- Regulatory Developments:
- The Philippines SEC is cracking down on unregistered crypto exchanges as new rules take effect.
- The US DOJ could still pursue money laundering and sanctions charges against Tornado Cash developer Roman Storm, despite a partial verdict in his trial. Storm was found guilty of operating an unlicensed money transmitting service.
- Nomura’s Laser Digital receives regulatory approval in Dubai to launch a regulated crypto options desk for institutional clients.
- Institutional Adoption & Investment:
- Bakkt is acquiring a 30% stake in Japanese firm Marusho Hotta, rebranding it as bitcoin.jp, as part of its move into crypto treasury services.
- Michigan’s state pension fund has increased its stake in Bitcoin ETFs, signaling growing institutional interest.
- Bitcoin asset manager Parataxis is set to go public via a $400 million SPAC deal backed by SilverBox.
- Market Trends & Analysis:
- Bitcoin is benefiting from a weaker dollar, but concerns in the credit market could hinder a run towards $120,000.
- Ethereum transaction volumes have reached a yearly high amid SEC scrutiny of liquid staking protocols.
- Ethereum faces sell pressure, hitting $419M, and is retesting a distribution zone that preceded a significant drop in December 2024.
- Salary & Payments:
- The number of salaries paid in crypto has tripled in 2024, with Circle’s USDC accounting for 63% of these payments.
- Altcoin Updates:
- XRP price is under pressure with a key support level at $2.65; a break below this level could lead to a major correction.
- Polkadot (DOT) and NEAR Protocol are experiencing bullish momentum.
- BONK experienced volatility, dropping 4%.
- ICP saw a slight decrease despite bullish reversal signals.
- Technology & Innovation:
- An ex-Apple engineer has unveiled a privacy-focused crypto Visa card.
- Babylon introduces trustless Bitcoin vaults for BTC staking protocols.
Analysis:
The crypto market is seeing a mix of regulatory developments, institutional adoption, and fluctuating altcoin performances. Regulatory scrutiny remains a key theme, with ongoing cases and new enforcement actions impacting market sentiment. Institutional interest in Bitcoin is growing, as evidenced by pension fund investments and corporate acquisitions, however the macro enviroment is still uncertain and may cause additional downwards pressure.