Powell: No Rush to Cut Rates
US Federal Reserve Chairman Jerome Powell emphasized that there is no rush to cut interest rates as the US economy remains strong and inflation is gradually approaching the 2% target. Powell noted strong GDP growth, stable consumer spending and a balanced labor market, while noting that the housing sector remains weak. Although inflation is on a downward trend, Powell emphasized the importance of cautious interest rate adjustments in order not to risk progress. Powell, who predicted that the economy would make a soft landing without causing a recession or a major increase in unemployment, also emphasized the need to address the unsustainable federal budget deficit and the independence of the Fed.
Trump Nominates Jay Clayton for Attorney General
President-elect Donald Trump has nominated former SEC Chairman Jay Clayton to serve as U.S. Attorney for the Southern District of New York, a key jurisdiction where high-profile crypto cases are heard. Clayton, who served as SEC Chairman from 2017 to 2020, oversaw significant enforcement actions during the ICO boom, including cases against Kik, Telegram, and Ripple, and rejected all crypto ETF applications during his tenure. Clayton played a key role in regulations such as the DAO Report, which treated crypto assets issued through ICOs as securities. The appointment comes amid speculation about the future of SEC Chairman Gary Gensler, whom Trump has previously indicated his intention to replace.
Bitcoin Reserve Bill from Pennsylvania
Pennsylvania lawmakers, led by Republicans Mike Cabell and Aaron Kaufer, have introduced the Strategic Bitcoin Reserve Act, which would allow the state’s treasurer to invest in bitcoin, digital assets and crypto ETFs. Cabell cited the growing adoption of bitcoin by financial institutions and other states as evidence of its portfolio diversification benefits. The proposal aligns with a similar federal bill, the Bitcoin Act, by Senator Cynthia Lummis, who advocates for U.S. states and institutions to hold bitcoin. Lummis is optimistic that the bill could pass early in the next administration’s term, highlighting its potential to strengthen the country’s finances.
Asset Tokenization with Hadron from Tether
Tether has launched a real-estate tokenization platform called Hadron, which allows for the tokenization of a variety of assets, including stocks, bonds, stablecoins, loyalty points, and potentially land, art, and luxury items. The platform aims to make asset tokenization more accessible, secure, and scalable, allowing Tether to diversify beyond its $133 billion USDT stablecoin business. The move aligns with tokenization initiatives from firms like Ripple and Plume Network. Tether CEO Paolo Ardoino noted the platform’s potential to transform asset tokenization across a variety of industries.
BlackRock Bitcoin ETF Breaks Record
BlackRock’s Bitcoin ETF IBIT has broken the record for fastest-growing ETF globally, reaching $40 billion in assets in just 211 days. The feat reflects strong institutional interest and Bitcoin’s current bull market, which has seen it surpass $93,000. BlackRock’s aggressive Bitcoin buying strategy, including buying almost 9,000 BTC in one day, has cemented its leadership in the crypto ETF space. The ETF’s rapid inflows and unparalleled growth suggest it has played a key role in the crypto boom and is not slowing down as Bitcoin continues to gain value.
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BITCOIN (BTC)
BTC is priced at 87,670 with a 0.39% gain as of the morning hours. The price is currently at 87,472 and there is a demand zone marked in blue at 86,628.74. This area stands out as an area where buyers can step in if the price pulls back. At lower levels, the support levels of 81,846.71 and 80,040.00 are noteworthy. These levels are important as potential support points in case the price makes a deeper correction. In addition, the support zones located at 77,199.99, 75,000.00, 74,000.00 and 73,620.12 are seen as other important areas that can provide strong support in the downward movement of the price.
ETHEREUM (ETH)
ETH is priced at $3047 with a 0.39% loss in value as of the morning hours. The price is currently at 3,057.45 and is showing a downward movement by breaking the support level at 3,175.47. Just below the current position of the price, there is a demand zone around 3,030, marked in green. This zone is important as an area where buyer interest may increase if the price falls further. If this demand zone cannot be maintained, the price can be expected to head towards the next support level of 2,819.69. The 2,750-2,700 band marked in red below this level stands out as an additional demand zone. The deeper support zones are 2,461.59 and 2,338.99, and it is thought that these levels can provide strong support if the price continues its downward movement.
RIPPLE (XRP)
XRP is priced at $0.8085 with a 4.20% gain as of the morning hours. The price is currently at 0.8044 and is moving in a strong upward trend. There are some demand areas on the chart that could provide support if the price moves down. The first demand area is marked in blue at 0.68. This area stands out as an area where buyer interest could increase if the price pulls back. There is another demand area marked in red just below this at 0.66. This stands out as a second support point where additional buyer interest could form. Further below, there are demand areas marked in green at 0.60 and around 0.58. These areas are areas where buyer interest is expected to increase if the price makes a deeper correction.
AVALANCHE (AVAX)
AVAX is priced at $31.22 with a 0.03% gain as of the morning hours. The price is currently at $31.17 and is seen to be under downward pressure. The first demand zone on the chart is marked in green at levels 30-31. This zone stands out as a support area where buyers can step in if the price falls further. If the price cannot hold at this level, the next potential demand zone is marked in red around $27. At lower levels, there are additional demand zones marked in blue and orange around $25 and $23. These zones stand out as areas that can provide strong support if the price experiences a deeper correction. At the lowest level, 21.88 is indicated as a long-term support and it is predicted that the price may fall to this level in a possible decline.
SOLANA (SOL)
SOL is priced at $207.45 with a 1.07% loss in value as of the morning hours. The price is currently at 206.76 and the 215.27 level acts as resistance. In downward movements, the 205.00 level stands out as the first support point and holding the price at this level may be important in limiting the decline. In case of a fall below the 205.00 level, the price can be expected to head towards the demand zone marked in green around 200. This demand zone stands out as an area where buyers can step in to support the price. Just below this, there is another demand zone marked in blue around 188. At lower levels, the 183.38 level and the 163.70 level are important long-term supports. If buyer interest does not increase, especially in the areas remaining at 183.38 and below, it can be thought that the price may experience a deeper decline.
