Uncategorized
Crypto Daybook Americas: Banks Favor King Dollar as BTC Tug-of-War Rages
By Omkar Godbole (All times ET unless indicated otherwise)
Bitcoin’s bull-bear tug-of-war continues to rage, with prices recovering to over $97,000 from Monday’s dip to $94,200. The slide was prompted by concern Google’s new quantum-computing chip, Willow, could compromise BTC’s security — a worry quickly dismissed by analysts.
That leaves directional traders with little to do other than wait for the dust to settle before picking a side, as prices remain locked in <a href=»https://www.coindesk.com/markets/2024/12/06/fomo-traders-beware-bitcoins-high-wave-price-action-points-to-confusion-godbole» target=»_blank»>Thursday’s indecisive trading range</a>.
But there’s a silver lining! The turbulence has crowded out those undisciplined, overleveraged altcoin traders, as is evident from perpetual funding rates. Altcoin rates have receded closer to the center of Velo Data’s heat map, which oscillates between -200% and 200%, indicating more balanced conditions than the bullish extremes of last week. Tokens like Stacks’ STX even sport negative funding rates, a perfect entry point for bulls, according to pseudonymous analyst Byzantine General.
«If these rates continue to decline, it could signal the unwinding of excessive long leverage, potentially leading to a more balanced market,» analysts at Bitfinex said, adding that $100,000 is no longer the key support/resistance level and a new equilibrium is probably forming in spot markets.
That said, as we look toward the end of 2024, there’s a developing story: Banks are getting bullish on the dollar, which doesn’t usually bode well for assets denominated in the U.S. currency, like BTC and risk assets.
«The combination of cyclical, fiscal, and U.S. political forces is making the USD stronger again,» HSBC said recently. «We update our USD bullish view further; the USD bubble is re-inflating, which spells trouble ahead for many other currencies.» Citibank sees the dollar index (DXY) rallying to 115, an 8% increase.
Keep an eye on the Far East too. A renewed rally in Chinese stocks following Beijing’s promise of more stimulus could suck capital from other markets, including cryptocurrencies.
Amid all this, there’s talk President-elect Trump may struggle to deliver his crypto promises. Peter Tschir, head of macro strategy at Academy Securities, put it best: «Trump does have loyalty to those who helped fund his campaign, but I don’t see this as a lasting relationship, especially as he will likely get a lot of pressure from the National Security element of D.C. to be cautious on helping crypto too much.»
After all, it’s one thing to promise big from Mar-a-Lago and a different ball game when delivering from the White House. Stay Alert!
What to Watch
Crypto:
Dec. 10, 11:30 a.m.: Microsoft’s annual shareholders meeting. The meeting will include MicroStrategy Executive Chairman <a href=»https://www.michael.com/microsoft-bitcoin-strategy» target=»_blank»>Michael Saylor’s 44-slide presentation</a> on investing in Bitcoin. Microsoft will then disclose the voting results. <a href=»https://www.microsoft.com/en-us/investor/annual-meeting» target=»_blank»>Livestream link</a>.
Dec. 13: The annual Nasdaq-100 reconstitution. Changes to the index, if any, are announced on this day. MicroStrategy (MSTR), the world’s largest corporate holder of bitcoin, is widely expected to be added to the index.
Dec. 18: CleanSpark (CLSK) Q4 FY 2024 earnings. EPS Est. $-0.18 vs Prev. $-1.02.
Macro
Dec. 11, 8:30 a.m.: The U.S. Bureau of Labor Statistics (BLS) releases November’s <a href=»https://www.bls.gov/cpi/» target=»_blank»>Consumer Price Index (CPI)</a> data.
Inflation Rate YoY Est. 2.7% vs Prev. 2.6%
Core Inflation Rate YoY Est. 3.3% vs Prev. 3.3%
Dec. 11, 9:45 a.m.: The Bank of Canada announces its <a href=»https://www.bankofcanada.ca/core-functions/monetary-policy/key-interest-rate/» target=»_blank»>policy interest rate</a> (also known as overnight target rate and overnight lending rate). Est. 3.25% vs Prev. 3.75%. A press conference starts at 10:30 a.m. <a href=»https://youtu.be/x-motc1cW8s» target=»_blank»>Livestream link</a>
Dec. 12, 8:15 a.m.: The European Central Bank (ECB) announces its latest <a href=»https://www.ecb.europa.eu/press/pr/activities/mopo/html/index.en.html» target=»_blank»>monetary policy decision</a> (three key interest rates) followed by a <a href=»https://www.ecb.europa.eu/press/press_conference/html/index.en.html» target=»_blank»>press conference</a> at 8:45 am.
Deposit facility interest rate Est. 3.0% vs Prev. 3.25%.
Main refinancing operations interest rate Est. 3.15% vs Prev. 3.4%.
Marginal lending facility interest rate Prev. 3.65%.
Token Events
Governance votes & calls
Horizen to hold community call discussing ZEN halving and future plans at 8 a.m.
Token Launches
Movement’s MOVE has added 63% since going live on Monday, reaching a $2.5 billion market capitalization.
Binance listed SPX, VIRTUAL, RAY and KOMA on futures.
Hacks
The Clober Liquidity Vault has been hacked, resulting in a loss of 133 $ETH (worth ~$500K). The exploiter has already bridged the stolen funds from Base to Ethereum.
Conferences:
Dec. 9 — 10: <a href=»https://b.tc/conference/mena» target=»_blank»>Bitcoin MENA 2024</a> (Abu Dhabi, UAE)
Dec. 9 — 12: <a href=»https://adfw.com/» target=»_blank»>Abu Dhabi Finance Week 2024</a> (Abu Dhabi, UAE)
Dec. 9 — 13: <a href=»https://www.blockchainweek.lu/» target=»_blank»>Luxembourg Blockchain Week 2024</a>
Dec. 12 — 13: <a href=»https://www.globalblockchainshow.com/» target=»_blank»>Global Blockchain Show</a> (Dubai, UAE)
Dec. 12 — 14: <a href=»https://www.taipeiblockchainweek.com/» target=»_blank»>Taipei Blockchain Week 2024</a> (Taipei, Taiwan)
Dec. 13: <a href=»https://www.limitlesscrypto.com/» target=»_blank»>Limitless Crypto 2024</a> (San Juan, Puerto Rico)
Dec. 16 — 17: <a href=»https://theblockchainassociation.org/policy-summit-2024/» target=»_blank»>Blockchain Association’s Policy Summit</a> (Washington)
Jan. 13 — 24: <a href=»https://web3fest.ch/swiss-web3fest/» target=»_blank»>Swiss WEB3FEST Winter Edition 2025</a> (Zug, Zurich, St. Moritz, Davos)
Jan. 17: <a href=»https://www.anderson.ucla.edu/about/clubs-and-associations/institutions/entrepreneur-association-ea/unchained» target=»_blank»>Unchained: Blockchain Business Forum 2025</a> (Los Angeles)
Jan. 18: <a href=»https://bitcoinday.io/» target=»_blank»>BitcoinDay</a> (Napes, Florida)
Jan. 21: <a href=»https://www.tokenizationsummit.de/eng» target=»_blank»>Frankfurt Tokenization Conference 2025</a>
Token Talk
By Shaurya Malwa
Everything with «quantum» in the name is pumping!
Various tokens themed after, or claiming to use, quantum computing within their technology stack jumped more than 100% in the past 24 hours after internet giant Google unveiled Willow, a quantum-computing chip that took 5 minutes to solve tasks during its testing period that would have taken 10 septillion years for current supercomputers to finish.
Crypto markets took a hit after the announcement on concerns the development was long-term bearish for bitcoin and other blockchains, whose security features can, in theory, be exploited by quantum computers.
But while the entire market dropped, tokens such as Quantum Resistant Ledger (QRL), Quantum Network, Quantum Swap, among others, zoomed higher.
Quantum-resistant or post-quantum tokens aim to use cryptographic algorithms believed to be secure against quantum computing attacks. These algorithms are designed to resist attacks using Shor’s algorithm, which is particularly effective against current public-key cryptosystems.
Tokens labeled with «quantum» might be perceived as being at the forefront of technology, even if their actual utility or relation to quantum computing is minimal. This perception can drive investment — and a chance to speculate on the short-term trading narrative.
Derivatives Positioning
Perpetual funding rates in DINO coins have normalized as Monday’s price drop triggered a decent leverage washout.
ETH’s implied volatility term structure remains in backwardation, pointing to higher near-term volatility.
A notable BTC options trade included a long position in the $150,000 strike call expiring in March. Meanwhile, someone sold the ETH $5,000 call expiring at the end of March in large numbers, collecting nearly $1.8 million in premium.
Short-term BTC and ETH calls are now trading at less than 2 vol premium to puts, a sign of weakening bull bias. (Source: Amberdata, Deribit, Velo Data)
Market Movements:
BTC is up 0.76 % from 4 p.m. ET Monday to $97,763.77 (24hrs: -0.3%)
ETH is up 1.66% at $3,765.44 (24hrs: -2.23%)
CoinDesk 20 is up 1.78% to 3,954.73 (24hrs: -4.54%)
Ether staking yield is up 15 bps to 3.2%
BTC funding rate is at 0.01% (10.95% annualized) on Binance
DXY is up 0.23% at 106.39
Gold is up 1.24% at $2,697.9/oz
Silver is up 0.9% to $32.51/oz
Nikkei 225 is up 0.53% unchanged at 39,367.58
Hang Seng is down 0.5% at 20,311.28
FTSE is down 0.63% at 8,299.38
Euro Stoxx 50 is down 0.45% at 4962.94
DJIA closed on Monday -0.54% to 44,401.93
S&P 500 closed -0.61% at 6,052.85
Nasdaq closed -0.62% at 19,736.69
S&P/TSX Composite Index closed -0.26% at 25,625.40
S&P 40 Latin America closed +1.15% at 2,356.64
U.S. 10-year Treasury was unchanged at 4.23%
E-mini S&P 500 futures are unchanged at 6,064.50
E-mini Nasdaq-100 futures are unchanged at 21,488.00
E-mini Dow Jones Industrial Average Index futures are unchanged at 44,455.00
Bitcoin Stats:
BTC Dominance: 56.82% (-0.22%)
Ethereum to bitcoin ratio: 0.03845 (0.76%)
Hashrate (seven-day moving average): 773 EH/s
Hashprice (spot): $61.93
Total Fees: 15.97 BTC / $9.46M
CME Futures Open Interest: 196K BTC
BTC priced in gold: 36.7 oz
BTC vs gold market cap: 10.46%
Bitcoin sitting in over-the-counter desk balances: 432K BTC
Basket Performance
Technical Analysis
The chart shows the price of the Nasdaq-listed ProShares UltraShort Bitcoin ETF (SBIT) and its 14-day RSI, a momentum oscillator.
The RSI has diverged bullishly, contradicting the lower lows in prices in a sign of waning downward momentum. In other words, the ETF could see some gains in the short-term.
Crypto Equities
MicroStrategy (MSTR): closed on Monday at $365.34 (-7.51%), up 2.72% at $375.49 in pre-market.
Coinbase Global (COIN): closed at $310.52 (-9.63%), up 2.62% at $318.67 in pre-market.
Galaxy Digital Holdings (GLXY): closed at C$26.72 (-10.64%)
MARA Holdings (MARA): closed at $23.86 (-9.72%), up 1.82% at $24.29 in pre-market.
Riot Platforms (RIOT): closed at $11.21 (-13.44%), up 1.52% at $11.38 in pre-market.
Core Scientific (CORZ): closed at $16.04 (-5.59%), up 0.31% at $16.09
in pre-market.
CleanSpark (CLSK): closed at $13.56 (-9.42%), up 3.61% at 14.05.
CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $28.58 (-7.63%).
Semler Scientific (SMLR): closed at $62.12 (+0.6%).
ETF Flows
Spot BTC ETFs:
Daily net inflow: $479.1 million
Cumulative net inflows: $33.88 billion
Total BTC holdings ~ 1.108 million.
Spot ETH ETFs
Daily net inflow: $149.8 million
Cumulative net inflows: $1.56 billion
Total ETH holdings ~ 3.287 million.
Source: <a href=»https://farside.co.uk/btc/» target=»_blank»>Farside Investors</a>
Overnight Flows
Chart of the Day
The rally in Nvidia (NVDA), which has traditionally shown a <a href=»https://www.coindesk.com/markets/2024/03/15/bitcoins-correlation-to-nvidia-strongest-in-over-a-year» target=»_blank»>positive correlation</a> with bitcoin, appears to have lost momentum.
While You Were Sleeping
<a href=»https://www.coindesk.com/markets/2024/12/10/xrp-dogecoin-dive-12-as-altcoin-carnage-leads-to-highest-bullish-liquidation-in-nearly-3-years» target=»_blank»>XRP, Dogecoin Dive 12% as Altcoin Carnage Leads to Highest Bullish Liquidation in Nearly 3 Years</a> (CoinDesk): Major altcoins plummeted during early Asian hours Tuesday, with XRP, DOGE, and ADA dropping up to 15%, while Bitcoin fell 3%. Analysts pointed to an overheated market, Google’s quantum chip announcement, and unusual sell orders, with forced liquidations of over $1.5 billion exacerbating the downturn.
<a href=»https://bitcoinmagazine.com/politics/russian-state-duma-deputy-proposes-strategic-bitcoin-reserve» target=»_blank»>Russian State Duma Deputy Proposes Strategic Bitcoin Reserve</a> (Bitcoin Magazine): On Monday, Russia’s State Duma Deputy Anton Tkachev proposed to Finance Minister Anton Siluanov the creation of a strategic bitcoin reserve to bolster the country’s financial stability, citing vulnerabilities of traditional currency reserves to inflation and sanctions. Tkachev highlighted cryptocurrencies’ growing role in international trade amid sanctions, as Russia plans to experiment with cross-border crypto settlements.
<a href=»https://www.coindesk.com/tech/2024/12/10/what-does-googles-quantum-computing-chip-mean-for-bitcoin» target=»_blank»>What Does Google’s Quantum Computing Chip Mean for Bitcoin?</a> (CoinDesk): Willow quantum chip marks a breakthrough, performing tasks in minutes that classical supercomputers would take ten septillion years to complete. While the 105-qubit chip highlights quantum computing’s potential, it remains far from the scale needed to compromise Bitcoin’s encryption. Crypto researchers, including Ethereum’s Vitalik Buterin, emphasize the urgency of developing quantum-resistant algorithms.
<a href=»https://www.cnbc.com/2024/12/10/oil-prices-ease-but-geopolitical-risk-and-china-policy-stance-check-losses.html» target=»_blank»>Oil Prices Ease, but Geopolitical Risk and China Policy Stance Check Losses</a> (CNBC): Oil prices eased slightly on Tuesday but retained earlier gains, driven by geopolitical risks after Syrian President Bashar al-Assad’s fall and optimism around China’s plans for economic stimulus. Traders also await U.S. supply data, with initial signals pointing to declining crude and gasoline stockpiles that could further shape price trends.
<a href=»https://www.reuters.com/markets/currencies/indian-rupee-hits-record-low-appointment-new-rbi-chief-spurs-dovish-bets-2024-12-10/» target=»_blank»>India Rupee Hits Record Low, Bond Yields Dip as Change of Guard at RBI Spurs Rate Cut Bets</a> (Reuters): The Indian rupee slid to a record low of 84.85 per U.S. dollar, while 10-year government bond yields declined. Traders expect a February rate cut under new Reserve Bank of India Governor Sanjay Malhotra, whose stance is seen as more dovish than his predecessor and who starts his three-year term on Wednesday.
<a href=»https://www.bloomberg.com/news/articles/2024-12-10/ecb-officials-to-lock-horns-over-how-much-cuts-can-boost-economy» target=»_blank»>ECB Officials to Lock Horns Over How Much Cuts Can Boost Economy</a> (Bloomberg): European Central Bank officials agree on the need for lower rates to support the EU’s struggling economy but hold differing views on their effectiveness. Structural issues like high energy costs and geopolitical risks, such as the prospect of increased US tariffs on EU exports, may hinder efforts to stimulate spending and investment.
<a href=»https://www.wsj.com/economy/central-banking/rba-hold-rates-steady-but-sounds-more-confident-that-inflation-is-being-tamed-323762b0″ target=»_blank»>RBA Hold Rates Steady But Sounds More Confident That Inflation Is Being Tamed</a> (The Wall Street Journal): The Reserve Bank of Australia held its cash rate at 4.35% on Tuesday, signaling a more dovish stance by noting easing inflation risks and narrowing demand-supply imbalances. Business conditions appear to be at their weakest level since mid-2020, even as the RBA highlights a tight labor market and persistent core inflation pressures.
In the Ether
HBAR spent much of the past 23 hours locked in a narrow range, oscillating between $0.23 and $0.24 in what amounted to just 2% volatility. The token briefly touched session highs at $0.24 on Sept. 16 around 18:00 UTC before sliding lower, ultimately finding repeated support near $0.23. Multiple rebound attempts from that level throughout Sept. 17’s morning trading hinted at a potential price floor, though conviction remained limited.
Market activity tapered alongside the price drift. Trading volumes fell steadily after an early spike, underscoring weakening participation and suggesting that bullish momentum has largely faded. The constrained range and muted volatility reinforced the impression of indecision, with buyers and sellers unwilling to press for a breakout.
The final hour of the observed period offered a sharper display of market sentiment. At 13:33 UTC on Sept. 17, HBAR sold off abruptly from $0.24 to $0.23, accompanied by an outsized 2.56 million in volume just three minutes later. Yet the coin staged a measured recovery, climbing back to end near session highs, encapsulating the day’s push and pull between sellers and opportunistic dip buyers.
Overall, HBAR slipped 1% across the 23-hour window. While the establishment of support around $0.23 provides some stability, declining volumes and sustained downward pressure leave the market vulnerable. The swift sell-off and subsequent rebound illustrate the uncertainty still shaping HBAR’s outlook, with bearish sentiment prevailing but tempered by signs of technical resilience.
Technical Indicators Assessment
- Price action demonstrated consolidation within a 2% range between $0.23-$0.24 resistance and support thresholds.
- Volume contracted from 45.7 million to 4.7 million tokens indicating deteriorating market participation.
- Multiple rebounds at $0.23 support level suggest potential price floor establishment.
- Acute sell-off at 13:33 followed by recovery indicates volatile intraday sentiment fluctuations.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
Welcome to The Protocol, CoinDesk’s weekly wrap of the most important stories in cryptocurrency tech development. I’m Margaux Nijkerk, a reporter at CoinDesk.
In this issue:
- Ethereum Faces Validator Bottleneck With 2.5M ETH Awaiting Exit
- Is Ethereum’s DeFi Future on L2s? Liquidity, Innovation Say Perhaps Yes
- Ethereum Foundation Starts New AI Team to Support Agentic Payments
- American Express Introduces Blockchain-Based ‘Travel Stamps’
Network News
ETHEREUM VALIDATOR EXIT QUEUE FACES BOTTLENECK: Ethereum’s proof-of-stake system is facing its largest test yet. As of mid-September, roughly 2.5 million ETH — valued at roughly $11.25 billion — is waiting to leave the validator set, according to validator queue dashboards. The backlog pushed exit wait times to more than 46 days on Sept. 14, the longest in Ethereum’s short staking history, dashboards show. The last peak, in August, put the exit queue at 18 days. The initial spark came on Sept. 9, when Kiln, a large infrastructure provider, chose to exit all of its validators as a safety precaution. The move, triggered by recent security incidents including the NPM supply-chain attack and the SwissBorg breach, pushed around 1.6 million ETH into the queue at once. Though unrelated to Ethereum’s staking protocol itself, the hacks rattled confidence enough for Kiln to hit pause, highlighting how events in the broader crypto ecosystem can cascade into Ethereum’s validator dynamics. In a blog post from staking provider Figment, Senior Analyst Benjamin Thalman noted that the current exit queue build up isn’t only about security. After ETH has rallied more than 160% since April, some stakers are simply taking profits. Others, especially institutional players, are shifting their portfolios’ exposure. At the same time, the number of validators entering the Ethereum staking ecosystem has been steadily rising. Ethereum’s churn limit, which is a protocol safeguard that caps how many validators can enter or exit over a certain time period, is currently capped at 256 ETH per epoch (about 6.4 minutes), restricting how quickly validators can join or leave the network. The churn limit is meant to keep the network stable. With more than 2.5M ETH lined up, stakers on Sept. 16 face 44 days before even reaching the cooldown step. — Margaux Nijkerk Read more.
IS L2 DEFI EATING AT ETHEREUM’S L1 DEFI?: Ethereum is in the midst of a paradox. Even as ether hit record highs in late August, decentralized finance (DeFi) activity on Ethereum’s layer-1 (L1) looks muted compared to its peak in late 2021. Fees collected on mainnet in August were just $44 million, a 44% drop from the prior month. Meanwhile, layer-2 (L2) networks like Arbitrum and Base are booming, with $20 billion and $15 billion in total value locked (TVL) respectively. This divergence raises a crucial question: are L2s cannibalizing Ethereum’s DeFi activity, or is the ecosystem evolving into a multi-layered financial architecture? AJ Warner, the chief strategy officer of Offchain Labs, the developer firm behind layer-2 Arbitrum, argues that the metrics are more nuanced than just layer-2 DeFi chipping at the layer 1.In an interview with CoinDesk, Warner said that focusing solely on TVL misses the point, and that Ethereum is increasingly functioning as crypto’s “global settlement layer,” a foundation for high-value issuance and institutional activity. Products like Franklin Templeton’s tokenized funds or BlackRock’s BUIDL product launch directly on Ethereum L1 — activity that isn’t fully captured in DeFi metrics but underscores Ethereum’s role as the bedrock of crypto finance. Ethereum as a layer-1 blockchain is the secure but relatively slow and expensive base network. Layer-2s are scaling networks built on top of it, designed to handle transactions faster and at a fraction of the cost before ultimately settling back to Ethereum for security. That’s why they’ve become so appealing to traders and builders alike. Metrics like TVL, the amount of crypto deposited in DeFi protocols, highlight this shift as activity is moved to L2s where lower fees and quicker confirmations make everyday DeFi far more practical. — Margaux Nijkerk Read more.
EF STARTS DECENTRALIZED AI TEAM: The Ethereum Foundation (EF) is creating a dedicated artificial intelligence (AI) group to make Ethereum the settlement and coordination layer for what it calls the “machine economy,” according to research scientist Davide Crapis. Crapis, who announced the initiative on X, said the new dAI Team will pursue two priorities: enabling AI agents to pay and coordinate without intermediaries, and building a decentralized AI stack that avoids reliance on a small number of large companies. He said Ethereum’s neutrality, verifiability and censorship resistance make it a natural base layer for intelligent systems. The EF is a non-profit organization based in Zug, Switzerland, that funds and coordinates the development of the Ethereum blockchain. It does not control the network but plays a catalytic role by supporting researchers, developers and ecosystem projects. Its remit includes funding upgrades such as Ethereum 2.0, zero-knowledge proofs and layer-2 scaling, alongside community programs like the Ecosystem Support Program. The foundation also organizes events such as Devcon to foster collaboration and acts as a policy advocate for blockchain adoption. In 2025, EF restructured to handle Ethereum’s growth, emphasizing ecosystem acceleration, founder support and enterprise outreach. The new dAI Team represents a continuation of this shift toward specialized units addressing emerging technologies. — Siamak Masnavi Read more.
AMERICAN EXPRESS DABBLES IN BLOCKCHAIN TRAVEL STAMPS: American Express has introduced Ethereum-based «travel stamps» to create a commemorative record of travel experiences. The travel experience tokens, which are technically NFTs (ERC 721 tokens), are minted and stored on Coinbase’s Base network, said Colin Marlowe, vice president of Emerging Partnerships at Amex Digital Labs. The travel stamps, which can be collected anytime a traveler uses their card, are not tradable NTF tokens, Marlowe said, and neither do they function like blockchain-based loyalty points — at least for the time being. “It’s a valueless ERC-721, so technically an NFT, but we just didn’t brand it as such. We wanted to speak to it in a way that was natural for the travel experience itself, and so we talk about these things as stamps, and they’re represented as tokens,” Marlowe said in an interview. “As an identifier and representation of history the stamps could create interesting partnership angles over time. We weren’t trying to sell these or sort of generate any like short term revenue. The angle is to make a travel experience with Amex feel really rich, really different, and kind of set it apart,” he said. Fireblocks is also involved, supporting Amex as its Wallet-as-a-Service provider for the passport product, a Fireblocks representative said. The Amex travel app also includes a range of tools for travels and Centurion Lounge upgrades, the company said. – Ian Allison Read more.
In Other News
- Blockchain-based real world asset (RWA) specialists Centrifuge and Plume have launched the Anemoy Tokenized Apollo Diversified Credit Fund (ACRDX), backed by a $50 million anchor investment from Grove, a credit infrastructure protocol within the Sky Ecosystem. The fund gives blockchain investors exposure to Apollo’s diversified global credit strategy, spanning direct corporate lending, asset-backed lending and dislocated credit, a type of mispriced debt due to market stress and lack of liquidity. ACRDX will be distributed through Plume’s Nest Credit vaults under the ticker nACRDX, making the strategy accessible to institutional investors on-chain. By packaging Apollo’s portfolio in tokenized form, the fund aims to lower entry barriers and increase transparency for investors seeking exposure to private credit markets, according to a press release. — Ian Allison Read more.
- Google is taking a step toward merging artificial intelligence (AI) and digital money, rolling out a new open-source protocol that lets AI applications send and receive payments, which includes support for stablecoins, digital tokens pegged to fiat currencies such as the U.S. dollar, according to a press release. To incorporate stablecoin rails, Google teamed up with the U.S.-based crypto exchange Coinbase, which has been developing its own AI-integrated payments infrastructure. The company also worked with the Ethereum Foundation and coordinated with more than 60 other organizations, including Salesforce, American Express and Etsy, to cover traditional finance use cases. The move builds on Google’s earlier work to establish a standard for “AI agents.” These digital agents may eventually handle complex tasks, such as negotiating mortgages or shopping for clothes, without direct human input. — Oliver Knight Read more.
Regulatory and Policy
- Contrary to claims from the U.S. banking industry, stablecoins do not pose a risk to the financial system, according to the chief policy officer at crypto exchange Coinbase (COIN), Faryar Shirzad. Banks’ claims that they do are are myths crafted to defend their revenues, he wrote in a blog post. «The central claim — that stablecoins will cause a mass outflow of bank deposits — simply doesn’t hold up,» Shirzad wrote. «Recent analysis shows no meaningful link between stablecoin adoption and deposit flight for community banks and there’s no reason to believe big banks would fare any worse.» Larger lenders still hold trillions of dollars at the Federal Reserve and if deposits were really at risk, he argued, they would be competing harder for customer funds by offering higher interest rates rather than parking cash at the central bank. According to Shirzad, the real reason for banks’ opposition is the payments business. Stablecoins, digital tokens whose value is pegged to a real-life asset such as the dollar, offer faster and cheaper ways to move money, threatening an estimated $187 billion in annual swipe-fee revenue for traditional card networks and banks. He compared the current pushback to earlier battles against ATMs and online banking, when incumbents warned of systemic dangers but, he said, were ultimately trying to protect entrenched profits. — Jesse Hamilton Read more.
- U.S. SEC Chair Paul Atkins said crypto’s time has come, pledging to modernize the U.S. securities rulebook and expand “Project Crypto” to bring markets on-chain. Speaking in Paris on Sept. 10 at the OECD’s inaugural Roundtable on Global Financial Markets, Atkins said the SEC is shifting away from enforcement-driven policymaking and will provide clear rules for tokens, custody, and trading platforms. “Policy will no longer be set by ad hoc enforcement actions,” he said, calling the new approach “a golden age of financial innovation on U.S. soil.” Atkins said most tokens are not securities and promised bright-line rules for determining when crypto assets fall under SEC oversight. He said entrepreneurs must be able to raise capital on-chain without “endless legal uncertainty” and pledged a framework for platforms that integrate trading, lending, and staking under one license. Custody rules will also be updated to allow investors and intermediaries multiple options. — Siamak Masnavi Read more.
Calendar
- Sept. 22-28: Korea Blockchain Week, Seoul
- Oct. 1-2: Token2049, Singapore
- Oct. 13-15: Digital Asset Summit, London
- Oct. 16-17: European Blockchain Convention, Barcelona
- Nov. 17-22: Devconnect, Buenos Aires
- Dec. 11-13: Solana Breakpoint, Abu Dhabi
- Feb. 10-12, 2026: Consensus, Hong Kong
- Mar. 30-Apr. 2: EthCC, Cannes
- May 5-7, 2026: Consensus, Miami
Shares of Bullish (BLSH) rose 5% to $53.12 on Tuesday after the crypto platform secured a BitLicense from the New York State Department of Financial Services, a crucial regulatory approval that opens the door to offering spot trading and custody services to institutional clients in New York.
With the license, Bullish’s U.S. arm — Bullish US Operations LLC — can now legally serve advanced traders in the financial capital of the U.S., an important step in the company’s push to expand domestically. Until now, Bullish was only regulated in Germany, Hong Kong and Gibraltar. Bullish’s global parent is also CoinDesk’s parent company.
The license comes just a day after Cathie Wood’s ARK Invest significantly increased its exposure to the company. The ARK Innovation ETF (ARKK) acquired 120,609 shares while ARK Next Generation Internet ETF (ARKW) picked up 40,574 shares, together worth about $8.21 million.
Bullish, which runs a trading platform aimed at institutional investors, will report second-quarter earnings after markets close on Wednesday.
Earlier this week, investment bank Keefe, Bruyette & Woods (KBW) initiated coverage on the company with a «market perform» rating and a $55 price target. The firm called Bullish “a rare public play” on a crypto exchange built for institutions and noted that its entry into the U.S. could drive growth. KBW sees domestic expansion as a key catalyst.
Bullish debuted on the New York Stock Exchange in August through a direct listing. Its stock surged to $104 on opening day before closing at $68. Since then, shares have fallen 22%, with today’s BitLicense announcement providing a boost.
If Bullish succeeds in expanding its footprint in the U.S., it could emerge as a legitimate competitor to Coinbase, according to brokerage firm Bernstein. The firm said success will depend on the platform’s ability to execute on its U.S. launch plans, currently targeted for 2026, Bernstein said.
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