President-elect Donald Trump has issued a stern warning to the BRICS bloc. He urged its members to abandon plans for creating an alternative currency to replace the US dollar in international trade.

Trump, known for his “America First” stance, reiterated that any such move would face severe consequences. This includes a 100% tariff on goods from BRICS nations and an inability to access the US market.

BRICS Faces Trump’s Pushback on De-dollarization Efforts

In a November 30 post on his Truth Social platform, Trump called for a firm commitment from BRICS countries not to develop or support a rival currency. He emphasized that the US would not tolerate efforts to undermine the dollar’s dominance.

“The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER. We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful US Economy,” he stated.

This warning aligns with Trump’s campaign promise to safeguard the US dollar’s global reserve status. Reports suggest that his team is already exploring punitive measures for countries advancing de-dollarization strategies.

The BRICS bloc — comprising Brazil, Russia, India, China, and South Africa — has been at the forefront of discussions on de-dollarization since 2023. These talks gained momentum during a summit where member nations explored alternative settlement mechanisms, including using the Chinese yuan and blockchain-based stablecoins.

Market analysts pointed out that such digital currencies could bypass US sanctions and offer a new framework for international trade.

This year, BRICS expanded its membership for the first time in over a decade, adding Iran, Saudi Arabia, the UAE, Ethiopia, and Egypt. With 34 additional nations expressing interest in joining, the bloc aims to strengthen its influence in the global economy. By leveraging local currencies and alternative banking networks, member states hope to reduce reliance on the US dollar while evading Western sanctions.

Observers note that these initiatives could reshape international trade dynamics. However, Trump’s tough stance signals a potential escalation in economic tensions between the US and BRICS nations

Historically, December has been a strong month for the crypto market, and December 2024 could follow that trend, particularly for altcoins. BeInCrypto has identified key altcoins to watch as the year comes to a close.

This list focuses on cryptocurrencies with major events in December that could impact their prices. While some altcoins lack such drivers, these standout picks are the ones to keep an eye on this month.

Hyperliquid (HYPE)

Top of the list of altcoins to watch in December 2024 is Hyperliquid (HYPE), the token of the Layer-1 blockchain that launched about one week ago. Since launch, HYPE’s price has increased by over 200% despite distribution rewards in airdrops to some of its early users. 

At press time, HYPE’s price had risen to $9.51 despite not being listed on any Centralized Exchange (CEX). In most cases, when altcoins like this launch without a CEX, demand is higher, and hence, the price can increase.

Therefore, considering the millions in volume that HYPE is doing daily, its price is likely to rally in December, making it one of the 5 top altcoins to watch before the year closes.

Sui (SUI)

Market observers may not be surprised to see SUI ranked as one of the altcoins to watch in December 2024. Over the past few months, the token has consistently ranked among the best-performing cryptocurrencies, surging by 75% in the last 30 days.

The excitement around SUI stems largely from today’s scheduled $210 million token unlock. While such events often trigger volatility and increase supply, SUI has historically shown bullish price action in the weeks following an unlock.

Therefore, If history is any guide, SUI could deliver another strong performance this month. From a technical perspective, SUI’s price is trading above both the 20-day and 50-day Exponential Moving Average (EMA).

Typically, when the price is above this point, it means that the trend is bullish. Assuming it was below it, it would have indicated a bearish trend. 

With SUI trading at $3.40, there is a chance it could climb above $4.40 in December 2024. However, if the token experiences high selling pressure, this might not happen. In that scenario, the price could decline to $2.38.

Fantom (FTM)

Without Fantom, the list of altcoins to watch in December 2024 would be incomplete. This is because the much-anticipated Sonic upgrade, which will enable increased throughput, will launch on Mainnet this month.

Ahead of the development, FTM’s price has hit the $1 mark, thanks to a 60% hike in the last 30 days. On the daily chart, the altcoin has formed an inverse head-and-shoulders pattern, which is a bearish to bullish reversal.

At press time, FTM trades at $1.03. However, with rising Bull Bear Power (BBP), which indicates that bulls are in control, the price might hit $1.14 in the short term. 

Furthermore, the Sonic Mainnet launch in December 2024 could send the crypto toward $2 but could be invalidated if selling pressure rises.

Aptos (APT)

Aptos is another Layer-1 token worth monitoring in December. Similar to SUI, Aptos is scheduled for a token unlock valued at approximately $135 million this month.

Interestingly, Aptos and SUI share a common pattern: both often experience price increases following their token unlocks. If history is any indication, APT could close December with a positive return.

From a technical point of view, APT has formed an ascending triangle, which is bullish. This technical pattern suggests that the altcoin’s value might continue to increase as long as volume climbs and demand surges.

If that is the case, APT might rally toward $20 next month. However, traders should be on the lookout. If the supply shock is extreme, this might not happen, and APT could drop to $10.97.

Bonk (BONK)

Last on the list of altcoins to watch in December 2024 is Bonk, the most valuable meme coin on the Solana blockchain. BONK is on this list because of its planned token burn, which aims to reduce supply and, in turn, increase value.

Previously, BeInCrypto reported that BONK wants to burn 1 trillion tokens before Christmas. If this goal is achieved, the altcoin’s price might experience a significant rally.

While BONK’s price has recently dropped from its local high, the daily chart shows strong support at $0.0000043. Considering this outlook, the price might bounce from this point and probably rise to $0.000059 or higher.

On the flip side, if BONK holders book profits in December, this prediction might be invalidated, and the meme coin’s value might be $0.000035.

The US Securities and Exchange Commission (SEC) has intensified its legal actions against the crypto industry, filing charges against investment firm Touzi Capital and its founder, Eng Taing.

The SEC accuses the firm of orchestrating an over $100 million fraud scheme involving unregistered securities and misappropriated investor funds.

SEC Files Charges Against Touzi Capital for $115 Million Crypto Fraud

The SEC’s complaint, filed on November 29, claims Touzi Capital defrauded over 1,500 investors across the United States. Between 2021 and early 2023, the firm reportedly raised $95 million for crypto mining projects and $23 million for debt rehabilitation ventures.

However, the SEC alleges that the funds were misused and pooled across unrelated businesses for Taing’s personal benefit.

“The defendants commingled investor funds among its various businesses, some of which had nothing to do with crypto asset mining, misappropriated funds for Taing’s personal use, and misled investors about the profitability of the businesses’ operations,” the Commission alleged.

The SEC continued that Touzi Capital marketed its offerings as secure, high-yield investments similar to savings accounts. However, these investments were speculative and hinged on risky third-party operations.

The complaint also highlights how the firm’s claims about its Bitcoin mining business were misleading. Touzi Capital promised profitability through low-cost energy contracts and advanced mining equipment, but fluctuating energy expenses and equipment issues undermined these assertions.

“In reality, Touzi Capital’s ‘breakeven’ point for mining bitcoin was misleading, because the way this was calculated excluded known factors. Moreover, the energy costs for Touzi Capital’s crypto-asset mining businesses fluctuated greatly, and it consistently had problems with its equipment,” the SEC added.

SEC reported that Touzi Capital’s operations have reportedly collapsed, leaving investors in the dark due to Taing’s lack of communication. In response, the SEC seeks permanent injunctions, civil penalties, and the disgorgement of illicit gains. The lawsuit also includes a request to bar Taing from serving as an officer or director in any company.

This legal action adds to the SEC’s aggressive enforcement track record under Chair Gary Gensler, who is set to step down in January. In fiscal year 2024, the SEC filed 583 enforcement cases, collecting a record $8.2 billion in penalties and remedies. High-profile crypto cases, including a $4.5 billion settlement from Terraform Labs, accounted for over half of the year’s financial recoveries.