BTC is currently trading around $100,700 and ETH around $3,700. Notable gainers in the last 24 hours are PENGU, BGB, and TKX. The global crypto market cap is $3.67T, down 7.4% over the last day. DeFi Total Value Locked is ~$140b and BTC dominance is around 58%.
Markets are lower after the Federal Reserve cut rates by 25 bps but struck a hawkish tone regarding future monetary accommodation. Specifically, Fed Chair Powell stated that today’s cut was a “close call” that the Fed can now be “more cautious” when considering further policy adjustments. In addition, the Summary of Economic Projections revealed expectations for 50 bps of cuts next year, down from the Fed’s previously-expected 100 bps reduction, which was likely driven by higher projected inflation over 2025 and 2026.
Notable news includes: a proposed US government funding bill included measures that would enable the Commerce Department to make crypto policy recommendations; the incoming US Senate Banking Committee Chair called crypto the “next wonder of the world”; Fed Chair Powell stated that the Fed is not allowed to own Bitcoin; the US state of Ohio introduced legislation to create a Bitcoin reserve; the Bitcoin Policy Institute drafted a suggested strategic reserve executive order for Trump; Bloomberg analyst Balchunas predicted a wave of US digital asset ETFs next year; Deutsche Bank revealed plans to build a “public and permissioned L2” on Ethereum using ZKsync technology; digital asset custodian Taurus collaborated with banking software firm Temenos to enhance banks’ digital assets capabilities; Japanese gaming giants joined a new blockchain games alliance; BlackRock’s IBIT became the decade’s top ETF for inflows; Chainalysis acquired web3 security firm Hexagate; Kraken launched its layer 2 blockchain Ink months ahead of schedule; Binance delisted WazirX’s WRX token; Solana set a record with 66.9m transactions over the past day; Ethereum Name Service announced it will use Linea’s technology for its Namechain L2; NEAR’s Aurora launched AI memecoin-focused TurboChain; Wormhole partnered with Nuffle Labs to expand EigenLayer restaking beyond Ethereum; layer 1 blockchain Saga launched its Mainnet 2.0; Sonic Labs officially launched its layer 1 blockchain Sonic; Bitcoin scaling solution Stacks launched sBTC on mainnet with deposit-only functionality; Scroll announced an open-source zkVM framework called OpenVM; and, Trump’s World Liberty partnered with Ethena for sUSDe implementation.
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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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