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Good Morning,

Here's a quick preview of today’s content: Trump rang the NYSE opening bell and had pro crypto remarks, Avalanche raises massive token sale, BlackRock urges the public to own crypto, LINK makes huge moves, Microsoft vote doesn’t go according to plane, and more

Happy Friday - let’s dive in.

Market Snapshot

• Chainlink (LINK) has surged to its highest level since January 2022, reaching $29.45 on Thursday

  • Posting a 20% gain over the last seven days and a 119% increase over the past month

  • Whale activity has been a key driver of LINK’s price momentum

• Bitcoin climbed to $102,500 early Thursday after President-elect Trump reiterated his ambition to embrace crypto assets, but a bond market rout dragged risk assets lower

• The European Central Bank cut interest rates by 25 basis points and in its dovish policy statement hinted that more rate cuts were likely to happen

• Most members of the CoinDesk 20 Index outperformed bitcoin, with Avalanche's AVAX and Chainlink's LINK up 9% and 13% over the past 24 hours, respectively

Market Predictions

• Traders on Kalshi are currently factoring in a 32% chance that Dogecoin hits $0.69 on January 20th, 2025

  • Funny enough, $0.69 represents a ~69% upside from Doge’s current price of $0.41 (as of time of writing)

• Trade this market by checking out Kalshi

• Get a $20 bonus when you deposit $100 or more with code “LIT” on signup

Headline Roundup
^{_{The major headlines driving crypto markets}}

• BlackRock recommends investors allocate up to 2% of portfolio into Bitcoin (TD)

• Trump says the U.S. is going to do ‘something great with crypto’ while ringing the bell at the NYSE (CNBC)

• Supreme Court rules against Nvidia’s motion to dismiss crypto lawsuit (DC) 

• Microsoft shareholders rejects Bitcoin investment proposal (CD) 

• Activist investor Starboard Value takes significant position in Bitcoin miner Riot Platforms (CT) 

• $57B AUM Australian superannuation fund AMP owns $27M of Bitcoin (CT) 

• Babylon Chain deposits surge past $3.7B after Binance adds support for staking Bitcoin with Babylon (TD)

• BlackRock and Fidelity make ETH purchase worth $500M in two days (DC)

• Solana gained highest share of new devs in 2024 according to VC Electric Capital (BW) 

• Bitcoin Miner Hut 8’s shares spike 12% due to rumored partnership with Meta (CD) 

• Ex-Grayscale CEO, Michael Sonnenshein, joins tokenization firm Securitize as COO (CD) 

• The Eigen Foundation to allocate 1% of Eigen supply to Ethereum’s Protocol Guild (CT) 

• Sushi DAO CEO, Jared Grey, forecasts several new product launches (CP) 

• Binance inflows hit $24B from 250M user base in 2024 (CT)

• Australia fines Kraken operator $5M for regulatory breaches (CT)

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Launches

• Grayscale launches investment funds for for Lido and Optimism’s governance tokens (CT)

• xHaven, a digital collectibles marketplace and blockchain infrastructure provider on Flare, announced the launch of its native governance token, XVN (DC)

Venture Capital

• Ex-Paradigm investor raises $75M for new frontier-tech venture firm (CT)

• Avalanche raises $250M in a token sale led by Galaxy Digital, Dragonfly, and ParaFi Capital to fund its Avalanche9000 upgrade (BL) 

• SuperForm raises $3M in funding led by VanEck Ventures to launch its new yield-bearing product (TD)

Regulation

• Ukraine plans to legalize crypto in early 2025 (TD) 

• Texas state rep files for state strategic Bitcoin reserve (BM) 

• Australian Securities & Investments Commission fines Kraken $5.1M for illegally offering margin trading (DC)

• Vancouver passes bill to explore integrating Bitcoin into its financial operations (CT) 

• Coinbase to restrict EU users from trading certain stablecoins including Tether’s USDT (TD)

Cybersecurity

• Hacker exploits critical Dogecoin vulnerability, crashing 69% of nodes (CT)

• Compound Finance has launched a $1M bug bounty program on Immunefi to strengthen its protocol’s security (CN)

Chart of the Day

4 Bitcoin cycles visualized

Meme Dump

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