MAGIC (MAGIC) Plunge

Amid the controversial announcement of an “official” TRUMP crypto wallet, the Trump family is allegedly considering taking legal action against...

MocaPortfolio, a platform providing the Moca Network community access to token allocations from Animoca Brands’ portfolio projects, is now live. Its first token drop features the Magic Eden (ME) token, with a total allocation of 2,195,000 ME. Eligible participants include MOCA stakers who can burn between 5,000–20,000,000 Staking Power to participate. The registration window runs from December 18, 13:00 UTC to December 29, 01:00 UTC. New users can use a fast-track option by staking 57,870 MOCA tokens for 24 hours. Moca Network aims to build a chain-agnostic decentralized identity ecosystem and unites over 600 portfolio companies and 700 million targeted customers.

Historically, Christmas has been a bullish period for the cryptocurrency market, often referred to as the "Santa Claus Rally." Data from the past decade shows that eight out of the last ten Christmases resulted in positive returns, though the previous two years saw declines. This seasonal trend is driven by holiday optimism, lower trading volumes, and year-end portfolio adjustments. Bitcoin has frequently led this rally, with significant post-Christmas gains in years like 2017 and 2020. Altcoins typically follow Bitcoin’s momentum. Key factors influencing this pattern include positive market sentiment, reduced liquidity, and macroeconomic events such as Federal Reserve policies. Looking ahead to Christmas 2025, analysts are cautiously optimistic. Despite a flat start to December, there is hope for a year-end rally, potentially driven by ETF inflows, favorable regulations, and potential rate cuts. However, volatility remains a risk due to lower institutional activity and possible holiday-related sell-offs.

Magic Labs has agreed to sell its embedded crypto wallet business to Payward, the parent company of Kraken, in an asset sale deal expected to close in the coming weeks. The financial terms were not disclosed. Magic Labs, whose wallet technology is used by brands like Polymarket and has been deployed over 60 million times, will now focus exclusively on developing its Newton protocol, an authorization layer for blockchain finance. The company will be renamed Newton Labs. Following the sale, client support for the wallet business will be handled by Payward from August 1st, as Payward plans to integrate the wallet tech to expand its product suite. This acquisition continues Payward's 2026 buying spree, which includes the recent purchases of payment company Reap for $600 million and derivatives platform Bitnomial for up to $550 million. Despite this aggressive expansion, Kraken's planned IPO in the U.S. remains on hold due to unfavorable market conditions.