BTC is currently trading around $97,000 and ETH around $3,400. Notable gainers in the last 24 hours are MOVE, BGB, and HYPE. The global crypto market cap is $3.48T, down 8.4% over the last day. DeFi Total Value Locked is ~$132b and BTC dominance is around 57%.
Equities are bouncing, while crypto continues to decline after yesterday’s Fed-induced sell-off. Central banks remain in focus, with the Bank of England holding rates steady with inflation at an eight-month high. The Bank of Japan also maintained rates, surprising some that had expected a hike in support of the yen. Meanwhile, the crypto markets have seen $1.2b of 24h liquidations, and some also attribute the poor performance partly to El Salvador agreeing to make merchant Bitcoin acceptance voluntary and to shut or sell its Chivo crypto wallet as part of a deal to secure a loan from the IMF.
Notable news includes: a BIS consultative group proposed a retail CBDC framework; a US judge rejected Justin Sun-affiliated BiT Global’s bid for a temporary restraining order to prohibit Coinbase from delisting WBTC; Germany ordered World (FKA Worldcoin) to delete biometric data collected from scanning eyeballs; Nigeria tightened crypto advertising rules; Russia’s T-Bank announced it will launch a range of blockchain-powered token investment instruments; BlackRock added a disclaimer on a Bitcoin video saying there is no guarantee that Bitcoin’s 21m supply won’t change; Binance.US announced plans to restore USD services in early 2025; miner Hut 8 acquired $100m of BTC to put its holdings above $1b; Meta Mask wallet announced a debit card pilot program in the US; wallet provider Exodus saw its stock rally 37% on its NYSE American debut; The Open Platform launched its TON Space self-custody wallet; Solana developer Anza proposed that the network implement slashing; Maker founder Rune Christensen announced more effort will be put into a full migration of Maker to Sky in 2025; Curve founder Egorov was liquidated for $0.9m after CRV fell; and, Bitcoin staking platform Solv announced it will launch its native token on Hyperliquid.
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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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