the USA (USCPI) and the Dollar Index (DXY). 

It should be noted that USCPI almost always increases, while DXY often follows a four-year cycle linked to presidential elections, rising in the election year and falling the following year. 

Modified Cycle or Not?
Well, the Dollar Index cycle has not changed, so much so that during 2025 it is exhibiting a trend extremely similar to that of 2017. In 2021, however, it was emerging from the largest QE in history, which had temporarily altered its cycle. 

Therefore, the cycle that should underpin the price trend of Bitcoin, namely the trend of the USCPI/DXY ratio, has not changed, but the price trend of Bitcoin in these last months of 2025 is markedly different compared to that of 2017. 

The issue is that two massive anomalies have formed on BTCUSD, both in October 2017 and October 2025, making the trends of these two months incomparable.

In fact, in October 2017, while the DXY was slightly rising, BTCUSD should have decreased, yet in a completely anomalous manner, a colossal speculative bubble inflated, which then burst a couple of months later. This anomaly did not occur this year, but in reality, it is quite normal for anomalies not to repeat. 

Additionally, in October 2025, the USA experienced the longest government shutdown in history, which had a significant negative impact on BTDUSD, especially in November. This is also an anomaly, as it has never happened before because previous shutdowns have lasted much less time since Bitcoin has existed. 

At this point, the two Bitcoin cycles (the one that culminated in 2017 and the one that culminated in 2025) are not comparable, whereas the cycle underlying the BTCUSD trend is not only comparable but is also essentially the same.

Sui (SUI), a Layer-1 blockchain network, has overtaken Ethereum in daily bridged inflow, jumping to 3rd place, showing rising interest from users and investors even as its token price slipped nearly 5%. 

While SUI trades near $1.57, strong on-chain activity is now fueling hopes of a price recovery toward $2.10.

According to on-chain data tracked this week, Sui moved ahead of Ethereum in daily bridged inflows. It ranked third overall, behind only Arbitrum and Avalanche. This data shows where new money is flowing across blockchains in real time.

Even though Ethereum still leads in total value locked, Sui is seeing clear growth in real usage. Its daily DEX trading volume has reached $227 million, showing active on-chain demand rather than short-term speculation.

Market watchers see this as a signal that users are prioritizing speed, lower costs, and smoother user experience over legacy positioning.

Why Capital Is Moving Toward Sui NetworkSui’s growth is closely linked to its object-based design, which allows many transactions to run at the same time. This helps the network stay fast and cheap, even during busy periods.

Crypto investor Kyle Chasse explained that this design works well in real conditions. It reduces congestion, lowers fees, and cuts latency, making it attractive for decentralized apps, traders, and developers.

As development becomes simpler, more builders move to Sui. With more apps and users joining, liquidity follows and often stays, helping the network grow steadily.

SUI Price Record 5% Despite the strong inflow data, SUI fell about 5% today and is trading near $1.57, with a market value of $5.9 billion. Daily trading volume is still strong at $706 million, showing people are actively buying and selling.

Looking at the SUI 1-hour chart, Crypto analysts Master of Crypto say it is showing signs of a big weekly turnaround. If SUI dips slightly and recovers, it could move toward $1.78. 

If SUI builds strong support around $1.70–$1.80, it could signal a trend change and push the price toward $2.10.

If it falls below $1.51, the price could slide to $1.38. Even so, strong inflows suggest interest in SUI remains high.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

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Polygon price continued its steady downtrend this week, even as the network’s activity surged after the Madhugiri hard fork.

Summary

Polygon price has slumped to the lowest point this year.
The network activated the Madhugiri hard fork this week.
The number of transactions in the network has soared.

Polygon (POL) token slumped to a new fresh low after it transitioned to POL from MATIC last year. It was trading at $0.1200, down by double-digits from the September high of $0.2970. 

The ongoing Polygon price crash is happening despite the network having some of the best fundamentals. For example, the number of transactions has gone parabolic after the developers activated the Madhugiri hard fork, which introduced new features.

It boosted the transaction speeds by 33%, introduced 1-second block consensus, and the supported of the recently launched Ethereum Fusaka upgrade. 

Data shows that Polygon handled over 8.1 million transactions within a single day after this upgrade happened. More numbers by Nansen show that the network’s transactions have risen by 93% in the last 30 days to over 158 million. This growth makes it the second-fastest-growing chain in crypto after Monad. 

More data reveals that the number of active addresses on Polygon has jumped by 54% in the last 30 days to 13 million. As a result, the amount of fees collected jumped by 27% to $778,000. This is important as Polygon constantly burns its fees, a move that helps to offset new POL issuance. 

Polymarket has played a role in boosting the Polygon ecosystem. Data shows that the network had a volume of $4.3 billion in November, a figure that will keep growing now that it has expanded in the United States. Polymarket runs on Polygon’s network.

The ongoing Polygon price crash has led to concerns that it has become highly undervalued. A popular analyst compared its market cap with that of Sui (SUI). 

Polygon has a DeFi TVL of over $1.19 billion compared to Sui’s $931 million. It also has over $2.825 billion in stablecoin supply compared to Sui’s $0.5 million. Polygon also makes more money, has fewer unlocks, and yet it is 5x smaller than Sui.

SUI falls behind Polygon on almost every metric, has massive monthly unlocks and inflation – yet it has 5× the Market Cap and 15× the FDV.
What’s going on with these valuations?

Let’s break it down:

Network revenue in November: 928K vs 724K
TVL: 1.19B vs 931M
Stablecoin market… pic.twitter.com/UY2DkomPLM

— Vadim (@crypto_vadim) December 12, 2025

Polygon price technical analysis 
POL price chart | Source: crypto.news
The daily chart shows that the POL price has been in a steady freefall in the past few months. It has tumbled from a high of $0.2970 in September to $0.12 today. As a result, it has moved below the key support level at $0.1520, a point it failed to move below several times. 

Polygon price remains below all moving averages, while top oscillators have continued falling. On the positive side, the token has formed a falling wedge pattern whose two lines are about to converge.

The wedge pattern means that the POL price may rebound soon. Such a rebound may see it rise to the key resistance level at $0.1520, which is nearly 30% above the current level.

The standoff between OKX and Mantra just took a sharper turn.

Today, OKX broke its silence with a public statement accusing the Mantra team of spreading a “misleading narrative” around OM and confirmed that law enforcement is now involved.

What started as a disagreement over a token migration timeline is quickly turning into something much bigger.

OKX Alleges Collusion Behind OM’s Price Surge and CrashIn its statement, OKX said it uncovered evidence that “multiple connected and colluding accounts used large quantities of OM as collateral to borrow significant amounts of USDT, artificially pushing OM’s price up.”

The exchange said its risk team flagged the activity early, contacted the account holders, and asked them to correct the issue. “They refused to cooperate,” OKX said.

To limit exposure, OKX took control of the related accounts. Soon after, OM’s price collapsed.

OKX stressed that it liquidated only a very small portion of OM and that losses from the crash were fully absorbed by the OKX Security Fund. The exchange also pointed to third-party analysis suggesting the sharp drop was largely driven by perpetual trading activity that happened outside OKX.

“There has been no explanation of where those unusually large quantities of OM originated,” OKX added, raising questions about supply concentration.

The latest response follows repeated warnings from Mantra CEO JP Mullin, who urged OM holders to withdraw tokens from OKX.

Mullin accused the exchange of publishing incorrect and misleading migration dates and said a December 2025 migration is not possible. According to him, ERC-20 OM cannot be migrated before it is fully deprecated on January 15, 2026, making OKX’s proposed timeline unworkable.

He also claimed the exchange reversed the order outlined in governance proposals and said the lack of coordination has caused confusion for holders.

OKX’s December 10 LetterIn a December 10 letter to the Mantra team, OKX pushed back against public comments from CEO JP Mullin and warned that those statements could cause serious harm to the exchange and its users. OKX said it supported the OM migration and asked Mantra to clarify Proposal 26.

The exchange also rejected Mullin’s claim that legal risks prevented cooperation and warned that blocking migration could unfairly penalize OKX users.

Mullin Went Public AgainMullin published his response on X.

He said ERC-20 OM will be deprecated on January 15, 2026, and that the chain upgrade and 1:4 split would happen afterward. He confirmed the redenomination would occur at the protocol level and require no user action.

Mullin also renewed his request for OKX to disclose how many OM tokens it holds for users and on its own balance sheet, saying this was necessary for compliance. He defended making the dispute public, arguing transparency was in the community’s best interest.

Legal Pressure BuildsOKX confirmed it has submitted full evidence and documentation to regulators and multiple litigations and legal proceedings are currently underway.

For OM holders, clarity remains elusive. With migration details disputed and legal pressure mounting, the dispute highlights how quickly trust can fracture when exchanges, token issuers, and timelines fall out of sync.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

Sponsored and Advertisements:Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.

MYX Finance [MYX] saw a strong performance shift, with its price rising over 13% and 24‑hour trading volume increasing more than 20% to $38.66 million at press time.

This surge in activity reflects renewed market engagement as traders rotate back into MYX with urgency. Rising turnover signals a stronger conviction because participants prefer assets showing expanding liquidity. 

Moreover, higher volume improves execution and reduces slippage, which further attracts short-term traders. However, increased participation also amplifies volatility as positions adjust quickly. 

Still, the combination of price expansion and volume growth places MYX firmly back into focus. 

As attention builds across derivatives and spot markets, MYX enters this phase with momentum clearly favoring active participation rather than caution.

Open Interest expands as traders commit
At the time of writing, Open Interest (OI) climbed 8.48% to $45.63 million, confirming that traders are adding exposure rather than closing positions. 

This rise reflects growing confidence in continuation, especially as leverage increases alongside spot participation. 

Additionally, expanding OI suggests that new capital enters the market instead of recycled positions dominating flows. 

However, higher leverage also raises sensitivity to rapid price swings, increasing liquidation risk if momentum fades. 

Even so, traders appear comfortable holding exposure, indicating expectations of follow-through rather than immediate exhaustion. 

As a result, the derivatives market now reinforces bullish pressure instead of acting as resistance. 

Overall, OI behavior aligns closely with the renewed optimism visible across MYX’s recent performance.

Top traders turn confident as longs rise
Top trader positioning shows a clear bullish tilt, with the Long/Short Ratio rising to 1.79 and long accounts reaching 64.22%, as of writing. 

This shift highlights growing confidence among experienced participants who typically respond early to momentum changes. 

Moreover, the skew suggests traders anticipate continuation rather than short-term mean reversion. 

However, heavy long concentration can increase volatility if sentiment flips suddenly. Still, positioning remains controlled rather than extreme, allowing upside momentum to develop organically. 

As long exposure expands alongside rising OI, sentiment strength becomes harder to ignore. 

Therefore, top trader behavior currently supports MYX’s broader bullish narrative rather than contradicting it.

MYX breaks downtrend and holds strength
MYX breaks above its descending trend, marking a structural improvement that reshapes short-term expectations. 

Price now holds above the $3.03 area and continues pressing toward higher zones with improving follow-through. 

In addition, holding above the 50-SMA strengthens confidence because this level often defines trend direction for active traders. 

While overhead resistance still exists, the structure now favors buyers controlling momentum rather than reacting defensively. However, continuation depends on sustained participation, not isolated spikes. 

Still, the current setup provides MYX with a clearer path toward higher liquidity zones. Overall, the structure now supports expansion rather than renewed compression.

Source: TradingView

Heatmap shows liquidity targets above
The liquidation heatmap reveals dense liquidity clusters near $3.20 and $3.45, positioning these levels as natural price magnets.

As MYX moves higher, short liquidations may accelerate momentum once these zones come into play. 

Meanwhile, downside liquidity remains thinner around $2.80 and $2.72, reducing immediate sell-side pressure. 

However, volatility can expand rapidly if leverage unwinds aggressively. Even so, current liquidity distribution favors upward probing rather than deep retracements. 

Therefore, price behavior likely gravitates toward higher clusters as long as buying pressure remains active. The heatmap thus reinforces the bullish structure already visible across other metrics.

Can MYX climb toward $3.45?
MYX aligns rising volume, expanding OI, bullish trader positioning, and improved structure into a coherent upside narrative. 

With liquidity stacked above current levels, price has a clear pathway toward higher targets. 

Therefore, MYX can push toward $3.45 if participation stays elevated and buyers defend reclaimed support.

Final Thoughts 

MYX’s rally gains credibility as volume, Open Interest, and trader positioning align with improving structure. 
With liquidity concentrated above current levels, MYX has room to extend if momentum holds.

3 mins mins

Key Insights:

OKX covered all OM-related losses after exposing account collusion and price manipulation.
Exchange flagged abnormal OM activity and acted quickly before prices crashed sharply.
Evidence submitted to regulators; lawsuits are ongoing as OKX defends against public blame.

OKX Exposes OM Scam, Covers Huge Losses with Security Fund
OKX has issued a public announcement addressing concerns around recent abnormal trading activity related to MANTRA (OM). According to the exchange, it detected several connected accounts using large amounts of OM as collateral to borrow USDT. This move reportedly pushed the price of OM higher in an artificial manner.

The accounts involved were flagged by OKX’s risk team. OKX stated that the team reached out to the users behind the accounts to request corrective action. “They refused to cooperate,” OKX said in the statement. These actions raised questions about how such large volumes of OM were gathered and controlled by a limited group of individuals.

Price Crash and Losses Covered by Security Fund
Following the refusal of the accounts to comply, OKX took steps to take control of the related accounts. Shortly afterward, the price of OM dropped sharply. OKX confirmed that it only liquidated a small portion of the OM holdings, but the drop in price still led to large losses.

Those losses were absorbed by the OKX Security Fund, which is designed to cover user losses in abnormal events. “The OKX Security Fund operated exactly as designed,” the company stated. The exchange did not pass these losses on to users.

OKX also noted that independent third-party analysis found the majority of the downward pressure came from perpetual trading activity on platforms outside of OKX.

Regulatory Action and Legal Proceedings Underway
OKX stated that full documentation and evidence have already been submitted to regulators and law enforcement agencies. The exchange also confirmed that several lawsuits are currently in progress, although details were not disclosed.

Despite this, there has been no official explanation regarding the source of the large OM supply used in the activity. OKX’s team is continuing to support investigations into how the token supply was concentrated among the accounts in question.

Response to Public Statements by MANTRA Team
OKX responded directly to public comments made by the MANTRA team, which it described as inaccurate. According to OKX, the team has not addressed the core concerns raised, including the abnormal activity involving large OM collateral and the concentration of token supply.

“Instead of addressing these serious and suspicious activities, the MANTRA team continues to ignore the facts and publicly blame OKX,” the company said in its official communication.

OKX concluded by stating it will continue cooperating fully with authorities and remains focused on protecting its users.

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To win the quantum computing race, you need cash -- and Alphabet has a lot of cash.

Quantum computing is hot, hot, hot, with the Defiance Quantum ETF (QTUM 3.29%) up 40% year to date and trading near its all-time high. And yet investors are starting to sour on one quantum computing stock in particular: IonQ (IONQ 4.19%).

From early January 2025 through about mid-October, shares of IonQ nearly tripled in price. But since mid-October, IonQ's stock price has been cut by one-third, falling to $52 and change at the close on Dec. 5.

Image source: Getty Images.

Quantum successes...
What's ailing IonQ? A leader in trapped-ion quantum computing, which can operate at room temperature and does not require cold for superconduction, IonQ's fatal flaw as a stock -- in my opinion -- is the fact that it's basically still just a research and development shop.

IonQ's technology is certainly whiz-bang, and the company boasts powerful-sounding benchmarks such as "world-record 2 cubic gate fidelity of 99.99%." That's great from a science experiment perspective, but when it comes to IonQ's attractiveness as a business, I'm more interested in how much money the company can make.

Unfortunately for quantum investors, for both the time being and for the foreseeable future, the answer to that question seems to be: zero.

... and quantum travails
Don't get me wrong. IonQ has made significant progress, growing its revenue from the single-digit millions (four years ago) to nearly $80 million today. The problem is that the more IonQ's revenue grows, the more money it seems to lose.

Net losses that were just a hair over $100 million four years ago have grown 14 times in size, to just under $1.5 billion, over the last 12 months. Analysts polled by S&P Global Market Intelligence don't see IonQ turning profitable as far out as anyone's willing to make estimates (2030). Meanwhile, IonQ is burning through nearly $260 million a year, and only has $1.1 billion in the bank -- meaning it's on course to run out of money before reaching breakeven.

This may be a great way to do science -- but it's a lousy way to run a business.

Today's Change

(

-4.19

%) $

-2.20

Current Price

$

50.35

A better quantum stock than IonQ
But if not IonQ, what's a better way to invest in quantum computing? Might I suggest investing in a company that's got more cash than it knows what to do with -- and certainly enough to fund its quantum research for as long as it takes to make reliable quantum computing a reality?

Last year, Google-owner Alphabet (GOOG 1.01%) (GOOGL 1.03%) made headlines when its Willow quantum computing chip proved to be arguably the fasted quantum computer in the world, completing a computation that would take the fastest supercomputers in the world 100,000,000,000,000,000,000,000,000 years to solve ... in just five minutes.

Granted, even Alphabet admits it's only at "step two" along a "six-step timeline" toward creating a reliable quantum chip, so this is still a work in progress. Crucially, though, Alphabet has the financial muscle to go the distance. Thanks to its multiple other successful, cash-producing businesses, Alphabet boasts nearly $100 billion of cash in the bank, and $73.5 billion in new free cash flow rolling in every year.

That's enough money for Alphabet to win the quantum race itself ... or buy anybody who beats it to the finish.

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

HomeStock IdeasLong IdeasTech 

SummaryQualcomm is rated a Strong Buy with a $223 price target, reflecting a 23% upside and significant undervaluation at a 15x forward P/E.QCOM delivered its 9th consecutive double-beat quarter, posting 10% revenue growth and 15% EPS growth, outperforming peers yet trading at a steep discount.The QCT segment remains robust and diversified, with automotive and IoT revenues up 11% and automotive growing 36% year-over-year, supporting long-term growth.Strategic partnerships in automotive and AI, plus a shareholder-friendly $3.4B capital return, reinforce QCOM's bullish outlook and margin stability. Jonathan Kitchen/DigitalVision via Getty Images

Qualcomm (QCOM) is up 16% on a year-over-year basis, yet the technology company remains significantly undervalued at a forward P/E of approximately 15. QCOM has a dominant position in the space of

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in QCOM over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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HomeStock IdeasLong IdeasBasic Materials

SummaryAura Minerals is transitioning to an intermediate gold producer, targeting 600k+ GEOs with a robust, funded growth pipeline.AUGO trades at 0.8x P/NAV, offering a valuation arbitrage versus peers, with 69% upside to $55–$74/share targets as Borborema and Era Dorada ramp.Dividend yield remains attractive (7.4% Q3 LTM), supported by low cash costs ($1,000–$1,150/oz) and a solid balance sheet (net debt/EBITDA 0.15x).Key risks include Era Dorada permitting, MSG operational turnaround, and hedging drag limiting upside if gold prices surge further. wen ya/E+ via Getty Images

Aura Minerals Inc. (AUGO) is a case with a strategic inflection point as asset maturation meets a favorable macro backdrop for gold. Aura is shifting from a junior operator to an intermediate producer with

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Sembcorp Industries Ltd (SCRPF) Pre Recorded M&A Call December 10, 2025 7:00 PM EST

Company Participants

Jin Xin - Head Group Corporate Communications & Investor Relations
Kim Yin Wong - Group CEO, Director & Member of Technology Advisory Panel
Alex Tan - President & CEO of Renewables, East
Chee Mun Cheng - Group CFO and President & CEO of Integrated Urban Solutions

Conference Call Participants

Sumedh Samant - JPMorgan Chase & Co, Research Division
Zhiwei Foo - Macquarie Research
Pei Hwa Ho - DBS Bank Ltd., Research Division
Luis Hilado - Citigroup Inc. Exchange Research
Paul Chew - Phillip Securities Pte Ltd., Research Division
Mayank Maheshwari - Morgan Stanley, Research Division
Lim Siew Khee - CGS International
Rachael Tan - UBS Investment Bank, Research Division

Presentation

Jin Xin
Head Group Corporate Communications & Investor Relations

Good evening, everyone. Thank you for dialing in for the briefing following our announcement this evening. I'm Jin from Group Corp Communications & Investor Relations. On the panel today are Group CEO, Mr. Kim Yin Wong; Group CFO as well as President and CEO of Integrated Urban Solutions, Mr. Eugene Cheng; and President and CEO of Renewables East, Mr. Alex Tan.

Without further delay, I'll hand the time over to Kim Yin for opening remarks. Kim Yin, please?

Kim Yin Wong
Group CEO, Director & Member of Technology Advisory Panel

Good evening, everyone. Thank you for taking time to join us on this call at such short notice and at this hour. This evening, we announced the proposed acquisition of Alinta Energy, a leading integrated energy company in Australia. Let me start with the transaction overview.

The proposed transaction involves an agreement to acquire 100% of Pioneer Sail Holdings and Latrobe Valley Power Holdings collectively known as Alinta Group. This acquisition is expected to deliver immediate earnings and returns accretion. On a pro forma basis, EPS is expected

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Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

The information contained herein is for informational purposes only. Nothing in this article should be taken as a solicitation to purchase or sell securities. Before buying or selling any stock, you should do your own research and reach your own conclusion or consult a financial advisor. Investing includes risks, including loss of principal.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Some analysts think Calvin McDonald's departure paves the way for a pivot for the beleaguered activewear company, and its stock.

Analyst’s Disclosure:I/we have a beneficial long position in the shares of NNN, O, ADC either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Christophe Fouquet, the CEO of ASML, tells Bloomberg Television that China will not accept being cutoff from Western chips, artificial intelligence and technology. ASML is the only company in the world making extreme ultraviolet lithography machines, which are vital for manufacturing advanced AI chips used by the likes of Nvidia and Apple.

Below, I will explore the key drivers behind recent price trends, the medium-term (4-8 weeks) outlook, and the key technical levels traders should watch.

OCC Grants Conditional Approval to Ripple Trust Charter
On Friday, December 12, the US Office of the Comptroller of the Currency (OCC) announced the conditional approval of five US-chartered banking license applications, including Ripple’s, stating:

“The Office of the Comptroller of the Currency (OCC) today announced its conditional approval of five national trust bank charter applications. Subject to meeting the OCC’s conditions, these institutions will join approximately 60 other national trust banks currently supervised by the OCC.”

Entry into the federal banking system is a significant step onto Main Street for Ripple, bridging TradFi and DeFi. According to the OCC, the institutions that make up the federal banking system conduct around 67% of US banking activity.

Comptroller of the Currency Jonathan V. Gould stated:

“New entrants into the federal banking sector are good for customers, the banking industry, and the economy. They provide access to new products, services, and sources of credit to customers, and ensure a dynamic, competitive, and diverse banking system.”

Ripple CEO Garlinghouse Targets Banking Lobbyists
Ripple CEO Brad Garlinghouse reacted to the announcement, stating:

“This is a massive step forward – first for RLUSD, setting the highest standard for stablecoin compliance with both federal (OCC) & state (NYDFS) oversight.”

The Ripple CEO also targeted the banking lobbyists, stating:

“Your anti-competitive tactics are transparent. You’ve complained that crypto isn’t playing by the same rules, but here’s the crypto industry – directly under the OCC’s supervision and standards – prioritizing compliance, trust, and innovation to the benefit of consumers. What are you so afraid of?”

For context, the Independent Community of Bankers of America (ICBA) filed a letter of opposition in August. The ICBA argued that Ripple could attempt to bypass banking regulations and warned of the potential threat of deposit outflows to the banking system.

Notably, the ICBA also cited the SEC v. Ripple case and Judge Analisa Torres’ ruling, permanently enjoining Ripple from violating section 5 of the Securities Act of 1933.

While Brad Garlinghouse referenced RLUSD, XRP utility will likely get a boost. Institutions using RLUSD may convert to XRP for liquidity operations, cross-border payments, or FX bridging.

Brad Garlinghouse previously commented on XRP’s central role, stating:

“I’m reminding you all that XRP sits at the center of everything Ripple does. Lock in.”

XRP-Spot ETFs Extend Inflow Streak
Analysts expect rising XRP utility to boost institutional demand for XRP-spot ETFs. On Thursday, December 11, the US XRP-spot ETF market reported $20.17 million in net inflows, up from $10.2 million on Wednesday, December 10. Crucially, XRP-spot ETF issuers extended their inflow streak to nineteen consecutive days, with total net inflows since launch to $974.5 million.

XRP-spot ETF inflows have cushioned the token’s downside, as XRP grips the $2.0 handle.

SoSoValue – XRP-Spot ETF Flows – 121225
Bullish Medium-Term Outlook Hinges on ETFs and Legislation
XRP-spot ETF flows, and legislative developments on Capitol Hill are among several events that could trigger the next breakout. These include:

XRP-spot ETFs experience an inflow surge.
The Market Structure Bill receives bipartisan support.
US inflation cools, supporting a more dovish Fed rate path.

In my view, these scenarios would support a near-term (1-4 weeks) climb to $2.35 and a medium-term (4-8 weeks) rise to $2.5.

Downside Risks to Bullish Outlook
While the short- to medium-term outlook remains bullish, several scenarios could weigh on sentiment. These include:

The Bank of Japan raises interest rates and signals multiple 2026 rate hikes, leading to a yen carry trade unwind.
The MSCI delists digital asset treasury companies (DATs). Delistings would likely reduce interest in XRP as a treasury reserve asset.
US Senate opposes the Market Structure Bill.
XRP-spot ETFs report heavy outflows.

These events would likely push XRP below $2, exposing the November low of $1.82.

However, in my opinion, sustained XRP-spot ETF inflows, a larger investor base, and progress toward crypto-friendly legislation support a longer-term move toward $3.

In summary, the short-term outlook remains cautiously bullish as fundamentals outweigh the technicals. Meanwhile, the medium- to longer-term outlook is constructive.

Financial Analysis
Technical Outlook: EMAs Signal Caution
XRP fell 1.30% on Friday, December 12, following the previous day’s 0.34% loss, closing at $2.0078. The token saw a more modest loss than the broader crypto market, which dropped 2.34%.

The third consecutive day in the red left the token below the 50-day and 200-day Exponential Moving Averages (EMAs), signaling a bearish bias. While the technicals remain bearish, fundamentals are increasingly outweighing the technical structure.

Key technical levels to watch include:

Support levels: $2, $1.9112, and $1.8239
50-day EMA resistance: $2.2330.
200-day EMA resistance: $2.4572.
Resistance levels: $2.2, $2.35, $2.5, $2.62, $2.8, $3.0, and $3.66.

Avoiding a sustained fall below the $2.0 psychological support level would support a move to the 50-day EMA. A break above the 50-day EMA would pave the way toward $2.35. Importantly, a breakout from the 50-day EMA would signal a near-term bullish trend reversal. A bullish trend reversal would support a medium-term (4-8 weeks) climb toward the 200-day EMA and the $2.5 level.