BTC is currently trading around $97,900 and ETH around $3,350. Notable gainers in the last 24 hours are OP, ARB, and LDO. The global crypto market cap is $3.38T, up 3.4% over the last day. DeFi Total Value Locked is ~$112b and BTC dominance is around 61%.
Equities are generally higher, despite Nvidia stock being little changed after the chipmaker reported better-than-expected third quarter results. Meanwhile, crypto continues to move higher, with Bitcoin hitting another all-time high and nearly touching $99,000 an hour ago. The move was spurred by a bevy os positive news including SEC Chair Gensler announcing that he will resign on January 20, the revelation that Trump is considering hiring a Crypto Czar, a US district judge tossing out the SEC’s broker-dealer rule that had expanded the definition of a broker and was particularly punitive for DeFi, and reports that the SEC is engaging with issuers on a potential spot Solana ETF.
Notable news includes: Japan advanced an economic stimulus package that includes an overhaul of existing crypto tax rules; South Korea banned ETFs tracking crypto-related companies; the former head of China’s digital currency project was charged with taking bribes; a US judge ruled that FTX co-founder Gary Wang won’t serve time in prison; John Ray announced that FTX will begin distributions to creditors in early 2025; Mastercard announced it will integrate its Multi-Token Network with JPMorgan’s Kinexys Digital Payments for improved B2B cross-border payments; Reddit launched the .MOON top level domain for its r/cryptocurrency users; Trump Media filed a trademark application for a crypto payments service called TruthFi; Webull partnered with Coinbase to offer crypto futures to US retail investors; custodian BitGo launched a Singapore subsidiary; MicroStrategy stock recorded the second highest volume of any US stock yesterday and hit an all-time high; the US spot Bitcoin ETFs surpassed $100b in assets; Bitwise took steps towards a spot SOL ETF; the Sui blockchain went down temporarily; Litecoin became the subject of controversy after its mascot became the subject of a new memecoin; and, a Jito TipRouter proposal called for a portion of fees to go to JTO stakers.
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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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