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The SPX index was consolidating with overnight return of 0.15%. The broader cryptocurrency market was up, with Bitcoin and Ether up by 0.13% and 0.42% respectively in the past 24 hours.
Today’s outperformer is HNT, which jumped 28.4% after implementing new onboarding fees and enhances service provider rewards.
Helium Network (HNT), launched in July 2019, is a blockchain-based network that connects IoT devices using over 25,000 Hotspots, which serve as network nodes using LoRaWAN protocol. It aims to create a more efficient, privacy-focused IoT ecosystem addressing privacy issues prevalent in popular IoT platforms like Google and Amazon. The Helium Network has recently implemented significant protocol updates such as the introduction of WiFi Onboarding Fees (HIP-96), setting fees of $20 for indoor and $30 for outdoor WiFi Access Points, incorporating Data Credits and MOBILE tokens. Additionally, Service Provider Rewards (HIP-87) and Protocol Emissions have been updated, allowing up to 10% of MOBILE emissions per epoch for Service Providers based on Data Credits used. This update also includes improved on-chain accounting for subnetwork token emissions (IOT and MOBILE), simplifying software and reducing the potential for bugs, while dynamically allocating emissions like Service Provider rewards.
The SEC's X account was compromised when it falsely announced the approval of a Bitcoin ETF, later corrected by SEC Chair Gary Gensler. Gensler clarified via his own account that the SEC had not approved spot bitcoin ETFs, countering the earlier unauthorized tweet. This incident caused Bitcoin's price to fluctuate significantly, rising near $48,000 after the false tweet and then dropping to $46,291 following Gensler's correction. The SEC is expected to make an official decision on spot Bitcoin ETF applications by January 10. The incident led to speculation about the nature of the false tweet, with some, like Bloomberg analyst Eric Balchunas, suggesting it might have been a mistakenly scheduled tweet for the following day.