ZionCoin MarketCap Cryptocurrency Listing

U.S. inflation unexpectedly marched higher in January, sending crypto and traditional markets sharply lower.The closely-watched Consumer Price Index (CPI) rose 0.5% in January versus an expected 0.3% and December's 0.4% pace. On a year-over-year basis, CPI was higher by 3.0% against forecasts for 2.9% and 2.9% in December.The so-called core CPI, which excludes food and energy costs, rose 0.4% in January versus an expected 0.3% and 0.2% the previous month. Year-over-year, core CPI was higher by 3.3% versus 3.1% expected and 3.2% in December.Already trading in downward trend this week, the price of bitcoin (BTC) fell sharply in the moments following the disappointing report, slumping below the $95,000 level.U.S. stock index futures fell about 1% on the news and the 10-year Treasury yield jumped 10 basis points to 4.63%. Gold dipped more than 1% and the dollar index rose 0.5%.After bursting through $100,000 shortly following the election victory of Donald Trump in November, bitcoin has traded rangebound between $90,000 and $109,000 over what's now been more than two months. Artificial intelligence (AI)-driven China concerns, the threat of trade wars, and higher than hoped interest rates due to continued strength in the economy and inflation have all been among the factors tempering prices.Testifying before Congress yesterday, Federal Reserve Chairman Jay Powell reiterated that additional central bank rate cuts are likely to be off the table for the foreseeable future, barring unexpected downturns in either the economy or inflation.... Read more

The X account of Semler Scientific chairman Eric Semler has seemingly been compromised, with various posts from it pointing to the supposed creation of a Solana-based token under the same trading symbol that the firm trades under at Nasdaq.The account shared a post suggesting that the token is looking to bridge "institutional-grade Bitcoin exposure to a high-performance ecosystem with deep liquidity and low fees" by launching the token on Solana.Other posts suggest a large percentage of the token's supply has been sent to leading cryptocurrency exchanges.A newly launched token trading on Solana-based decentralized exchange Raydium under the ticker symbol SMLR, whose address matches the one sent to the hacked account's posts, saw a 300% rise after launch before seeing a massive plunge.The token is now down 77% from its peak, according to DEXScreener data.CoinDesk has reached out to Semler Scientific for comment.... Read more

Crypto markets slid 3% in the past 24 hours as traders await U.S. consumer price index (CPI) readings expected later Wednesday, with some expecting a dollar slide in a move that may bump up crypto prices.Bitcoin (BTC) lost 1.3%, while majors ether (ETH), Solana’s SOL, Cardano’s ADA and XRP lost as much as 3%. Memecoin dogecoin (DOGE) slid the most with a 4.5% slide, while BNB Chain’s BNB was up 1% amid renewed interest in the blockchain's ecosystem.The broad-based CoinDesk 20 (CD20), a liquid index tracking the largest tokens by market cap, fell 2.5%.The U.S. CPI measures the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Changes in CPI readings tend to impact bitcoin, and the broader crypto market, as investors view the asset class as a hedge against inflation.The outlook for the January CPI calls for a monthly increase of 0.3% for the all-items index and a 12-month inflation rate of 2.9%, providing cues on whether the Federal Reserve will cut interest rates in 2025 to battle rising prices.Some traders expect a dollar unwind on any indications of a rate cut — which could bump risk assets and provide an entry for crypto investors looking to bet on higher prices.“We infer that the market is heavily long on the dollar. Given that negative news has likely been priced in, we believe USD now faces greater downside risk,” Singapore-based QCP Capital said in a Telegram broadcast on Wednesday. “Any positive news could force USD longs to unwind their positions en masse, potentially sending risk assets higher. Tonight’s CPI release could be the catalyst that triggers a sharp move lower in DXY.”“However, this rising tide may not lift all boats. Bitcoin continues to underperform equities and gold, suggesting some hesitation within the crypto community. Liquidity remains thin across the numerous new listings each week, and last week’s large-scale liquidation wiped out many traders,” QCP said, referring to last Monday’s $1 billion liquidation eventQCP added purchasing “downside protection” — or options that pay out as prices fall lower — continue to be the “best strategy” in the current environment.... Read more

By Francisco Rodrigues (All times ET unless indicated otherwise)The U.S. inflation report due later today might shift bitcoin (BTC) out of the doldrums that have mired it this week.In recent years, the January figure has tended to show significant price hikes. Last year, for example, the month's data put an end to a series of lower readings, repeating a pattern also seen in 2023. That's because businesses often evaluate their costs and raise prices at the start of the year, as the Wall Street Journal points out.A higher-than-expected inflation report could suggest “monetary policy has more work to do” Dallas Fed President Lorie Logan said in a speech last week. The Federal Reserve has already indicated it isn’t rushing to adjust interest rates after 100 basis points of reductions last year.Also playing into the consideration are the Trump administration’s tariffs, with the Federal Reserve Bank of Boston pointing to a potential rise as high as 0.8% to core PCE, the inflation measure the Fed focuses on. Still, in 2018 and 2019 tariffs had negligible effects.On the other hand, a soft inflation report could be beneficial for risks assets including bitcoin. A lower-than-expected figure will probably raise interest-rate cut expectations, potentially weakening the U.S. dollar index and lowering Treasury yields, CoinDesk’s Omkar Godbole has reported.Meanwhile, demand for the largest cryptocurrency holds strong. Just this week, Japanese mobile-game studio Gumi revealed plans to accumulate around $6.6 million worth of BTC, while KULR Technology Group increased its crypto holdings to 610.3 bitcoin.Similarly, Goldman Sachs' 13F filing shows the banking giant significantly increased its exposure to spot bitcoin and ether ETFs in the fourth quarter. And don't forget Strategy’s near-weekly bitcoin purchases.Bitcoin’s Coinbase premium, which measures the difference between BTC’s price on the U.S. exchange and Binance, recently turned negative, suggesting U.S. traders are cautious about the upcoming inflation report.The caution comes amid growing headwinds for the crypto market, which may have reached the top of its cycle. Research firm BCA Research has recently shared a note with clients suggesting the record ETF inflows and the memecoin craze are warning signals.Warning signals are present elsewhere, with a recent JPMorgan report pointing out that crypto ecosystem growth slowed last month, while total trading volumes dropped 24%. Activity is nevertheless ahead of where it was before the U.S. elections. Stay alert!What to WatchCrypto:Feb. 13: Start of Kraken's gradual delisting of the USDT, PYUSD, EURT, TUSD, UST stablecoins for EEA clients. The process ends March. 31.Feb. 13: Story (IP) mainnet launch.Feb. 14: Dynamic TAO (DTAO) network upgrade goes live on the Bittensor (TAO) mainnet.Feb. 14, 2:30 a.m.: Qtum (QTUM) hard fork network upgrade.Feb. 18, 10:00 a.m.: FTX Digital Markets, the Bahamas-based subsidiary of FTX, starts reimbursing creditors.Feb. 21: TON (The Open Network) becomes the exclusive blockchain infrastructure for messaging platform Telegram’s Mini App ecosystem.MacroFeb. 12, 8:30 a.m.: The U.S. Bureau of Labor Statistics (BLS) releases January’s Consumer Price Index (CPI) report.Core Inflation Rate MoM Est. 0.3% vs. Prev. 0.2%Core Inflation Rate YoY Est. 3.1% vs Prev. 3.2%Inflation Rate MoM Est. 0.3% vs. Prev. 0.4%Inflation Rate YoY Est. 2.9% vs. Prev. 2.9%Feb. 12, 10:00 a.m.: Fed Chair Jerome Powell presents his semi-annual report to the U.S. House Committee on Financial Services. Livestream link.Feb. 13, 8:30 a.m.: The U.S. Bureau of Labor Statistics (BLS) releases January’’s Producer Price Index (PPI) report.Core PPI MoM Est. 0.3% vs. Prev. 0%Core PPI YoY Est. 3.3% vs. Prev. 3.5%PPI MoM Est. 0.3% vs. Prev. 0.2%PPI YoY Prev. 3.3%Feb. 13, 8:30 a.m.: The U.S. Department of Labor releases the Unemployment Insurance Weekly Claims report for the week ended Feb. 8.Initial Jobless Claims Est. 216K vs. Prev. 219KEarningsFeb. 12: Hut 8 (HUT), pre-market, $0.05Feb. 12: IREN (IREN), post-market, $-0.01Feb. 12: Reddit (RDDT), post-market, $0.25Feb. 12: Robinhood Markets (HOOD), post-market, $0.41Feb. 13: Coinbase Global (COIN), post-market, $1.89Feb. 14: Remixpoint (TYO: 3825)Feb. 18: CoinShares International (STO: CS), pre-marketFeb. 18: Semler Scientific (SMLR), post-marketToken EventsGovernance votes & callsMorpho DAO is discussing a 25% reduction in MORPHO rewards on both Ethereum and Base after another reduction took effect on Jan. 30.DYdX DAO is voting on the dYdX Treasury subDAO taking control over the stDYDX within the protocol’s Community Treasury and any tokens accrued through auto compounding staking rewards.Curve DAO is voting on increasing 3pool’s amplification coefficient to 8,000 over 30 days and raise admin fees to 100%. To optimize liquidity, as part of an experiment, 3pool will have higher fees while Strategic Reserves will offer lower fees.Feb. 12 2 p.m. : Render (RENDER) to host an AI Scout Discord AMA session.UnlocksFeb. 12: Aethir (ATH) to unlock 10.21% of circulating supply worth $23.80 million.Feb. 14: The Sandbox (SAND) to unlock 8.4% of circulating supply worth $80.2 million.Feb. 16: Arbitrum (ARB) to unlock 2.13% of circulating supply worth $42.93 million.Feb. 21: Fast Token (FTN) to unlock 4.66% of circulating supply worth $78.8 million.Token LaunchesFeb. 12: Avalon (AVL) to be listed on Bybit.Feb. 12: Game7 (G7) to be listed on Bybit, Gate.io, HashKey, MEXC, XT, and KuCoin.Feb. 13: EthereumPoW (ETHW) and Polygon (MATIC) to no longer be supported at Deribit.Conferences:CoinDesk's Consensus to take place in Hong Kong on Feb. 18-20 and in Toronto on May 14-16. Use code DAYBOOK and save 15% on passes.Feb. 12-13: Frankfurt Digital Finance (FDF) 2025Feb. 13-14: The 4th Edition of NFT Paris.Feb. 18-20: Consensus Hong KongFeb. 19: Sui Connect: Hong KongFeb. 23 to March 2: ETHDenver 2025 (Denver, Colorado)Feb. 24: RWA London Summit 2025Feb. 25: HederaCon 2025 (Denver)Token TalkBy Shaurya MalwaThe Central African Republic's CAR token is down 95% from Monday's peak prices, with a market capitalization now around $40 million.CAR was issued late Sunday and promoted by the republic's President Faustin-Archange Touadéra as an asset that could help fund public facilities in the impoverished nation.Touadéra claimed proceeds from CAR token are being used to rebuild and furnish a high school, whose details are not yet public. Derivatives PositioningFollowing Fed Chair Jerome Powell’s remarks hinting at a potential delay in quantitative easing until interest rates approach zero, market sentiment turned more cautious, leading to a sharp decline in open interest across altcoins.Rocket Pool, Venice Token and TST experienced the most significant drops, with open interest plunging 44%, 32%, and 30%, respectively, over the past 24 hours.On the other hand, Binance ecosystem tokens gained momentum, with BNX the standout performer. Open interest in BNX surged 57% to $166 million within a day, while its price jumped 18% to $0.868.Market Movements:BTC is down 0.4% from 4 p.m. ET Tuesday to $96,029.62 (24hrs: -1.97%)ETH is down 0.17% at $2,619.27 (24hrs: -2.87%)CoinDesk 20 is up 0.66% to 3,178.54 (24hrs: -2.74%)Ether CESR Composite Staking Rate is up 5 bps to 3.1%BTC funding rate is at 0.01% (10.95% annualized) on BinanceDXY is unchanged at 107.99Gold is down 0.15% at $2908.1/ozSilver is down 0.22% to $32.16/ozNikkei 225 closed up 0.42% at 38,963.7Hang Seng closed +2.64% at 21,857.92FTSE is unchanged at 8,781.91Euro Stoxx 50 is up 0.1% to 5,396.36DJIA closed Tuesday +0.28% at 44,593.65S&P 500 closed unchanged at 6,068.5Nasdaq closed -0.36% at 19,643.86S&P/TSX Composite Index closed -0.11% at 25,631.8S&P 40 Latin America closed +0.65% at 2,444.58U.S. 10-year Treasury rate was up 1 bps at 4.54%E-mini S&P 500 futures are down 0.16% to 6,082.5E-mini Nasdaq-100 futures are unchanged at 21,777E-mini Dow Jones Industrial Average Index futures are down 0.21% at 44,616Bitcoin Stats:BTC Dominance: 61.32% (+0.06%)Ethereum to bitcoin ratio: 0.02728 (+0.33%)Hashrate (seven-day moving average): 800 EH/sHashprice (spot): $53.56Total Fees: 5.25 BTC / $505,060CME Futures Open Interest: 167,470 BTCBTC priced in gold: 33.1 ozBTC vs gold market cap: 9.4%Technical AnalysisDogecoin reaches a critical point support and resistance at 25 cents, with prices coiling around that level since Feb.3.Traders may watch DOGE’s Moving Average Convergence Divergence (MACD) indicator, which tracks the relative changes in prices across specific time periods.The indicator is trending upward with net buying volumes since Feb. 3, indicative of a rally if the MACD line crosses above zero. Crypto EquitiesMicroStrategy (MSTR): closed on Tuesday at $319.46 (-4.53%), up 0.82% at $322.30 in pre-market.Coinbase Global (COIN): closed at $266.90 (-4.75%), up 0.88% at $269.25 in pre-market.Galaxy Digital Holdings (GLXY): closed at C$26.54 (-2.57%)MARA Holdings (MARA): closed at $16.02 (-4.42%), up 1% at $16.18 in pre-market.Riot Platforms (RIOT): closed at $11.14 (-4.21%), up 0.81% at $11.23 in pre-market.Core Scientific (CORZ): closed at $12.26 (-4.37%), up 0.24% at $12.29 in pre-market.CleanSpark (CLSK): closed at $10.28 (-8.05%), up 0.39% at $10.32 in pre-market.CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $22.34 (-4.94%), up 0.12% at $22.46 in pre-market.Semler Scientific (SMLR): closed at $46.98 (-5.3%), unchanged in pre-market.Exodus Movement (EXOD): closed at $49.16 (-3.95%), unchanged in pre-market.ETF FlowsSpot BTC ETFs:Daily net flow: -$56.7 millionCumulative net flows: $40.46 billionTotal BTC holdings ~ 1.174 million.Spot ETH ETFsDaily net flow: $12.6 millionCumulative net flows: $3.17 billionTotal ETH holdings ~ 3.785 million.Source: Farside InvestorsOvernight FlowsChart of the DayEthereum has dropped down to 17th in terms of weekly revenues across all blockchains and applications, with a relatively small $7 million pocketed by network validators.While You Were SleepingBitcoin May See Gains from Soft U.S. CPI, Major Risk-On Surge in BTC Appears Unlikely (CoinDesk): Bitcoin and other risk assets may get... Read more

The Trump-family backed World Liberty Financial launched its token reserve to back various crypto ecosystems, the firm said in an X post on Wednesday.World Liberty said it will diversify its token holdings and also engage with traditional finance firms to invest their tokenized assets into the reserve. The firm did not disclose any specific details on which tokens the reserve would invest in, but it did say that it will a particular focus on decentralized finance (DeFi).Last week, World Liberty Financial's co-founder Chase Herro said that the protocol will start a "strategic reserve" of crypto assets.The firm has already accumulated various tokens, including TRON's TRX, USDC, Ether (ETH) and staked ETH, as well as MOVE and ONDO tokens, according to data from Arkham Intelligence.... Read more

Loans from Galaxy and Ripple played a pivotal role in helping crypto exchange MoonPay handle the demand stemming from the launch of Donald Trump’s official memecoin after its Jan.18 issuance, a new podcast reveals.TRUMP launched days before the President's swearing-in ceremony. The token launch was a surprise move that made him the first-ever president to be directly related to a memecoin. The token's market capitalization zoomed from nearly $200 million at issuance to over $10 billion within 48 hours — bagging spot and futures listings across exchanges and over $20 billion in trading volumes over two days.The massive demand came on a Saturday, when MoonPay’s fiat accounts were inaccessible due to the weekend with a public holiday on the following Monday for the swearing-in. The situation meant MoonPay could not readily access over $100 million in liquidity required to meet TRUMP’s trading demand — leaving a short term loan as the only option to ensure business went as usual.MoonPay president Keith Grossman, along with CEO Ivan Soto-Wright and CFO Mouna Siala, estimated the company needed around $100 million worth of USD Coin stablecoin.That’s when Novogratz was contacted for a loan. After securing an agreement, MoonPay quickly prepared the necessary documentation and verified their ability to repay after vetting with a BlackRock executive, where MoonPay held its reserve funds.However, demand for the TRUMP token continued to escalate and first lady Melania Trump’s MELANIA tokens were, too, launched, leading to the $100 million being insufficient to meet liquidity requirements. That pushed MoonPay to seek another $60 million in funds. Grossman then connected with Ripple’s Garlinghouse, stating he had “underestimated the demand of this Trump token.”Ripple contributed the additional $60 million needed after a thorough vetting, including a pledge of MoonPay’s Wright for his entire personal assets. MoonPay further had to prove there were no liens on its reserve capital.MoonPay repaid all loans in full on Jan.21, a Tuesday after the long weekend when it could finally access its reserve funds. The company onboarded 750,000 new users that week.Prices of TRUMP, despite its blockbuster launch, are down 79% since its Jan. 19 peak.... Read more

Bitcoin's (BTC) Coinbase premium indicator, which measures the spread between BTC's dollar-denominated price on the Coinbase exchange and tether-denominated price on Binance, has flipped negative for the first time since the Feb. 3 crash, according to data source Coinglass. It's a sign that traders over the Nasdaq-listed exchange have turned cautious ahead of Wednesday's U.S. CPI release, and their offshore counterparts have led the price recovery from overnight lows near $94,900 to $96,000. Historically, bull runs have been marked by prices trading at a premium on Coinbase, indicating strong leadership from U.S. investors. The premium soared to two-month highs in early November as BTC rose into its the-then uncharted territory above $70,000.... Read more

A soft U.S. inflation report later Wednesday will likely bode well for risk assets, including bitcoin (BTC). But those expecting bullish fireworks may be disappointed.The Labor Department will publish January's consumer price index (CPI) report on Wednesday at 13:30 UTC. It's expected to show that the cost of living increased by 0.3% month-on-month in January, slowing down from December's 0.4% rise, according to Reuters estimates tracked by FXStreet. The annualized figure is expected to match December's 2.9% reading.The core inflation, which strips out the volatile food and energy component, is forecast to have risen to 0.3% month-over-month from 0.2%, resulting in an annualized reading of 3.1%, down from December's 3.2%.Lower-than-expected data, particularly the core figure, will likely bolster expectations for further Federal Reserve (Fed) interest rate cuts, which could lead to lower Treasury yields and a weaker dollar index, ultimately boosting demand for riskier assets. According to CME's FedWatch tool, the market currently estimates a 54% chance that the Fed will either cut interest rates once or not at all this year.While a potential adjustment in Fed rate cuts could lift BTC, it is unlikely to be the sole catalyst for a breakout from the ongoing consolidation between $90,000 and $110,000.This is due to forward-looking market metrics indicating higher inflation in the coming months amid trade war fears, suggesting that the Fed may have a limited window to implement aggressive rate cuts.Data tracked by Mott Capital Management shows that two-year inflation swaps have climbed to nearly 2.8%, the highest since early 2023. The five-year swap is exhibiting a similar trend. Higher inflation swaps indicate that the market is expecting inflation rates to rise in the future, prompting investors to pay a higher premium to protect themselves against potential purchasing power loss by entering into swap contracts tied to CPI. In other words, the ongoing uptick in these metrics indicate that the progress in inflation toward the Fed's 2% target has stalled, and price pressures are likely to increase over the coming years, probably due to Trump's tariffs.Plus, some investment banks believe a soft January CPI reading won't see the Fed move away from its hawkish rate guidance. In his testimony to Congress Tuesday, Chairman Jerome Powell said the central bank is in no hurry to cut rates."We don’t expect that progress on inflation will be enough to prompt additional interest rate cuts from the Fed this year," RBC's weekly note said, adding that January's report will show limited easing in price pressures.BlackRock said the persistent services inflation will keep the Fed from cutting rates."We get U.S. CPI for January this week. Even as December’s CPI report showed signs of inflation pressures easing, wage growth remains above the level that would allow inflation to recede back to the Federal Reserve’s 2% target, in our view. We see persistent services inflation forcing the Fed to keep rates higher for longer," BlackRock said.Lastly, BTC may move closer to the lower end of its $90K-$110K trading range should the CPI print hotter than expected.... Read more

LinksDAO is launching its own community token, adding a highly tradeable asset alongside its nearly 10,000 membership non-fungible token (NFTs) this crypto golf club tried selling to fund its mantra: "We're gonna buy a golf course."NFTs aren't as trending as they were in early 2022 when LinksDAO sold its membership tokens for $10 million. The market euphoria that led raunchy Beeple artwork to nab hundreds of millions of dollars at auction moved on long, long ago.CryptoSlam's NFT Index is down nearly 97% since its inception in January 2022, showing how market interest is now elsewhere. Memecoins now dominate crypto's short attention span economy; even Trump has one. Now LinksDAO will have one too, with LINKS."We are going to be launching a community token that has deep culture, that's embedded in the game of golf, that's embedded in the community, and that's permissible under the fucking regulations that we have to deal with," LinksDAO founder Mike Dudas said on a community call late Tuesday.The coin is expected to launch in the coming months on the Base blockchain. A third of its supply is earmarked for LinksDAO NFT holders, with smaller allocations for members of other NFT communities, including Pudgy Penguins and Bored Ape Yacht Club.Any successful crypto coin inevitably lives or dies as a financial instrument, even when its promoters – right up to the President of the United States – attempt to insist otherwise in the fine print. For their part, LinksDAO's suits proclaimed LINKS was not "speculative" nor an investment.Instead, they're calling it a community "enhancer:" a way to broaden the reach of a crypto club that managed to weather the bear market less because of the enduring appeal of NFTs than the growing power of golf."The goal is to have every single golfer have LINKS in their crypto wallet," said head of community and co-founder Cooper Sherwin.LinksDAO bought a golf club in Scotland in mid-2023. The club's executives recently signed an agreement to become partial owners of a second course in Kansas City. That deal is subject to a vote by LinksDAO's NFT-holding members, said Sherwin.Hillcrest Golf Course is an 18-hole course designed by an architect from golf's so-called Golden Age, Donald Ross in 1915.He once called it the finest course in the world, but it fell into disrepair over the ensuing century, according to project members.That created an opportunity for LinksDAO to cut a deal. Current owner Robb Heineman – a Kansas City businessman who also owns that city's Major League Soccer team – closed the club down for a few years back to pursue a $30 million renovation project.Heineman did not return a call from CoinDesk. In a press release, he said LinksDAO "shares our forward-thinking vision for what a golf club can be."LinksDAO will become a minority owner of Hillcrest and gain a board seat, though project leads declined to share specific financials behind the deal. The deal will seek the approval of LinksDAO's NFT holding members, who vote on proposals but don't have full legal power over the project's decisions.Some 200 members showed up on Tuesday night to hear the dual announcement of course acquisition and token. That means LinksDAO is not actually a "decentralized autonomous organization," but instead a kind of affinity club for people at the intersection of crypto and golf.Hillcrest's national membership program will become a LinksDAO operation open only to holders of its NFTs. ... Read more

Brian Quintenz, a one-time commissioner with the Commodity Futures Trading Commission, and Andreessen Horowitz's head of policy, will be Donald Trump's choice to run the federal commodities regulator. Quintenz previously served in the regulator between 2017 and 2021, where he organized the Technology Advisory Committee. During his time as commissioner, he said a self-regulatory organization specific to the crypto industry could help oversee companies. Since leaving the agency, he joined a16z, where he became the head of policy. A16z was one of the major funders of Fairshake, a crypto-focused political action committee which poured close to $140 million into the 2024 election. Punchbowl News first reported the nomination.In a statement, Acting CFTC Chair Caroline Pham said, "I congratulate my friend Brian Quintenz on his selection for CFTC Chairman. I worked with Brian on important initiatives that he led to success when he was a CFTC Commissioner. He will do the same for crypto and innovation. I look forward to supporting Brian and his leadership at the CFTC."Industry groups likewise supported the nomination after news of it spread. Miller Whitehouse-Levine, the CEO of the DeFi Education Fund, a lobbying group, said the organization looked forward to working with him."Brian has a long track record of supporting DeFi and advocating for sound policies that will enable DeFi developers and users to thrive in the United States," he said in a statement. In recent years, the industry and Congress have pushed toward giving the CFTC greater oversight of the industry. Former CFTC Chair Rostin Behnam advocated for making the agency a primary market regulator for at least parts of the industry, including overseeing spot Bitcoin markets. A bill, the Financial Innovation and Technology for the 21st Century Act, would have given the CFTC greater authority over crypto policy. The House passed it last year, but it did not go through the Senate. ... Read more

EMBARGO Feb 12 9 AM HK TIMEFireblocks, a provider of crypto custodian technology, said it added support for Sony's Soneium blockchain, an Ethereum layer-2 network that aims to bridge the conventional internet, or Web2, and the emerging, blockchain-based Web3.Fireblocks counts many large institutions among its clients, including large banks. Crypto custodians, which provide safe storage for digital assets, are essential for institutional adoption of digital assets because large capital allocators such as hedge funds or family offices require their use for insurance reasons.Support for Soneium, a joint venture between Sony and Singapore's Startale Labs, opens the door for the provision of custody services on the nascent blockchain, which started operations only in January and has just $33.6 million in total value locked (TVL), according to DeFeLlama data. It is built with Optimism’s OP Stack to support gaming, finance and entertainment apps.Fireblocks is "committed to helping Soneium on their vision of creating an open internet that transcends boundaries," Omer Amsel, Fireblocks' head of Web3, said in a release. "Together, we will provide secure, decentralized digital ownership and experiences to users and creators while offering a safe environment for digital innovation."... Read more

The crypto industry got a chance to make a full-throated appeal for Congress to finally intervene and set legal standards for digital assets businesses in the U.S. during a hearing Tuesday in front of the House of Representatives subcommittee that focuses on digital assets.Under the Republican-led subcommittee's title "A Golden Age of Digital Assets," the industry representatives showed up in the hearing with momentum at all levels of the federal government, including from the White House, whose crypto czar was the one to first utter the "golden age" phrase. Just over two years after the devastation of collapsing crypto lenders and the criminal implosion of FTX in 2022, the industry has proven its sharp recovery with a slate of lawmakers clearly on-board for the legislation the industry has been calling for. "Under the Trump administration, we will course correct by creating a workable pathway for responsible digital asset companies to set up operations here in the United States," said Representative Bryan Steil, a Wisconsin Republican who chairs the subcommittee that's an offshoot of the House Financial Services Committee.Republicans on the panel decried the "unpredictable and hostile approach" to crypto of former President Joe Biden's administration (as Steil put it), with an executive branch that's already reversing some of those past policies at the Federal Deposit Insurance Corp. and the Securities and Exchange Commission. But the holy grail for the industry is a wide-reaching bill like the one passed in the House in the previous session of Congress."There are many issues to debate over the next several years, but we need to move now and put that basic foundation in place," said Jonathan Jachym, a lawyer and global head of policy at U.S. exchange Kraken.Among the hearing's witnesses was Timothy Massad, a former chairman of the Commodity Futures Trading Commission when it first flagged bitcoin (BTC) as a commodity. He cautioned the lawmakers not to push too hard into the details as they craft their digital assets market-structure legislation, because he said the CFTC and the SEC are more expert in the minutiae it'll require, and the agency leaders should be the ones to work out the technical aspects. This was the first hearing of the digital assets panel during this new Congress, but other committees in both chambers have already been digging into crypto-heavy issues, such as debanking. Earlier on Tuesday, Federal Reserve Chairman Jerome Powell agreed that debanking is a problem worth exploring, and he also agreed that the Fed wouldn't be chasing a central bank digital currency on his watch.While Republicans and the industry witnesses bashed the Biden administration's track record, Dems took the opportunity to criticize President Donald Trump for embracing crypto for his personal gain by backing memecoin $TRUMP, which they characterized as a "crypto scam" that presents a dangerous conflict and may violate the constitutional provision against federal officials seeking profit from their office. ... Read more

Another day, another once unthinkable crypto exchange traded fund filing. Canary Capital's proposed Solana ETF has become the second such vehicle to reach the starting gate.In a regulatory filing Tuesday the Securities and Exchange Commission (SEC) opened up public comment on the "Canary Solana Trust," a proposed ETF that would bring SOL investing into mainstream finance.The filing amounts to a clock-setting for Canary Capital's proposed investment vehicle. In 21 days the SEC will render a verdict (approval or denial) or, perhaps more likely, kick the decision can with deadline extensions.Market observers are broadly bullish that SOL and other altcoins will win their own ETFs this year, but the exact timing and order is unclear. What's more seemingly apparent is the SEC's newfound willingness to look favorably upon the industry, and past the regulator's old misgivings under former Chair Gary Gensler.Donald Trump's return to the White House created an opening for Canary to act aggressively, CEO Steve McClurg previously told CoinDesk. The firm's looking to list altcoin ETFs for assets like Solana that would have been nonstarters under the old regime.Grayscale's prospective Solana ETF reached this starting gate last week, meaning its 21-day fate will come a few days before Canary's – and likely be a "canary in the coal mine" for both.A representative for Canary did not immediately respond to a request for comment. ... Read more

Ether (ETH), the second largest cryptocurrency by market capitalization, recently sunk to its weakest price compared to bitcoin (BTC) since late 2020 in a trade war-fueled panic crash, but a relief bounce might be on the horizon."ETH looks to be trying to establish some bullish momentum and could be looking to finally make a recovery back above $3,000," LMAX strategist Joel Kruger said in a Tuesday morning report. "Sentiment towards the world’s second largest crypto asset has been back on the rise with many medium and longer-term players stepping in to take advantage of the recent dip," he added."ETH looks to be trying to establish some bullish momentum and could be looking to finally make a recovery back above $3,000," LMAX strategist Joel Kruger said in a Tuesday morning report. "Sentiment towards the world’s second largest crypto asset has been back on the rise with many medium and longer-term players stepping in to take advantage of the recent dip," he added.Ether's relative strength index (RSI), a key technical indicator representing momentum, dropped to near 35%, which foreshadowed a rebound in several previous occasions from similar oversold levels, crypto analytics firm 10x Research noted in a report.The upcoming Pectra upgrade, scheduled for March, could also provide a "modest wave of hype" in the next few weeks, the report added. Wednesday’s U.S. CPI inflation report, if it arrives in line with analyst forecasts of 2.9% or lower, could also boost crypto market sentiment and fuel ETH higher, the report said.Ether is currently battling with key resistance at around $2,650, and a breakout could see prices climbing to the next resistance level of around $3,000, 10x Research analysts said.Read more: Ether Has Underperformed, but Total Value Locked on Ethereum Is Rising: CitiETH shed 20% of its value over the past month as the border altcoin market bled against bitcoin, which consolidated sideways in a narrow range around the $100,000 level. The second largest crypto was recently down 1.5% over the past 24 hours at $2,644, and a rebound from current levels to $3,000 would translate to a 13.5% gain.... Read more

When confronted by members of the Senate Banking Committee about concerns over the "debanking" trend plaguing the crypto industry, Federal Reserve Chairman Jerome Powell said he's also worried about it and is already tweaking internal supervision policies at the Fed."I too, am troubled by the quantity of these reports," Powell said in routine testimony before the Senate Banking Committee on Tuesday. He offered that "one theory is that banks are just very risk averse" about money-laundering rules and aggressive supervision under which they're unwilling to welcome customers that may stretch their compliance demands."We're determined to take a fresh look at that," said Powell, who added that he'd been "struck by the growing number of cases of what appears to be debanking."Republican lawmakers and the new financial watchdogs appointed by President Donald Trump have devoted special scrutiny to the so-called debanking they say was encouraged by the previous administration's banking agencies, including the Fed, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency.Powell also thanked crypto-advocate Senator Cynthia Lummis for raising in a recent debanking hearing that the Fed has a policy to direct greater supervisory scrutiny on bankers who engage in controversial speech or activity. He said that policy is being deleted from the internal manual it came from.While crypto oversight wasn't a central topic at Powell's hearing on Tuesday, a few of the industry's big issues were raised, including stablecoins and central bank digital currencies (CBDCs).Powell said the Fed supports new regulatory efforts around stablecoins — the tokens designed to maintain a steady value by being pegged to assets such as the U.S. dollar."Stablecoins may have a big future with consumers and businesses," Powell said. "We can't know that now, but it is important for the development of stablecoins — in a safe and sound manner that protects consumers and savers and all — that there be a regulatory framework."The chairman of the U.S. central bank also gave a clear answer to his intentions regarding CBDCs — a nebulous threat of a digital dollar that had long concerned U.S. crypto firms, though no U.S. proposal had ever really developed. When asked whether he'd agree to never launch a CBDC, Powell simply responded, "yes."The possibility of matching Chinese and European experiments with CBDCs had already grown more remote in the U.S. at the election of Trump and the congressional majorities who are loudly opposed to such an effort.Powell will speak again at a hearing in the U.S. House of Representatives on Wednesday. And crypto was set to be the featured topic later Tuesday afternoon at a hearing in the House Financial Services Committee.Read More: Trump Issues Crypto Executive Order to Pave U.S. Digital Assets Path... Read more