Uncategorized
Crypto Daybook Americas: BTC Hits Mid-Cycle Peak as Retail Interest in Altcoins Soars
By Omkar Godbole (All times ET unless indicated otherwise)
The crypto market has begun the week on a negative note, with bitcoin (BTC) lower after a weekend spent wrestling with the $100,000 mark amid reports that Amazon shareholders are pushing for an allocation to the cryptocurrency. The persistent indecisiveness since Dec. 5 amid <a href=»https://x.com/cryptoquant_com/status/1864346040633008510″ target=»_blank»>increased retail participation</a> has some indicators pointing to a mid-bull cycle top.
For example, BTC’s value days destroyed (VDD) indicator, a velocity gauge, has jumped to 2.0 from 0.5, signaling that older coins are being sold. As the founder of <a href=»https://10xresearch.co/» target=»_blank»>10x Research</a>, Markus Thielen, points out, «This often reflects profit-taking by long-term holders, a behavior typical in the later stages of a bull market.» Luckily for the bulls, VDD is still below the critical 3.8 level, marking the end of previous bull markets. The popular MVRV ratio supports this idea, rising to 2.7x in a move Thielen calls a hint of a mid-cycle peak where many investors contemplate taking profits.
Meanwhile, MicroStrategy’s CEO Michael Saylor <a href=»https://x.com/PauloMacro/status/1865767710816075910″ target=»_blank»>faced a backlash</a> on social media for urging the U.S. to replace gold with BTC in its reserves, leaving America’s enemies with a worthless asset. At least that’s an improvement compared with the maxi narrative of late 2020 <a href=»https://www.coindesk.com/markets/2020/10/06/bitcoin-unlikely-to-replace-us-dollar-as-global-reserve-marc-chandler» target=»_blank»>that suggested</a> BTC would replace the USD, or is it? The cheesy take has some wondering whether the bullish cycle is about to peak.
Ether is also feeling the pressure, posting even larger losses than bitcoin and dampening hopes for a recovery in the ether-bitcoin ratio. Despite this, retail interest remains robust, with open interest in ETH perpetuals rising to $843 million on leading decentralized exchange <a href=»https://stats.hyperliquid.xyz/» target=»_blank»>Hyperliquid</a>, exceeding BTC’s $616 million. This follows <a href=»https://www.chaincatcher.com/en/article/2155819#:~:text=Last%20week%2C%20the%20U.S.%20Ethereum,million%20and%20%24296%20million%2C%20respectively.» target=»_blank»>record inflows</a> of $836 million into ether ETFs last week.
«This indicates significant retail interest in ETF flows,» said Toe Bautista, a research analyst at <a href=»https://www.gsr.io/» target=»_blank»>GSR</a>. «Most carry trades are on CME versus Hyperliquid, so this interest seems to reflect sticky retail capital that could fuel the next leg up.»
On a positive note for ETH, the DeFi sector, which primarily operates on Ethereum, is booming. Last week, TradingView’s DeFi market cap index surged over 28% to $151.9 billion, its highest since early 2022. This increase has reduced ether’s inflation rate to 0.3% and was accompanied by a 71% rise in DEX trading volumes, a 39% increase in network revenue and a 20x surge in total blob fees.
Frax Finance’s FXS token fell despite an expected major upgrade announcement, while Aptos’ APT token dropped 7% ahead of a $165 million token unlock on Dec. 11. Altcoins are gaining increased search interest on Google, as shown in today’s chart.
In traditional markets, U.S. equity futures held steady, with China’s Politburo <a href=»https://www.forexlive.com/news/chinas-politburo-says-will-implement-more-proactive-fiscal-policy-20241209/» target=»_blank»>announcing</a> more proactive fiscal and loose monetary policies, prompting the 10-year Chinese government bond yield to drop below 2%. (Are bonds pricing in a potential Chinese QE?) Stay alert!
What to Watch
Crypto:
Dec. 10, 11:30 a.m.: Microsoft’s 2024 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 Bitcoin presentation</a> (“Microsoft Bitcoin Strategy”). 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. Nasdaq-listed 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).
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%.
Dec. 18, 2:00 p.m.: The Fed is set to release December’s <a href=»https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm» target=»_blank»>Federal Open Market Committee (FOMC) Statement</a> and interest-rate decision, with the previous rate at 4.75%. The <a href=»https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html» target=»_blank»>CME Group’s FedWatch tool </a>currently indicates that traders in federal funds futures assign a 90.5% probability of a 25 basis-point rate cut being announced, compared to a 9.5% probability of no change.
Dec. 18, 2:30 p.m.: Fed Chair Jerome Powell hosts a press conference on the FOMC decision. <a href=»https://www.federalreserve.gov/live-broadcast.htm» target=»_blank»>Livestream link</a>.
Dec. 18, 10:00 p.m.: The Bank of Japan (BoJ) announces its interest rate decision.
Dec. 19, 8:30 a.m.: The U.S. Bureau of Economic Analysis (BEA) releases <a href=»https://www.bea.gov/data/gdp/gross-domestic-product» target=»_blank»>third-quarter GDP (final)</a>.
GDP Growth Rate QoQ Est. 2.8% vs Prev. 3.0%.
GDP Price Index QoQ Est. 1.9% vs Prev. 2.5%.
Dec. 24, 1:00 p.m. The Fed releases November’s <a href=»https://www.federalreserve.gov/releases/h6/default.htm» target=»_blank»>H.6 (Money Stock Measures) report</a>.
Token Events
Unlocks
Bitget to unlock 5.38 BGB, 0.38%of circulating supply, worth $6.81 million at current prices on Dec. 9 at 7 p.m.
EigenLayer to unlock 1.29 million EIGEN, worth $5.92 million, on Dec. 10 at 2 pm.
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
Over the weekend, Ethereum-based Pepe (PEPE) zoomed to a record $11 billion market capitalization, continuing its correlation as a beta bet on the network as ether (ETH) leapt to an eight-month high.
PEPE has gained <a href=»https://www.coingecko.com/en/coins/pepe» target=»_blank»>more than 23% in the past </a>seven days, with trading volumes increasing from an average of $2 billion to over $8 billion in that period.
That move made the token the first among the relatively new memes from 2023 — a cohort that includes bonk, dogwifhat, and mog, among others — the first to eclipse a landmark $10 billion market cap.
Gains in pepe likely tracked those of ether, which has outperformed bitcoin (BTC) and other major tokens with an 8% rise in the past seven days.
Since late 2023, meme tokens have been increasingly seen as a beta — or a leveraged way to bet on the growth of their underlying blockchain.
Some PEPE whales increased their holdings by roughly 1.1 billion tokens over the weekend, suggesting strong institutional or large investor interest in expectations of a higher move, according to <a href=»https://x.com/lookonchain/status/1865605723859939690″ target=»_blank»>Lookonchain data</a>.
Derivatives Positioning
Funding rates in perpetual futures tied to major tokens, including BTC, have dropped to less than 30% from nearly 100% last week. It’s a sign that speculative excesses have been crowded out.
While perpetual futures open interest for most major coins has increased over the past seven days, cumulative volume deltas (CVDs) have declined, indicating a net selling pressure.
BTC’s options market has seen a strong uptake for the Dec. 13 expiry call at $105,000 and calls at $130,000 and $150,000 expiring in January and March. Calls continue to trade at a premium to puts.
In ETH, an entity financed a large purchase of the $3,200 put expiring on Dec. 27 with a short position in the $4,200 call. The positioning shows expectations for a price drop.
Market Movements:
BTC is down 3.3% from 4 p.m. ET Friday to $98,632.41 (24hrs: -1.46%)
ETH is down 4.7% at $3,881.34 (24hrs: -2.81%)
CoinDesk 20 is down 4.1% to 3,838.53 (24hrs: -3.37%)
Ether staking yield is down 24 bps to 3.05%
BTC funding rate is at 0.0164% (18% annualized) on Binance
DXY is down 0.18% at 105.87
Gold is up 1.49% at $2,677.9/oz
Silver is up 2.69% to $32.03/oz
Nikkei 225 closed +0.18% at 39,160.5
Hang Seng closed +2.76% at 20,414.09
FTSE is up 0.21% at 8,326.02
Euro Stoxx 50 is unchanged at 4,974.6
DJIA closed Friday -0.28% at 44,642.52
S&P 500 closed +0.25% at 6,090.27
Nasdaq closed +0.81% at 19,859.77
S&P/TSX Composite Index closed unchanged at 25,691.8
S&P 40 Latin America closed -1.62% at 2,329.74
U.S. 10-year Treasury was unchanged at 4.17%
E-mini S&P 500 futures are down 0.1% to 6,092.75
E-mini Nasdaq-100 futures are down 0.19% to 21,615.75
E-mini Dow Jones Industrial Average Index futures are unchanged at 44,692
Bitcoin Stats:
BTC Dominance: 55.86% (0.90%)
Ethereum to bitcoin ratio: 0.03932 (-0.73%)
Hashrate (seven-day moving average): 745 EH/s
Hashprice (spot): $62.26
Total Fees: 15.28 BTC / $2.76M
CME Futures Open Interest: 195K BTC
BTC priced in gold: 37.4 oz
BTC vs gold market cap: 10.66%
Bitcoin sitting in over-the-counter desk balances: 428.79K
Basket Performance
Technical Analysis
BTC’s hourly chart shows the cryptocurrency has dived below the lower Bollinger band, hinting at deeper losses ahead.
Bollinger bands are volatility bands placed two standard deviations above and below the 20-period simple moving average of the price.
TradFi Assets
MicroStrategy (MSTR): closed on Friday at $395.01 (+2.23%), down 2.39% at $385.50 in pre-market.
Coinbase Global (COIN): closed at $343.62 (+7.19%), down 2.4% at $335.4 in pre-market.
Galaxy Digital Holdings (GLXY): closed at C$29.90 (+8.14%)
MARA Holdings (MARA): closed at $26.43 (+6.62%), down 2.88% at $25.67 in pre-market.
Riot Platforms (RIOT): closed at $12.95 (+5.11%), down 1.62% at $12.74 in pre-market.
Core Scientific (CORZ): closed at $16.99 (+0.30%), down 1% at $16.82 in pre-market.
CleanSpark (CLSK): closed at $14.97 (+7.47%), down 2.54% at $14.59 in pre-market.
CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $30.94 (+7.02%), down 0.94% at $30.65 in pre-market.
Semler Scientific (SMLR): closed at $61.75 (+5.47%), down 1.31% at $60.94 in pre-market.
ETF Flows
Spot BTC ETFs:
Daily net inflow: $376.6 million
Cumulative net inflows: $33.4 billion
Total BTC holdings ~ 1.103 million.
Spot ETH ETFs
Daily net inflow: $83.8 million
Cumulative net inflows: $1.43 billion
Total ETH holdings ~ 3.280 million.
Source: <a href=»https://farside.co.uk/» target=»_blank»>Farside Investors</a>
Overnight Flows
Chart of the Day
Google Trends, a widely used tool to gauge general or retail interest in trending topics, is returning a value of over 70 for the worldwide search query «altcoins.»
That’s the highest retail investor interest for more than four years.
While You Were Sleeping
<a href=»https://www.coindesk.com/markets/2024/12/09/amazon-shareholders-push-for-minimum-5-bitcoin-allocation» target=»_blank»>Amazon Shareholders Push for Minimum 5% Bitcoin Allocation</a> (CoinDesk): Amazon shareholders are urging the company to follow MicroStrategy and diversify its reserves into bitcoin to combat inflation and enhance shareholder value. Proponents argue that even a 5% allocation could yield long-term benefits, because bitcoin has significantly outperformed traditional assets like gold and the S&P 500 this year.
<a href=»https://www.cbsnews.com/news/crypto-spent-big-money-to-reshape-the-political-landscape-60-minutes-transcript/» target=»_blank»>Big Crypto Spent Big Money to Reshape the Political Landscape</a> (CBS News): In an episode of CBS News program “60 Minutes” that aired on Sunday, Ripple CEO Brad Garlinghouse said substantial financial contributions from crypto companies, including Ripple, significantly influenced key Senate races in Ohio, Michigan, and Arizona. Crypto firms contributed a third of all direct corporate donations to super PACs, with 85% of the 29 Republicans and 33 Democrats they supported in congressional races scoring victories.
<a href=»https://www.coindesk.com/markets/2024/12/09/gauging-bitcoin-xrp-resistance-levels-after-record-price-rallies» target=»_blank»>Gauging Bitcoin, XRP Resistance Levels After Record Price Rallies</a> (CoinDesk): Bitcoin’s options market highlights $120,000 as a potential resistance, with $1.93 billion in open interest, while $200,000 calls hold $500 million. XRP, trading near $2.42, shows $2 million in open interest at the $2.8 strike and $1.12 million at $5.
<a href=»https://www.reuters.com/world/asia-pacific/south-korea-special-forces-officer-involved-martial-law-says-soldiers-were-2024-12-09/» target=»_blank»>South Korea Says Yoon Still Controls Military as Leadership Crisis Deepens</a> (Reuters): South Korean President Yoon Suk Yeol faces a criminal investigation and political crisis after a failed attempt to enact martial law, sparking dissent among military officers and his own party. Despite surviving an impeachment vote on Saturday, Yoon’s future remains uncertain as opposition calls for his resignation and prosecution grow.
<a href=»https://www.coindesk.com/tech/2024/12/09/radiant-capital-says-north-korean-hackers-behind-50-million-attack-in-october» target=»_blank»>Radiant Capital Says North Korean Hackers Behind $50 Million Attack in October</a> (CoinDesk): Radiant Capital linked a $50 million exploit in October to a North Korean hacking group called UNC4736. The attackers, posing as a former contractor, deployed malware to access private keys.
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.
HBAR Retreats Amid Constrained Range Trading and Diminishing Volumes
The Protocol: ETH Exit Queue Gridlocks As Validators Pile Up
Bullish Shares Rise 5% Ahead of Earnings After Crypto Exchange Secures New York BitLicense
-
Business11 месяцев ago3 Ways to make your business presentation more relatable
-
Fashion11 месяцев ago
According to Dior Couture, this taboo fashion accessory is back
-
Entertainment11 месяцев ago
10 Artists who retired from music and made a comeback
-
Entertainment11 месяцев ago
\’Better Call Saul\’ has been renewed for a fourth season
-
Entertainment11 месяцев ago
New Season 8 Walking Dead trailer flashes forward in time
-
Business11 месяцев ago
15 Habits that could be hurting your business relationships
-
Entertainment11 месяцев ago
Meet Superman\’s grandfather in new trailer for Krypton
-
Entertainment11 месяцев ago
Disney\’s live-action Aladdin finally finds its stars