BTC is currently trading around $97,000 and ETH around $3,200. Notable gainers in the last 24 hours are ai16z, VIRTUAL, and KAS. The global crypto market cap is $3.49T, up 6.5% over the last day. DeFi Total Value Locked is ~$112b and BTC dominance is around 59%.
Crypto is rallying on two positive developments. First, the market backdrop improved after a light US wholesale inflation report. Second, various news outlets reported that Trump will issue several crypto-related executive orders upon taking office, including establishing his Presidential Crypto Council and repealing the controversial SEC accounting policy SAB 121.
Notable news includes: a US circuit court ruled that the SEC’s denial of Coinbase’s petition for crypto rulemaking was “arbitrary and capricious”; the US Supreme Court denied a petition by Binance and CZ attempting to have it review a lower court decision that found US securities laws apply to the exchange even if it doesn’t officially possess a physical location; anti-crypto US Senator Elizabeth Warren penned an open letter to Treasury Secretary nominee Bessent urging him to evaluate more strict regulations for digital assets; BlackRock launched its spot Bitcoin ETF in Canada; BlackRock found that Bitcoin adoption is outpacing the internet and mobile phones; Italy’s largest bank Banca Intesa Sanpaolo invested in Bitcoin for the first time; stablecoin issuer Tether announced it is relocating to El Salvador; Sony launched the mainnet of its Ethereum layer 2 Soneium; Chainalysis acquired AI-powered fraud detection platform Alterya; the TON blockchain revealed plans to focus on the US; and, Uniswap announced it will integrate with Ledger Live for token swaps directly via self-custody wallets.
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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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