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Crypto News

Bitcoin (BTC) Surpasses Above $96,000 with 1.64% Increase in 24 Hours

Bitcoin surpassed above $96,000 and is now trading at $96,435, with 1.64% increase in 24 hours.

Ethereum (ETH) Drops to $3,300 with a 0.4% Decrease in 24 Hours

Ethereum (ETH) dropped to $3,300 and is now trading at $3,315, with 0.4% decrease in 24 hours.

Senate Committee Delays Crypto Market-Structure Markup

The Senate Banking Committee has delayed its discussion of the much-anticipated crypto market-structure bill, hours after exchange Coinbase Global Inc. pulled its support for the latest version.

In a statement issued late Wednesday, Committee Chairman Tim Scott said a markup of the legislation would be postponed as bipartisan negotiations continue. He didn’t set a new date.

“I’ve spoken with leaders across the crypto industry, the financial sector, and my Democratic and Republican colleagues, and everyone remains at the table working in good faith,” said Scott. “The goal is to deliver clear rules of the road that protect consumers, strengthen our national security, and ensure the future of finance is built in the United States.”

Coinbase CEO Brian Armstrong Pulls Support for Crypto Market-Structure Bill

Coinbase Global Inc. has pulled its support for the current version of the market-structure bill due for markup in the Senate Banking Committee on Thursday.

“There are too many issues,” Coinbase’s Chief Executive Officer Brian Armstrong wrote in a post on X Wednesday, adding that “this version would be materially worse than the current status quo. We’d rather have no bill than a bad bill.”

Coinbase has been at the forefront of the crypto industry’s push for a market-structure bill — one that supporters say would improve the legitimacy of the asset class, while protecting it from a future anti-crypto presidential administration.

Binance’s Spot Crypto Trading Market Share Falls to Lowest Since Early 2021

Binance’s grip on global crypto trading is weakening as rivals pick up market share and traders shift to new ways of buying and selling digital assets.

The world’s largest digital asset exchange’s percentage of overall spot trading fell to 25% in December to its lowest level of that market share since January 2021, according to CoinDesk Data. It was 28.5% in November. At its peak in 2023, the platform handled close to 60% of all spot crypto trades where actual ownership of the assets changes hands quickly, or on the “spot.”

Bitmine Increases Ethereum Staking with Significant Addition

According to ChainCatcher, OnchainLens has reported that Ethereum treasury company Bitmine has staked an additional 154,304 ETH. Currently, Bitmine's total staked Ethereum amounts to 1,685,088 ETH.

Visa Aims to Integrate Stablecoins into Payment Systems to Maintain Market Leadership

Visa's head of crypto business, Cuy Sheffield, has announced the company's efforts to integrate stablecoins into its existing payment systems to maintain its market leadership. Sheffield acknowledged the current lack of a large-scale merchant acceptance network for stablecoins, emphasizing the need for Visa's channels to facilitate user adoption. Visa's stablecoin settlement volume has reached an annualized run rate of $4.5 billion, showing significant monthly growth. The demand primarily comes from providers of payment cards linked to stablecoins. Sheffield expressed optimism about the development of euro stablecoins, in light of institutions like Goldman Sachs, UBS, and European banks planning to issue their own stablecoins.

Eric Adams Says He Did Not Profit From Launch of NYC Memecoin

Eric Adams said he did not profit from the launch of the NYC Token memcoin he is promoting, which initially soared in value before crashing following its debut on Monday, prompting crypto market observers to draw parallels to a “rug pull.”

The former mayor of New York City said in a statement through his spokesperson Todd Shapiro that reports about Adams moving money out of the NYC Token were “false.” Rug pull is crypto slang for when project creators appear to withdraw or sell a significant number of tokens without explanation, often causing the value to collapse after a surge in the price.

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Wednesday was $843.62 million. The total net asset value of Bitcoin spot ETFs is $128.04 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.56%.

The Bitcoin spot ETF with the highest net inflow on Jan. 14 was iShares Bitcoin Trust ETF, with a net inflow of $648.39 million. Followed by Fidelity Wise Origin Bitcoin Fund, with a net inflow of 125.39 million, according to SoSoValue.

SoSoValue