BTC is currently trading around $92,500 and ETH around $3,250. Notable gainers in the last 24 hours are KAIA, LTC, and MOVE. The global crypto market cap is $3.38T, down 1.5% over the last day. DeFi Total Value Locked is ~$119b and BTC dominance is around 58%.
Crypto continues to fall after a US judge gave the Department of Justice the green light to liquidate $6.5b of confiscated Bitcoin associated with Silk Road. While it is unclear if the DOJ will do so, Trump takes office in 11 days and has pledged to retain all Bitcoin that the government currently holds. Looking ahead, all eyes are now on tomorrow’s US employment report and its implications for monetary policy in the wake of more subdued expectations for rate cuts over the coming year.
Notable news includes: the IMF urged Kenya to establish clear crypto regulations to tackle AML/CFT risks; the Hong Kong Monetary Authority unveiled its Supervisory Incubator for Distributed Ledger Technology; pro-crypto Wisconsin lawmaker Bryan Steil will replace Arkansas Rep French Hill as the next chair of a digital asset-focused subcommittee in the US Congress; an Oklahoma Senator introduced a bill that would integrate Bitcoin into the state’s economy; a British judge threw out James Howells’s attempt to gain access to a landfill to try to recover £600m in BTC; Coinbase was reportedly subpoenaed for customer data by the CFTC in its Polymarket investigation; Standard Chartered revealed plans to establish a Luxembourg-based entity as its regulatory hub for crypto services across the EU; Mastercard expanded its Crypto Credential solution to the UAE and Kazakhstan; RWA-focused L1 MANTRA agreed with UAE-based property conglomerate DAMAC Group to tokenize $1b of real estate assets; the FTX bankruptcy estate disputed the recently announced sale of FTX EU to Backpack Exchange; BitMEX launched a new multi-asset margining feature; ThorChain paused ThorFi Savers and Lending programs for 12 months; Compound added Ethena and Mantle tokens to its lending platform; Solana asked validators to test its Frankendancer client on testnet; Solana-based Raydium launched perps trading; Polkadot-based verifiable computing platform Phala launched an Eth L2; and, the Ronin Network partnered with Transak for fiat-to-crypto purchases.
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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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