BTC is currently trading around $103,500 and ETH around $3,900. Notable gainers in the last 24 hours are VIRTUAL, HYPE, and ONDO. The global crypto market cap is $3.82T, down 1.2% over the last day. DeFi Total Value Locked is ~$139b and BTC dominance is around 56%.
Bitcoin surged to a new all-time high this weekend, breaking $106,000 as speculation around a potential US strategic reserve mounts. Several items have caused investors to entertain the possibility, including Trump saying “yes, I think so” when asked by CNBC on Thursday whether the US will create a strategic reserve, Senator Lummis and Treasury Secretary nominee Bessent meeting to discuss a strategic reserve, and some speculating that Trump will issue an executive order to create one. In addition, crypto markets are benefitting from continued strong spot Bitcoin and Ethereum ETF inflows that totaled $2.2b and $850m, respectively, last week. And, Michael Saylor hinted that MicroStrategy purchased more Bitcoin and MSTR was added to the Nasdaq 100 index. Looking ahead, it’s a busy week for central banks, with meetings from the Fed on Wednesday and Bank of Japan and Bank of England on Thursday. In addition, US Senators will vote on the renomination of anti-crypto SEC Commissioner Crenshaw on Wednesday, while US PCE inflation will be released on Friday. While Fed funds futures assign 97% odds of a 25 bp rate cut on Wednesday, the meeting will be particularly important for assessing how policy may unfold next year, especially given Trump’s promises around tariffs, taxes, and immigration. The Fed will release its Summary of Economic Projections concurrent with the meeting, though Fed Chair Powell will likely be noncommittal until Trump’s plans and the future path of inflation become more clear.
Notable news includes: Argentina’s President Milei unveiled a plan to allow all currencies including Bitcoin to circulate freely in 2025; the UK FCA requested feedback on its crypto disclosure regime; US Representative French Hill stated that the Republican Party is preparing to introduce a comprehensive crypto market structure bill within the first 100 days of the upcoming legislative session; the Financial Accounting Standards Board (FASB) implemented its fair value accounting rule for crypto; Sheila Warren, the CEO of crypto advocacy group Crypto Council for Innovation, announced she will step down; former Thailand Prime Minister Shinawatra called on the government to explore the potential of cryptocurrencies; Justin Sun-linked BiT Global sued Coinbase over its WBTC delisting; a new OpenSea Foundation registered in the Cayman Islands citing speculation of an impending token launch; a Bitcoin advocate introduced a new Bitcoin Improvement Proposal (BIP) seeking to redefine the unit of measurement; the creator of the Peanut the Squirrel memecoin sent Binance a cease and desist letter over alleged IP theft; MegaETH raised $10m in less than three minutes via early-stage investing platform Echo; NEAR Protocol achieved full compatibility with MetaMask; and, Fartcoin, an idea birthed by AI agent Truth Terminal, flipped GOAT.
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Author:
Brian Rudick, Head of Research | Twitter, Telegram, LinkedIn
Carlos Guzman, Research Analyst | Twitter, Telegram, LinkedIn
Toe Bautista, Research Analyst | Twitter, Telegram, LinkedIn
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