Daily Market Update (January 9, 2025, 10:02 AM)
ChainDD January 9 market data shows, comprehensive DD index and CoinMarketCap quotes:
BTC is reported at $94,312.33, down about 2.87% in 24 hours.
ETH is reported at $3,333.57, down about 1.82%.
BNB is reported at $697.92, down about 0.54% in 24 hours.
DOT is reported at $6.74, down about 4.75%.
DOGE is reported at $0.3407, down about 3.23%.
Chain Circle Dynamics
Grayscale rebalances its four funds, adding SUI, LPT, CRV, and ADA.
According to official sources, Grayscale announced a rebalancing and update of the components of its four multi-asset funds, namely the Grayscale Decentralized AI Fund, DEFG, GDLC, and Grayscale Smart Contract Platform Ex-Ethereum Fund (GSCPxE Fund), specifically:
The Grayscale Decentralized AI Fund has added LPT, now including the following assets: NEAR, RENDER, TAO, FIL, GRT, and LPT.
The DEFG Fund has added CRV and removed SNX, now including the following assets: UNI, AAVE, LDO, MKR, and CRV.
The GDLC Fund has added ADA and removed AVAX, now including the following assets: BTC, ETH, SOL, XRP, and ADA.
The GSCPxE Fund has added SUI, now including the following assets: SOL, ADA, AVAX, SUI, NEAR, DOT.
Blast: Upcoming mobile platform and token economics update; Gold points will not be distributed in January.
According to official sources, Blast's mobile platform will launch later this month alongside updates to its token economics. All Blast DApps should ensure they distribute points and Gold (Golden Points) to users before these changes. Gold will not be distributed in January. All users should also ensure they log into the Blast website using their wallets, and the team will soon share the official launch date.
The Solana Foundation is intensifying testing of the Firedancer client developed by Jump Crypto.
The Solana Foundation is intensifying testing of the Solana validator client Firedancer developed by Jump Crypto and is urging testnet validators to adopt Frankendancer v0.3 "before this weekend" in a Solana Tech Discord announcement. This critical test aims to prepare for the first public launch of Firedancer mainnet.
The National Development and Reform Commission and other departments: Encourage the industry and local entities to actively explore the construction of new technological facilities such as blockchain networks and privacy-protecting computing platforms.
According to an official announcement, the National Development and Reform Commission, the National Data Bureau, and the Ministry of Industry and Information Technology released the National Data Infrastructure Construction Guidelines, which mention: establishing a national integrated distributed digital identity system, standardizing identity identification generation, registration, and certification mechanisms. Establishing a unified data asset certificate and transaction certificate structure, generation and verification mechanisms, supporting the use of blockchain, cryptographic technology, smart contracts, and other means to improve the traceability and reliability of certificates.
Encourage the industry and local entities to actively explore the construction of new technological facilities such as blockchain networks and privacy-protecting computing platforms. In terms of secure data circulation and utilization, comprehensively utilize privacy-protecting computing, blockchain, data usage control, and other technological means to ensure the trustworthy collection, encrypted transmission, reliable storage, controlled exchange and sharing, destruction confirmation, and provenance tracing of data, avoiding risks such as data privacy breaches and unauthorized misuse.
Coin Circle Dynamics
Trump's transition team has reviewed at least six potential CFTC candidates.
Trump's transition team has reviewed at least six potential candidates for the CFTC. Under Trump's leadership, the CFTC may play a larger role in regulating the $35 trillion cryptocurrency market, including (if Congress allows) oversight of the spot markets for certain digital assets like Bitcoin and Ethereum, whose regulatory environment is still unclear.
In recent years, the CFTC has been responsible for overseeing approximately $500 trillion in currency and financial derivatives trading, and has engaged in fierce competition with the SEC over the regulation of the cryptocurrency market.
Due to the perception that the CFTC's regulatory approach is lighter, the industry generally tends to view it as the primary regulatory body. Under Gary Gensler's leadership, the SEC has launched a comprehensive crackdown on U.S. cryptocurrency companies, leading to industry dissatisfaction.
The South Korean Financial Services Commission will roll out cryptocurrency regulatory reforms in phases to allow institutional participation in trading.
South Korea is preparing to ease restrictions on cryptocurrency trading for institutional investors, indicating a significant shift in the country's approach to digital asset regulation. The Financial Services Commission (FSC) will roll out regulatory reforms in phases to allow institutional participation in cryptocurrency trading.
Currently, South Korea's regulations limit cryptocurrency trading to verified retail investors. While institutional investors are not entirely banned, banks are prohibited from opening cryptocurrency trading accounts for them. However, the FSC plans to collaborate with the Digital Asset Committee to initiate these reforms, with non-profit organizations likely to be the first permitted to enter.
Additionally, the FSC is preparing to launch the second phase of the Virtual Asset User Protection Act. This phase will establish new guidelines for cryptocurrency listing standards, stablecoins, and the operational conduct of virtual asset exchanges.
As part of these efforts, the South Korean Financial Supervisory Service also plans to amend the Special Financial Transactions Act. These changes will introduce a review system to assess the qualifications of cryptocurrency exchange shareholders and include social credit assessments as part of the process.
Gary Gensler: There is still much work to be done in regulating altcoins and intermediaries.
Outgoing U.S. SEC Chairman Gary Gensler stated in an interview with Bloomberg Television on Wednesday that there is still much work to be done in regulating the digital asset market, particularly concerning altcoins and intermediaries.
Gensler believes that everyday investors still do not receive sufficient disclosures or information from digital asset companies. Under Gensler's leadership, the SEC has claimed that several crypto companies are evading registration and disclosure requirements, leading to multiple victories in court but also several losses.
"I have never seen a field so influenced by emotion but so indifferent to fundamentals," Gensler added, believing that many crypto projects will not survive.
U.S. CFTC Chairman emphasizes cryptocurrencies in farewell speech, stating he never supported an enforcement-driven regulatory approach.
U.S. CFTC Chairman Rostin Behnam will resign from his position on January 20, but President-elect Trump has not yet appointed Behnam's successor. In his final public speech this week at the Brookings Institution, he extensively discussed cryptocurrencies and the necessity of elevating the CFTC as its regulatory authority.
Behnam stated that cryptocurrencies "dominated every period of my term," saying, "Market regulators play a crucial role in ensuring financial innovation integrates into a culture of regulation and compliance, protecting consumers and providing legal certainty," and he claimed he has never supported an enforcement-driven approach.
He believes that "in the absence of federal legislation, concerns about customer protection, fraud, and market abuse are escalating, along with broader market resilience and even financial stability; we have seen this historically, and we have left large parts of the financial sector free from oversight and accountability; we have seen time and again that the outcomes are disastrous." He urged protection for investors "eager to incorporate digital asset products into their portfolios."
Biden plans to strengthen AI chip export controls before leaving office
According to foreign media reports, the Biden administration in the U.S. plans to implement a new round of restrictions on AI chip exports from companies like Nvidia (NVDA.O) before leaving office. According to insiders, the U.S. wants to limit the sale of AI chips used in data centers at both national and corporate levels, aiming to concentrate AI development in friendly countries and compel global companies to align with U.S. standards. Amid surging demand for AI technology, this move will extend semiconductor restrictions to much of the world. Insiders say the new regulations will impose three tiers of restrictions on chip transactions, potentially to be announced as early as Friday. Following this news, shares of Nvidia, AMD (AMD.O), and others fell in after-hours trading.
