Core Insights - Brazil is challenging the assumption that cryptocurrencies thrive only when traditional financial systems fail, as evidenced by its high Selic rate of 15% and resilient credit markets [1][2][3] Group 1: Macroeconomic Context - The IMF's recent report indicates that Brazil's credit expansion is not a policy failure, with effective monetary transmission despite high interest rates [2][3] - Bank lending in Brazil increased by 11.5% in 2024, and corporate bond issuance surged by 30%, which typically would reduce interest in alternative financial assets like crypto [3][4] Group 2: Crypto Adoption Trends - Despite the high interest rates, Brazil's crypto activity rose by 43% year-over-year in 2025, indicating a disconnect between traditional macroeconomic narratives and actual crypto adoption [4] - The IMF emphasizes that Brazil's central bank has effectively managed monetary policy, contributing to strong income growth, low unemployment, and rapid fintech expansion, which sustain credit demand [5] Group 3: Future Outlook - Although policy tightening has affected lending rates and credit growth is beginning to slow, inflation expectations are being actively managed [6]

Core Viewpoint - World Liberty Financial is proposing to use a portion of its digital asset treasury to enhance the adoption of its stablecoin, USD1, by allocating less than 5% of the unlocked WLFI token supply for incentive programs aimed at securing partnerships in the cryptocurrency sector [1][2]. Group 1: Proposal Details - The governance proposal aims to create a flywheel effect for the WLFI ecosystem by increasing the usage of USD1, which would expand the network's footprint, utility, and economic activity [2]. - The initiative is expected to generate more opportunities for value capture within the WLFI ecosystem, benefiting WLFI-governed initiatives and enhancing long-term token utility [3]. Group 2: Market Position and Competition - Since its launch six months ago, USD1 has achieved a market capitalization of $3.2 billion, ranking as the seventh-largest stablecoin globally, surpassing Ripple's RLUSD but trailing behind PayPal's PYUSD [4]. - The expenditure proposed is deemed necessary to close the competitive gap between USD1 and other rival stablecoins [4]. Group 3: Market Strategies - The strategy mirrors aggressive growth tactics seen in the market, such as Binance's recent promotional campaign offering up to 20% annual percentage yield on USD1 holdings [5]. - World Liberty Financial plans to replicate this model by financing yield-bearing partnerships using its own equity [5]. Group 4: Voting and Opposition - The proposal has faced initial skepticism, with 67.7% of participating voters opposing the measure as of Sunday afternoon, although the voting period will conclude on January 4, 2026 [6]. - Despite the pushback, the proposal remains active, with larger stakeholders potentially influencing the outcome before the deadline [6].

Key Points Solana is on pace to surpass Ethereum in annual revenue in 2025. Analysts gave a low-end prediction of $1,004 for the cryptocurrency by 2030. 10 stocks we like better than Solana › The Solana (CRYPTO: SOL) blockchain has a reputation for being cheaper, faster, and more eco-friendly than Bitcoin and Ethereum, yet it still lags behind the two tokens in terms of price, trading volume, and market capitalization. However, that may not matter at all, as Solana is carving out a major lane of it ...

Kraken backed platform xStocks launched on the TON crypto blockchain, letting Telegram users outside the US trade tokenized versions of US stocks and ETFs directly inside the chat app. The move adds a new on-chain venue to an already crowded race for tokenized stocks, where Solana and Ethereum hosts already hold around $180M in xStocks assets across nearly 50,000 wallets. This aligns with a 2025 trend, where everything from money-market funds to blue-chip stocks is now appearing on blockchains, as tradit ...

Core Insights - The article discusses the differences and similarities between traditional finance and cryptocurrencies, emphasizing that while some financial principles remain applicable, cryptocurrencies represent a new form of financial innovation [1][2]. Group 1: Financial Activities - Finance fundamentally consists of three activities: lending, investing, and insurance, with all financial products fitting into these categories [1]. - Financial innovation historically aimed to reduce friction in these activities or obscure them, whereas cryptocurrencies are seen as a genuine innovation [2]. Group 2: Decentralized Finance and Tokenization - Tokenization allows for the breakdown of large claims into smaller ones, and decentralized finance (DeFi) aims to replicate financial market functions by eliminating intermediaries [3]. - Bitcoin serves as a modern tool for insuring against currency debasement, although its effectiveness as a transaction currency remains questionable [3]. Group 3: Risks and Historical Context - The article critiques the notion that DeFi will completely eliminate middlemen, suggesting it may instead facilitate rent extraction by a concentrated financial industry [4]. - The wisdom from traditional finance warns against leveraging borrowed money to invest in volatile assets like Bitcoin, labeling such strategies as imprudent [5][6]. - A described strategy in the crypto world, known as "looping," mirrors old financial schemes and poses significant risks, akin to a pyramid scheme [6][7].

Crypto markets are entering a phase where activity concentration matters more than narrative momentum, according to a new outlook from Coinbase Institutional that frames 2026 as a test of whether crypto’s core markets can scale under more disciplined conditions. The report, written by global head of research David Duong and research associate Colin Basco, argues that familiar crypto cycle models — built around retail speculation, token launches and protocol-specific catalysts — are becoming less reliable ...

Core Viewpoint - Galaxy Digital CEO Mike Novogratz suggests that XRP and Cardano (ADA) may lose competitiveness in future market cycles if they cannot demonstrate real-world application value [1] Group 1: Market Trends - The cryptocurrency market is shifting from "narrative-driven tokens" to "business-driven tokens," where only projects that generate profits and measurable value will succeed in the long term [1] - Novogratz anticipates a structural transformation in the cryptocurrency industry over the next 1-3 years, with wallets and exchanges evolving into "neobanks" that offer more mature financial services such as stablecoins, tokenized stocks, and money market products [1] Group 2: Investment Models - Novogratz cites Hyperliquid as an example of a project that creates value through profit-driven token buybacks and burns, resembling an equity investment model, which he believes is the future direction for tokens [1]

来源：市场资讯 （来源：吴说） 作者 | Tiger Research 2025 年，美国政府正在推行一项支持加密货币的政策，其目标简明扼要：让现有加密货币行业以与传统金融业相同的方式规范 运作。 要点总结 美国正致力于将加密货币纳入其现有金融基础设施，而非简单地吸纳整个行业。 过去一年间，国会、美国证券交易委员会（SEC）和商品期货交易委员会（CFTC）通过引入并调整规则，将加密货币逐步纳入 这一体系。 | Event | Date | Key Details | | --- | --- | --- | | Gary Gensler | Jan 20 | Enforcement-led SEC chair resigns | | Resignation | | | | Crypto Task Force Launched | Jan 21 | SEC crypto task force established | | SAB 121 Repealed | Jan 23 | Crypto custody accounting rule repealed | | Major Lawsuits Dropped | ...

Market Overview - Bitcoin is trading around $87,000 as of the final weekend of 2025, with investors showing caution due to thin liquidity and tax-driven selling [1] - Bitcoin's current price is $87,351.16, while Ethereum is at $2,923.07, Solana at $122.01, XRP at $1.84, Dogecoin at $0.1221, and Shiba Inu at $0.057119 [2] Technical Analysis - Key technical level for Bitcoin is its 20-month moving average; a monthly close above $90,000 could confirm bullish momentum and target prices in the $105,000–$110,000 range [3] - Bitcoin's monthly trend indicator has turned bullish for the first time since March 2023, indicating potential improvement in the broader trend despite current volatility [5] Market Dynamics - Bitcoin is one of the few major assets down for the year, leading investors to sell BTC to offset taxes from gains in other assets, increasing downside pressure [4] - A critical support level for Bitcoin is identified at $85,200; a sustained break below this level could lead to accelerated losses [4] Liquidation and Outflows - Recent data shows 93,477 traders were liquidated in the past 24 hours, amounting to $244.46 million [7] - There were net outflows of $175.3 million from spot Bitcoin ETFs and $52.7 million from spot Ethereum ETFs on Wednesday [7]

Core Viewpoint - An Australian court has ordered the shutdown of NGS Crypto, a digital asset company, after it was found to have operated an unlicensed financial services business, resulting in significant losses for investors [1][2][4]. Group 1: Company Operations - NGS Crypto marketed itself as a crypto-based retirement solution, promoting "digital mining packages" with claims of fixed annual returns of up to 16% and assurances of principal return [3][6]. - The company attracted over 450 investors over approximately six years, many of whom were encouraged to transfer retirement savings into the scheme using self-managed retirement accounts [5]. Group 2: Legal Findings - The Federal Court found that NGS Crypto was operating without the necessary financial services license, violating securities and consumer protection laws [4][7]. - Justice Berna Collier highlighted that the company's structure and conduct posed a serious risk to investors, leading to the court's decision for immediate intervention [7][8]. Group 3: Financial Recovery - Liquidators recovered only $4.4 million of an estimated $40 million invested by the public, indicating a significant shortfall in investor returns [1].