Summary
gm, Following Grayscale's application for a spot Cardano ETF, Cardano (ADA) led the market with a 15% surge in its price to $0.797, contributing to a 2.2% increase in the overall crypto market capitalization. In a significant legal development, the SEC and Binance have agreed to a 60-day pause in their ongoing dispute, hinting at a potential recalibration of regulatory tactics within the crypto sector, especially in light of the SEC's new Crypto Task Force. This period also brings optimism about future regulatory acceptance, as analysts anticipate a likely SEC approval for a Litecoin ETF by 2025. Meanwhile, SEC Commissioner Hester Peirce noted that most meme coins, including TRUMP and MELANIA, may not fall under SEC jurisdiction, potentially easing regulatory pressures on such tokens. Additionally, Federal Reserve Chair Jerome Powell expressed concerns during a Senate hearing about the debanking issues facing the crypto industry, with the Fed reconsidering its supervisory approaches to foster innovation in the financial technology space.

News Headlines
💹 Ethereum NFT Project Goblintown Reveals 'Really Hard Driving Game'

  • NFT project Goblintown has announced its upcoming game, Goblintown: Really Hard Driving Game, set to launch on Steam and the Epic Games Store.
  • The game is designed as an endless runner featuring the Goblintown Burger Truck, with no crypto or NFT elements due to platform restrictions.

🌟 Solana 'will be a trillion-dollar asset': Mert Mumtaz

  • Mert Mumtaz, CEO of Helius Labs, believes Solana will see a 150% increase in value, reaching a trillion-dollar market cap and exceeding $500 within five years.
  • Mumtaz downplays short-term price fluctuations, expressing confidence in Solana's potential and unique position in the crypto space.

🚀 Uniswap Launches Ethereum L2 Unichain, Calling It 'Fastest Chain in the Industry'

  • Uniswap has launched its new Ethereum layer-2 blockchain, Unichain, aimed at enhancing transaction speed and lowering costs for its DeFi projects.
  • The platform is designed to support faster operations for users creating decentralized applications and facilitates liquidity provision and token swaps.

🌐 TON Blockchain to Use LayerZero to Improve Cross-Chain Functionality, Liquidity

  • TON Blockchain is integrating with LayerZero to enhance cross-chain functionality, allowing users to transfer tokens between various ecosystems.
  • This partnership will enable TON to connect with 12 blockchains, including Ethereum, Tron, and Solana.

💰 Goldman Sachs boosts Ethereum ETF holdings by 2,000%, Bitcoin ETFs to $1.5B

  • Goldman Sachs significantly increased its crypto exposure in Q4 2024, raising its spot Ether ETF position by 2,000% to $476 million.
  • The bank's Bitcoin ETF holdings soared to over $1.5 billion, with major investments in iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund.

Market Metrics

Fundraising & VC
1. Legend (Undisclosed, $15M) - Decentralized finance platform
2. Mirai Labs (Seed, $4M) -  Web3 development studio
3. ZenGo (Strategic, Undisclosed) - Self-custodial crypto wallet

On-chain Data
1. Aptos (APT) token unlocked today ($66.17M, 1.97%)
2. NAVI (NAVX) token unlock in 1 day ($307.93K, 1.03%)
3. Sei Network (SEI) token unlock in 3 days ($49.39M, 4.96%)
4. Avalanche (AVAX) token unlock in 4 days ($41.64M, 0.4%)

Regulatory
🚫 Fed Chair Powell: No US CBDC Under His Watch

  • Federal Reserve Chair Jerome Powell stated the US will not issue a central bank digital currency while he's in charge.
  • This marks a significant shift from previous indications that the Fed was exploring a US digital currency.

📊 SEC Opens Public Comment on Four Solana ETFs

  • The SEC is now considering multiple Solana ETF applications, including from Canary Capital and Grayscale.
  • This move signals a potential shift in the SEC's stance on crypto ETFs beyond Bitcoin.

🏦 Hong Kong Accepts BTC, ETH as Proof of Wealth for Visa

  • Hong Kong will allow Bitcoin and Ethereum to be used as proof of wealth for its investment visa program.
  • Applicants must demonstrate a net worth of at least HK$30 million (about $3.8 million) over a designated period.

💼 Trump to Nominate Brian Quintenz as CFTC Head

  • Former CFTC commissioner and a16z policy head Brian Quintenz has been nominated to lead the CFTC.
  • His appointment could signal a more crypto-friendly regulatory approach for the derivatives market.

🌐 US, UK, Australia Sanction Crypto Ransomware Host

  • Authorities have imposed sanctions on Zservers for allegedly aiding the LockBit crypto ransomware gang.
  • The sanctions include asset freezes and penalties for individuals involved in facilitating LockBit operations.

Technical Analysis
Bitcoin - Bitcoin is within an approximate horizontal trend channel in the short term. This indicates that investors are uncertain and waiting for signals of further direction. A break upwards will be a positive signal, while a break downwards will be a negative signal. The currency has broken down through support at points 97600. This predicts a further decline. In case of positive reactions, there will now be resistance at points 97600. Volume has previously been low at price tops and high at price bottoms. This weakens the currency and indicates increased chance of a break down. The currency is overall assessed as technically negative for the short term.

Ethereum - Ethereum has broken the falling trend channel down in the short term. This signals an even stronger falling rate, but the negative development may result in corrections up in the short term. There is no support in the price chart and further decline is indicated. In case of a positive reaction, the currency has resistance at 3180 points. Volume tops and volume bottoms correspond badly with tops and bottoms in the price. Volume balance is also negative, which confirms the trend. The currency is overall assessed as technically negative for the short term.

Governance & Code
👻 Aave DAO | a.DI/Governance. Enable Support for Sonic
- This proposal aims to register the necessary Sonic adapters on a.DI, a technical pre-requirement for an activation vote of Aave v3 Sonic.

⚖️ Balancer DAO | Enable sUSDX/USDX/aUSDT Gauge (Arbitrum)
- This proposal seeks to enable Balancer gauge on Arbitrum for sUSDX/USDX/aUSDT pool.

☁️ Sky DAO | Updating Launch Project Transparency Requirements
- This proposal aims to update the Atlas so Launch Project is no longer exempt from reporting requirements.