BTC is currently trading around $95,300 and ETH around $3,400. Notable gainers in the last 24 hours are SAND, LDO, and MANA. The global crypto market cap is $3.39T, down 2.3% over the last day. DeFi Total Value Locked is ~$120b and BTC dominance is around 60%.
Crypto prices remain volatile amidst profit-taking by traders. It’s a light week for economic data, which includes the FOMC minutes on Tuesday, US PCE inflation on Wednesday, and European HICP inflation on Friday. Note that the FOMC minutes cover the meeting concluding on November 7th, shortly after the US election, and thus may reveal how the Fed is thinking about potential policy actions in the wake of Trump’s victory.
Notable news includes: Australia requested input on how it might adopt the OECD’s Crypto Asset Reporting Framework; The Philippines’ central bank released draft reporting requirements for VASPs for enhanced data collection and oversight; India is considering using its CBDC as the primary settlement mechanism for a new cross-border payments platform; Trump nominated hedge fund manager Scott Bessent as Treasury Secretary; SEC Commissioner Jaime Lizárraga, who claimed to “generally agree” with Gensler’s handing of crypto, announced he will step down on January 17; Texas implemented regulations requiring Bitcoin miners connected to the state’s ERCOT power grid to register and provide operational information; a court extended Tornado Cash developer Pertsev’s pre-trial detention; Musk hinted that X may launch its Payments feature soon; MicroStrategy purchased $5.4b of Bitcoin; the spot Bitcoin ETFs saw over $3.3b in inflows last week; asset manager Franklin Templeton partnered with Sui to explore new use cases on the layer 1 blockchain; Hong Kong’s ZA Bank partnered with HashKey Exchange to offer retail crypto trading services; Polymarket blocked French users at the government’s request; Cantor Fitzgerald acquired a 5% stake in stablecoin issuer Tether; Cantor Fitzgerald and Tether are collaborating to lend $2b collateralized by Bitcoin; FIFA partnered with web3 gaming studio Mythical Games to launch free-to-play mobile football game FIFA Rivals; Axie Infinity developer Sky Mavis let go of 21% of its workforce; 1Inch launched Fusion+ for simplified cross-chain swaps; and, Solana saw 77,000 mostly-memecoin tokens deployed on Thursday last week.
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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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