● Analysis: Trump's inauguration may promote the next round of Bitcoin rebound
According to CoinDesk, analyst Omkar Godbole said that the defensive positioning of the stock market may stem from concerns that President-elect Trump’s inauguration on January 20 may become a “good thing” event. In the past two months, the risk-taking sentiment in financial markets has increased due to expectations that Trump will introduce reforms that are beneficial to businesses and the economy after taking office.
Trump will take office on January 20, which will change cryptocurrency regulations and even change the strategic reserves of Bitcoin in the coming months, which will lay the foundation for the next round of rebound. Singapore QCP Capital holds a similar view. The company said that traders should pay close attention to this week's FOMC and NFP data before further layout, which is expected to further affect the price trend of Bitcoin.
● U.S. Senate Banking Committee establishes cryptocurrency subcommittee
According to WuShuo, Fox reporter Eleanor Terrett revealed that the U.S. Senate Banking Committee will establish its first cryptocurrency subcommittee under the leadership of Senator Tim Scott.
The subcommittee will be similar to the House Financial Services Committee established by Patrick McHenry in 2023. Senator Cynthia Lummis has been preliminarily selected to chair the subcommittee, but the specific candidate still needs to be confirmed in a committee vote next Thursday.
According to Jinshi, Federal Reserve Board member Bowman said on Thursday that she supported last month's rate cut, believing that it was the "final step" in the Fed's monetary policy adjustment, and that caution must be exercised in the future due to rising inflation risks. "We should also avoid prejudging the future policies of the new administration," Bowman said in a speech prepared for delivery to the California Bankers Association. "Instead, we should wait for clearer news and then seek to understand the impact on economic activity, the labor market, and inflation." This is the first time Bowman has made such remarks since becoming a popular candidate for the next top bank regulator at the Federal Reserve.
Barr announced this week that he will step down as the Fed’s vice chairman for supervision by the end of next month. “This year will see a transition in leadership at the banking institutions, and I expect that will translate into a shift in priorities and approaches,” Bowman said, reiterating her consistent calls for more targeted regulation and a more “pragmatic” approach to policymaking.
● Fed Harker: Still expects rate cuts, but may not act hastily
Philadelphia Fed President Patrick Harker said on Thursday that he still expects the Fed to cut interest rates, but the policy path is shrouded in considerable uncertainty, according to Jinshi. "I still think we are on a downward path for policy rates. I do not intend to deviate from that path or turn around. The exact pace of moving forward will depend entirely on newly received data," Harker said. Harker does not have a vote this year.
In his speech, he said that "the overall fundamentals of our economy remain strong," but even so, "we remain in very fluid times," which limits guidance on the future path of policy. Harker noted that it would take longer than expected to get inflation back to the 2% target. He also said that the labor market has stabilized and remains healthy, and he is concerned about growing signs that low-income earners are facing greater pressure.
● JPMorgan Chase: MiCA regulations may increase the market share of euro stablecoins
According to Odaily Planet Daily, JPMorgan analysts said that the EU Crypto-Asset Market (MiCA) regulations will take effect on December 30, 2024, which may increase the market share of stablecoins pegged to the euro. Currently, euro stablecoins only account for 0.12% of the stablecoin market share. MiCA may improve this situation by encouraging European banks and financial institutions to adopt euro stablecoins to meet customer needs and blockchain-based financial settlements.
● Taiwan will submit a draft law on virtual assets by June 30
According to PANews, Peng Jinlong, chairman of Taiwan's financial regulatory department, said that he has a cautious and friendly attitude towards the virtual asset market. The draft of the virtual asset law has been completed and will soon enter the public hearing process. It is planned to submit the draft to Taiwan's administrative agency before June 30 this year.
● Binance releases 26th reserve proof, BTC reserve ratio reaches 108.15%
Binance released the 26th reserve proof (snapshot date 1-1). As of January 1, 2025, the net balance of BTC held by users was 575,296.428, the net balance of BTC held by the platform was 622,192.442, and the BTC reserve ratio reached 108.15%; the net balance of ETH held by users was 5,147,651.601, the net balance of ETH held by the platform was 5,363,964.208, and the ETH reserve ratio reached 104.20%.
In addition, the USDT reserve ratio reached 112.12%, the BNB reserve ratio reached 115.75%, the SOL reserve ratio reached 101.68%, the XRP reserve ratio reached 104.09%, the FDUSD reserve ratio reached 104.05%, and the USDC reserve ratio reached 132.32%.
