Headlines
▌Gemini Trust Agrees to Pay $50 Million to Settle CFTC Allegations
Gemini Trust, led by Cameron and Tyler Winklevoss, has agreed to pay $50 million to settle a lawsuit filed by the U.S. Commodity Futures Trading Commission (CFTC) over misleading statements made to the regulator. In a "proposed consent order" signed by the parties on Monday, the company agreed to settle the case without admitting or denying the agency's allegations.
The CFTC sued Gemini in June 2022, alleging the company made "material false or misleading statements" to the agency. The agency said Gemini made these statements around July 2017 to December 2017, when the company was seeking approval for a bitcoin futures contract. The agency alleged in 2022 that Gemini misrepresented whether the proposed bitcoin futures contract was "readily susceptible to manipulation."
▌Nvidia Surpasses Apple as World's Most Valuable Company
According to data from CompaniesMarketCap, Nvidia has surpassed Apple to become the world's most valuable company.
The data shows Nvidia's market cap is around $3.72 trillion, while Apple's market cap is around $3.719 trillion.
Market
As of the time of writing, according to Coingecko data:
BTC's latest trading price is $102,047, with a daily change of +3.5%;
ETH's latest trading price is $3,678.16, with a daily change of +1.1%;
BNB's latest trading price is $729.31, with a daily change of +2.8%;
SOL's latest trading price is $217.88, with a daily change of +2.1%;
DOGE's latest trading price is $0.3869, with a daily change of +1.4%;
XPR's latest trading price is $2.41, with a daily change of +0.4%.
Policy
▌U.S. Court Documents Show Do Kwon Case May Have Over 1 Million Victims
According to Cointelegraph, the U.S. prosecutor overseeing the criminal case against Terraform Labs co-founder Do Kwon estimates that the collapse of the Terra ecosystem may have caused over 1 million victims globally. On January 6, the acting U.S. Attorney for the Southern District of New York, Daniel Gitner, notified the court of procedures to notify Kwon's victims of their rights in the criminal case. The government will establish a website about the public procedures in the Kwon case, as other methods to provide victim rights "are not practical".
Gitner stated: "Given the massive scale of the Terraform cryptocurrency transactions and the manner in which many of those transactions were conducted (often through digital asset wallets or cryptocurrency exchange accounts without personal identifying information at foreign exchanges), while it is difficult to precisely quantify the number of Kwon's victims, the government estimates the number of victims in this case to be in the tens of thousands of individuals and entities, and potentially exceeding one million in total."
▌U.S. Judge Denies Trump's Request to Delay Hush Money Case Sentencing
On January 6, local time, New York State Supreme Court Justice Juan Merchan denied former President Trump's request to delay the sentencing in his "hush money" criminal case. Trump's lawyers may continue to appeal to the New York Appellate Division.
Earlier on the 6th, Trump's lawyers appealed the ruling in his "hush money" criminal case and asked the judge to delay the sentencing scheduled for this week. A 12-person jury found on May 30, 2024 that Trump falsified business records to conceal a $130,000 "hush money" payment to a porn star actress during the 2016 U.S. presidential election, violating New York state law, on 34 criminal counts.
▌U.S. Congress Officially Certifies Trump as President, Pence as Vice President
U.S. Vice President Harris announced in the joint congressional session she presided over on January 6 that the Senate and House members officially certified the Electoral College vote count from the 2024 U.S. presidential election, confirming that Trump won 312 electoral votes and was elected the next U.S. President, and Pence was elected the next Vice President. (CCTV News)
▌Canadian Prime Minister Trudeau Announces Resignation as Liberal Party Leader
Canadian Prime Minister Trudeau gave a speech on January 6, local time, announcing his resignation as Liberal Party leader. Trudeau will continue to serve as Canadian Prime Minister until the Liberal Party elects a new leader, who will then replace him as Prime Minister. Additionally, on the morning of the 6th, Trudeau met with Canadian Governor General Mary Simon and requested that Parliament be prorogued until March 24.
Blockchain Applications
▌Animoca Brands Co-Founder: Memecoins Expected to Launch Their Own L1 or L2
Animoca Brands co-founder Yat Siu said in an interview that the crypto industry is at an inflection point, similar to the one he observed in the 1990s when the internet first disrupted business. The first part of the mass crypto adoption by 2025 will be the adoption of stablecoins, followed by the broader integration of memecoins into the blockchain ecosystem.
Yat Siu stated: "I expect memecoins to launch their own L1 or L2. They are no longer just tokens, they are building communities and ecosystems. Memecoins are essentially cultural symbols. They are capturing people's attention and building narratives that resonate with people beyond just financial speculation."
Cryptocurrencies
▌Nasdaq Applies to Increase Position Limit for BlackRock Bitcoin Spot ETF from 25,000 to 250,000 Shares
According to a public regulatory filing, Nasdaq has submitted an application to the U.S. Securities and Exchange Commission (SEC) to increase the position limit for the BlackRock Bitcoin Spot ETF (IBIT) from 25,000 shares to 250,000 shares. It's worth noting that this application still needs SEC approval to take effect. The position limit refers to the maximum number of shares of the ETF that a single investor or institution can hold.
Bitwise Alpha Strategies head commented: "Given the increasing trading volume of this ETF, the position limit should be reasonably increased to at least 400,000 shares. Nasdaq and BlackRock's request is reasonable and supported by factual evidence."
▌MicroStrategy Continues 9-Week Bitcoin Buying Spree, Total Holdings Reach Around $44.3 Billion
MicroStrategy Inc. has purchased $101 million worth of Bitcoin, after previously announcing plans to use perpetual preferred stock, common stock, and debt to acquire more cryptocurrency. The Virginia-based enterprise software company has been buying Bitcoin for nine consecutive weeks, with co-founder and chairman Michael Saylor aiming to advance the company's Bitcoin holding strategy. The company now holds around $44.3 billion worth of Bitcoin. According to SEC filings, MicroStrategy bought 1,070 Bitcoin at an average price of around $94,000 on December 30 and 31. The company stated on Friday that it plans to raise up to $2 billion in the first quarter through one or more offerings of perpetual preferred stock. The preferred stock offering is part of a plan to raise up to $42 billion in capital through public stock offerings and convertible debt issuances by 2027.
▌JPMorgan: Inflation and Geopolitical Risks May Sustain Long-Term Demand for Gold and Bitcoin
JPMorgan said in a research report that the so-called "debasement trades" into gold and Bitcoin will "likely persist" as investors increasingly seek to hedge against geopolitical uncertainty and inflation.
The bank stated that gold and Bitcoin "appear to have become a more structurally important part of investors' portfolios" as investors gravitate towards tools to hedge against geopolitical risks and inflation, citing "record crypto market inflows in 2024".
Here is the English translation:JPMorgan Chase stated that "devaluation trading" refers to the growing demand for gold and Bitcoin due to various factors, including "structurally higher geopolitical uncertainty since 2022, persistent high uncertainty about the long-term inflation outlook, and concerns about 'debt devaluation' caused by persistently high government deficits in major economies".
▌ CryptoQuant Analyst: This bull market is likely to reach a cyclical peak in Q1 or at the latest Q2 of 2025
CryptoQuant analyst Crypto Dan stated in an article on January 6 that the bull market starting in January 2023 is likely to reach a cyclical peak in the first quarter of 2025 or at the latest in the second quarter. The post stated: "With a large influx of new investments and additional funds from existing investors, we can reasonably expect the market to be in the late stage of this cycle."
The post said: "Therefore, the expectation of a significant rise in Bitcoin and Altcoins is still worth looking forward to. Nevertheless, from a conservative perspective, and considering risk management, it is still advisable to proceed with caution."
▌Sui TVL surpasses $2 billion, reaching a new all-time high
On January 7, the public chain Sui announced on the X platform that its Total Value Locked (TVL) has exceeded $2 billion, reaching a new all-time high, and it only took three months to reach the $1 billion milestone.
▌CryptoQuant CEO: This Bitcoin bull market may create the longest cycle
According to the latest tweet from CryptoQuant CEO Ki Young Ju, this Bitcoin bull market cycle may be the longest in history. Increasing capital inflows are steadily driving market development, and there is still a lot of potential value to be explored in the future.
▌Coinbase: Temporarily not supporting DYP V2 tokens, the migration bridge will close at 7 PM on January 8
Coinbase Assets stated that all Coinbase DYP holders need to take action: Dypius (DYP) is migrating to DYP V2. The migration bridge will close at 6 AM ET (7 PM Beijing time) on January 8, 2025. Coinbase will not support DYP V2 and will suspend trading of Dypius (DYP) around 2 PM ET (3 AM on January 18) on January 17, 2025. All customers wishing to convert to DYP V2 must complete the conversion before the 6 AM ET deadline on January 8.
Currently, the platform has no plans to support the DYP V2 token. If users still hold DYP and wish to convert to DYP V2, they need to use the official DYP migration portal and a compatible self-custody wallet (such as Coinbase Wallet) to complete the conversion.
Coinbase.com (Simple and Advanced Trade), Coinbase Exchange, and Coinbase Prime will temporarily suspend DYP trading, and have already moved the DYP order book to limit mode. Limit orders can be placed and canceled, and may be matched.
Important Economic Dynamics
▌The 30-year US Treasury yield touched a 14-month high, affected by reports of Trump's tariffs and expansion pressure
The yield on the 30-year US Treasury bond briefly rose about 5 basis points on Monday to around 4.86%, reaching the highest level since November 2023, as investors begin to experience the potential turmoil that Trump's return to power could bring to the financial markets in the coming months. The pressure of bond market expansion has had a certain impact on the market, and the demand for the first batch of Treasury bonds issued by the Treasury Department this week has been weak. Due to concerns that Trump's policies after taking office will push up inflation, US Treasuries have been under pressure in recent weeks. After The Washington Post reported that Trump aides were considering narrowing the scope of the tariff plan, the US dollar fell on Monday, and Treasuries recouped some of their losses, as the market believed this would alleviate inflation concerns. But with Trump's denial, the market trend quickly reversed. PGIM Fixed Income Co-Chief Investment Officer Gregory Peters said in a television interview that "there is a lot of bond supply, and the supply is constant. Plus, inflation may be more sticky or turn up again, which is putting pressure on the bond market."
▌The US dollar index fell 0.63% on the 6th
The US dollar index, which measures the dollar against six major currencies, fell 0.63% that day, closing at 108.263 in the late New York forex market. As of the close of the New York forex market, the euro was trading at $1.0388, up from $1.0301 the previous trading day; the pound was trading at $1.2513, up from $1.2428 the previous trading day. The dollar was trading at 157.54 yen, up from 157.21 yen the previous trading day; the dollar was trading at 0.9045 Swiss francs, down from 0.9091 Swiss francs the previous trading day; the dollar was trading at 1.4337 Canadian dollars, down from 1.4449 Canadian dollars the previous trading day; the dollar was trading at 11.0528 Swedish kronor, down from 11.1083 Swedish kronor the previous trading day.
Jinse Encyclopedia
cNFT is a relatively new type of Non-Fungible Token that uses state compression technology to store data more efficiently on Solana. Unlike traditional NFTs that either store all token metadata directly on-chain or through external links (like IPFS), cNFTs use Merkle trees to optimize data storage.
Disclaimer: Jinse Finance, as a blockchain information platform, the content of the articles published is for reference only and does not constitute actual investment advice. Please everyone establish the correct investment concept, and must improve risk awareness.
