Every Monday, we cover the latest developments and trends in the dynamic and ever-evolving world of cryptocurrency. From price movements, to industry news, and our favorite resources, we strive to provide our readers with a comprehensive overview of the crypto landscape.
Dear Ndaxers,
Here’s all the Bitcoin and Crypto news you may have missed from last week:
BlackRock and Fidelity's spot bitcoin ETFs briefly looked like they were going to challenge Grayscale's fund in daily trading volume on Tuesday, marking a potential shift in dominance. Despite Grayscale maintaining its lead by market close, BlackRock and Fidelity briefly surpassed it in daily volume. Since their launch, these three ETFs have accounted for about 90% of total trading activity, reaching a total volume nearing $27 billion. Grayscale's fund has seen a significant decrease in assets, losing over $5 billion, while BlackRock and Fidelity remain net positive by over $2 billion each. In response to competition, Invesco and Galaxy plan to reduce their fund fees to match competitors, aiming to maintain competitiveness. Over the last 14 days, $7.3B in BTC has flowed into various US Bitcoin ETFs, while GBTC has seen $5.6 in outflows. TheBlock
The Federal Reserve maintained interest rates after its meeting last week, pausing the fourth consecutive rate hike due to persistent inflation and strong labor demand (demand—to be clear—created by US Federal agencies and not by private industry.) Chair Jerome Powell emphasized the need for sustained positive economic trends before considering rate cuts. Stocks and cryptocurrencies dipped initially but recovered slightly. Bitcoin dipped by 0.8%, while Ether lost 1% initially and traded 1.2% lower over the following 24 hours. The Nasdaq Composite and S&P 500 initially fell but recovered slightly. Analysts are watching for signals on potential rate cuts, with consensus on a 47% chance for a cut in March. Labor market and inflation data will guide future decisions, according to Powell. Blockworks
While the crypto community has long hypothesized whether Ethereum ever would or even could ‘flippen’ Bitcoin (in market capitalization), that hasn’t come close to materializing (in fact—the opposite is occurring). But today, apparently, a newer contender for the top venue for DeFi (DEXes, specifically), has reemerged... Thanks to BIP-300, DeFi is now possible (and making its way over to) Bitcoin as well; it looks like Ethereum’s battle for DeFi dominance keeps looking less and less like the slam dunk (that it appeared to be a few short years ago... Trading volume on Solana decentralized exchanges briefly surpassed Ethereum exchanges in December due to meme coin frenzy, and it's happened again recently due to an upcoming token airdrop. Despite Ethereum reclaiming the lead in trading volume, Solana remains competitive, highlighting its cheaper and faster transactions. The impending launch of JUP, the official token of Solana DEX aggregator Jupiter, has driven recent activity. Solana's trading volume on Jupiter ($1.2B in daily volume) outpaced that of Ethereum's Uniswap V3, showcasing the growing pressure on Ethereum from Solana's network advantages. Decrypt Decrypt
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Disclaimer: This article is not intended to provide investment, legal, accounting, tax, or any other advice and should not be relied on in that or any other regard. The information contained herein is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of cryptocurrencies or otherwise.