Morning Crypto Update: Insights on Bitcoin's $24,111 Anomaly, Cardano's Hoskinson Comments, and Dogecoin's 'Naughty List'

As we move past the holiday season on December 26, the cryptocurrency market is starting to show signs of activity, though the festive feel still lingers. During this period of low trading volume, small changes can appear exaggerated, with single quotes and memes gaining more significance than they typically would.

Key Takeaways

Charles Hoskinson critiques legacy finance’s attempts to mimic the efforts of XRP and Midnight.
The $24,111 Bitcoin low recorded on Binance raises concerns about market liquidity and reputation.
Dogecoin is launching a "naughty list" campaign aimed at businesses that do not accept DOGE, with future incentives for those that do.
The crypto market's behavior may change once liquidity returns in the new year.

Hoskinson Calls Out Legacy Finance's Missteps

Charles Hoskinson, co-founder of Cardano, recently commented on the Canton (CC) project, approaching the situation as a competitor rather than as a neutral observer. He argues that legacy finance is trying to replicate what ecosystems like XRP and Midnight are already achieving at a scale "100x beyond their ambitions." He believes this effort overlooks what truly makes Web3 impactful and effective.

At the core of Hoskinson's message is the potential present in the real-world asset (RWA) market, estimated to be worth $10 trillion. According to him, to seize this opportunity, complete and cohesive strategies are essential, alongside genuine partnerships and communities to support adoption even during challenging times. His memorable closing statement resonates: "You can't fake Cardano or XRP Nation."

The Spotlight on Canton and XRP Comparisons

Canton has become a focal point due to its substantial funding, garnering investments in the hundreds of millions from well-known venture funds, leading to its label as an "XRP killer." This term is frequently used to compare any blockchain that aims to attract institutional RWAs with XRP's longstanding market position. Founders seeking this comparison must actively engage with any narratives emerging around their projects.

Bitcoin's $24,111 Low on Binance

Recently, Peter Brandt highlighted a concerning incident on Binance, where Bitcoin (BTC) was recorded at a low of $24,111. Although the overall market did not reflect a significant Bitcoin collapse, this chart raised eyebrows. Brandt pointed out that such anomalous prints usually occur on Binance and are often remembered by traders when selecting trading venues.

In response, Binance CEO CZ explained that the drop was due to the newly introduced USD1 trading pair, characterized by low liquidity. A single large order can drastically affect prices, although no liquidations were triggered since this pair is not part of any major index.

The USD1 asset is a dollar-pegged cryptocurrency introduced by World Liberty Financial, with BitGo Trust managing its issuance. This association with the U.S. dollar contributed to the shock value for casual observers.

Dogecoin's Year-End Marketing Strategy

As the year draws to a close, Dogecoin (DOGE) has initiated a unique marketing strategy by creating a "naughty list" of businesses that refuse to accept DOGE, suggesting that those on the "good list" in the following year will be rewarded. This approach aims to keep DOGE in the spotlight among major brands, with names like McDonald's, Apple, Ryanair, and Volkswagen mentioned prominently.

The community is also reviving interest in Elon Musk, emphasizing Tesla and SpaceX's existing merchandise options for DOGE and speculating about future payment expansions, especially following some payment code discoveries on Tesla’s updated site.

Despite a rough year for DOGE—down about 60% since January 2025—the focus on merchant adoption is crucial during price dips. Some analysts warn that if 2026 proves challenging for risk assets, DOGE might see declines reminiscent of levels not seen since August 2024.

Conclusion

As 2023 concludes, the crypto market's dynamics will be closely monitored. The ongoing narratives surrounding Canton and XRP comparisons might influence new founders, while incidents like Binance's price anomaly remind traders of execution quality's critical role. Meanwhile, Dogecoin endeavors to convert its marketing campaigns into practical usage amidst an unsettling price trend. The next few weeks will reveal if these trends evaporate with increased liquidity or persist due to underlying market weaknesses.