BTC is currently trading around $95,000 and ETH around $3,300. Notable gainers in the last 24 hours are ALGO, SUI, and UNI. The global crypto market cap is $3.46T, up 3.4% over the last day. DeFi Total Value Locked is ~$118b and BTC dominance is around 58%.
Equity markets are lower while crypto prices are higher after a better-than-expected US jobs report dampened the odds of near-term Fed rate cuts. Specifically, US payrolls grew by 256,000 in December and inflation ticked lower to 4.1%, causing the odds of a Fed rate cut at its meeting later this month to fall to just 3% and the odds of a cut at its March meeting to fall from 41% yesterday to 26% currently.
Notable news includes: Kenya’s Finance Minister stated that the country will legalize crypto; the UK Treasury clarified that crypto staking is not a collective investment scheme; Brazil announced intentions to reform the nation’s crypto tax laws; the US Consumer Finance Protection Bureau proposed a new interpretive rule that would give it the authority to regulate crypto wallets as financial institutions; US Senator Lummis was selected to lead the first-ever Senate crypto subcommittee; Trump reportedly intends to appoint 24 CEOs and founders to his proposed crypto advisory council; the US state of New Hampshire introduced legislation to create a Bitcoin treasury; US digital bank FV Bank added PYUSD for deposits and payments; a group of Philippine banks collaborated to launch the peso-backed PHPX stablecoin for enhanced cross-border payments; Usual Money’s USD0++ fell below $1.00 after it dropped its redemption price by 13%; crypto exchange Bybit stated it will temporarily suspend trading in India amidst regulatory changes; Calgary-based oil and gas company announced a strategic pivot from energy operations to cryptocurrency investments; CleanSpark became the fourth Bitcoin miner to hold 10,000 BTC; team members from Coinbase, Google, and ai16z launched the Aiccelerate DAO to accelerate the convergence of crypto and AI; Eliza Labs and Origin Trail launched a Decentralized Knowledge Graph plugin for AI agents; World surpassed 10m human verifications; and, Arbitrum opened community voting on a proposal to introduce a new dispute resolution protocol called BoLD.
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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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