Donald Trump and the Republican Party at large had a strong 2024 election, winning the presidency, Senate and House. This almost certainly guarantees crypto legislation will advance and become law sometime in the next two years. It also heralds a potentially softer approach from regulators toward the sector.

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Taking stock

The narrative

Goldman Sachs, Morgan Stanley, Bank of America and other Wall Street banks continued buying shares of the spot bitcoin exchange-traded funds on behalf of clients.

While allocations barely changed, most likely due to uneventful price action in bitcoin, the fourth quarter could see renewed interest sparked by recent new all-time highs.

Wealth management clients of Wall Street banks like Goldman Sachs, Bank of America and Morgan Stanley in the third quarter continued to modestly accumulate (or tr

Trump has been avowedly pro-Bitcoin and pro-crypto for a minute now. In fact, he’s more of a degen than many of us, having launched his own DeFi protocol, World Liberty Financial. The official Republican platform is explicitly pro-crypto, and Trump himself has made specific commitments to the industry, like freeing Ross Ulbricht, ending SEC Chair Gary Gensler’s reign, letting Bitcoin miners mine, ending Chokepoint 2.0, and having the government hold on to all seized BTC.

People are policy, and

A bitcoin {{BTC}} whale moved 2,000 BTC, worth $178 million, to Coinbase after holding their stash since 2010, Mempool data shows.

The user first received BTC in 2010, when the asset was worth just $0.06 per coin and had a market cap of around $250,000. Trading volume at the time rarely topped $60,000 per day.

Inflows to an exchange typically suggest that the BTC will be liquidated. The transfer follows a trend of dormant bitcoin wallets becoming active in light of the recent market-wide price

George Boyd made over 100 Premier League appearances and played in an FA Cup Final in a successful soccer career.

Now he's joined Jacobi Asset Management as a bitcoin ambassador.

Boyd discovered bitcoin in 2020 and sees it as a better savings tool than property or stocks.

George Boyd has had a change of heart. The former Premier League soccer player first heard of bitcoin {{BTC}} when it was just $1,800 and, like most people at the time, dismissed it. He was happy to follow the advice he'd re

CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 2716.25, up 2.8% (+72.8) since 4 pm ET on Thursday.

Seventeen of 20 assets are trading higher.

Leaders: ADA (+18.4%) and XRP (+11.7%).

Laggards: RENDER (-1.8%) and UNI (-1.8%).

The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.

This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

Latest Prices

CoinDesk 20 Index: 2,691.86 +0.76%

Bitcoin (BTC): $90,386.53 -1.21%

Ether (ETH): $3,107.30 -2.48%

S&P 500: 5,949.17 -0.6%

Gold: $2,568.54 +0.01%

Nikkei 225: 38,642.91 +0.28%

Top Stories

Bitcoin pared some of Thursday's losses during the European morning to trade above $90,000. BTC remains over 1% l

U.S. spot-listed ETFs saw their third biggest outflow since launch, over $400 million.

Each time we see an outflow greater than $400 million, we have seen a local bottom in price, which can be seen on May 1 and Nov. 4.

U.S.-listed bitcoin {{BTC}} exchange-traded funds (ETFs) saw their third-largest outflow since launch, seeing $400.7 million being drained on Thursday, according to Farside data.

During yesterday's trading, bitcoin witness low of around $86,600 and highs of near $92,000. Bitcoi

Aave is gauging the interest of its community for deployment on Bitcoin layer-2 network Spiderchain.

Spiderchain's builder, Botanix Labs, developed the blockchain to be compatible with other networks that use EVM, the software that powers Ethereum and enables smart contracts.

Aave, the largest decentralized-finance (DeFi) lending platform, is canvassing its community to gauge the level of interest in deploying on the Bitcoin layer-2 network Spiderchain.

The Aave-Chain Initiative (ACI), the dr

The implied probability distribution is skewed to the left, suggesting expectations for price pullback.

Shares in Trump media experienced a similar dynamic before the recent price slide.

As bitcoin's {{BTC}} price struggles to secure a foothold above $90,000, developments in the Deribit-listed options market tied to the cryptocurrency resemble patterns that foreshadowed the recent price slide in the Trump media shares.

The pattern referred to here is the implied probability distribution, repr

Lichtenstein was behind the theft of 120,000 bitcoin from Bitfinex in 2016.

Prosecutors described his attempts to launder the money as “the most complicated” techniques IRS agents had seen to date.

Ilya Lichtenstein was sentenced to five years in prison for his role in the theft of approximately 120,000 bitcoin {{BTCf}} from crypto exchange Bitfinex, the U.S. Department of Justice has announced on Thursday.

The 35-year old hacked network in 2016, using “advanced hacking tools and techniques”.

Bitcoin fell to $88,000 from a peak of $93,000 leading to $120 million in liquidations.

The market is now pricing in a 66% chance of a 25 basis point cut in the December FOMC meeting, down from Thursday’s 83%.

XRP zoomed 17% in the past 24 hours to beat gains in bitcoin {{BTC}] and majors, as shifting U.S. regulatory climate supported growth in tokens previously hampered by the Securities and Exchange Commission’s (SEC) actions.

XRP traded above 82 cents in early Asian trading hours Friday, e

President-elect Donald Trump said former Securities and Exchange Commission Chair Jay Clayton would be his U.S. Attorney for the Southern District of New York, heading up the state's Department of Justice branch.

Clayton, who has advised a number of crypto firms since leaving the SEC in December 2020, oversaw the production of the SEC's DAO Report, which claimed jurisdiction over a broad swath of the crypto industry, and famously once said he believed most initial coin offerings were securities

A group of state attorneys general and the DeFi Education Fund sued the U.S. Securities and Exchange Commission and its five commissioners alleging the agency was overstepping its bounds in bringing enforcement actions against crypto exchanges.

The lawsuit, filed Thursday afternoon in the U.S. District Court for the Eastern District of Kentucky, asks a federal judge to block the SEC from bringing enforcement actions, arguing "the SEC's 'crypto policy' is 'unlawful executive action'" and that it

The Securities and Exchange Commission may have to slowly drag itself out of the legal mire with the crypto industry, even with an industry-friendly commission.

Dropping existing cases would need a commission vote, lawyers say, and Republicans won't enjoy an SEC majority for a while.

Coinbase's top lawyer says it's still counting on rapid action from the regulator.

After years of legal wrangling with the U.S. securities regulator, President-elect Donald Trump's win was taken by the crypto ind

Michael Saylor believes the U.S. government should and will build a strategic reserve of bitcoin.

If a bill by Sen. Cynthia Lummis (R-Wyo.) becomes law, it would be the "greatest deal of the 21st century," he said.

The idea of strategic stockpiling isn't new, Saylor pointed out — the government has made many of such moves in the past.

Although the idea that the United States should build a reserve of bitcoin {{BTC}} is currently merely a thought rather than a concrete plan, Michael Saylor thi

It's hardly a blip on the charts after the major run higher following the election of Donald Trump, but crypto markets did turn somewhat lower late in the U.S. trading day Thursday after a speech from Federal Reserve Chairman Jerome Powell.

"The economy is not sending any signals that we need to be in a hurry to lower rates," said Powell in prepared remarks at a Dallas conference. "The strength we are currently seeing in the economy gives us the ability to approach our decisions carefully."

Th

Sol Strategies (HODL), a crypto investment firm led by Leah Wald, the former boss and co-founder of Valkyrie Investments, bought four validators for nearly $18 million in cash and shares.

The Toronto-based firm, formerly known as Cypherpunk Holdings, will buy the validators from Cogent Crypto, a high-performance validator operating within the Solana ecosystem, according to a statement on Thursday. The total value of the investment is nearly $18 million, broken into three tranches: $1 million ca

It’s been a banner year for the stablecoin market – 11 straight months of inflows and an all-time market cap of $171 billion. Everyone’s jumping in, even the industries stablecoins threaten to disrupt.

Visa recently launched a platform to help banks issue stablecoins and use them across its network, with Spanish bank BBVA as one of its first takers. PayPal’s PYUSD, launched in 2023, recently reached a $1 billion market cap and recently executed its first business payment via stablecoin. Revolut

"The government will launch a pilot to deliver a Digital Gilt Instrument, using distributed ledger technology (DLT)," the government said in a statement.

Labour took over the government in July but has since said little about its crypto plans. The party is now using this speech to reassure companies it is pro-innovation.

The U.K. government will launch a pilot to deliver a digital gilt instrument — similar to a bond — using distributed ledger technology, the Treasury said in a statement on Thu