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🚨 Breaking Web3 News: The Latest Game-Changing Updates You Need to Know!
CoinGape Media
January 10, 2025
News
The Senate Banking Committee, under the leadership of Senator Tim Scott, is preparing to establish its first-ever subcommittee focused on cryptocurrency oversight. This initiative comes amid increased government attention on digital assets, including the recent sale of $6.7 billion in Bitcoin seized from the Silk Road case by the U.S. Department of Justice.
The move is seen as part of broader efforts to provide regulatory clarity for the rapidly growing cryptocurrency industry. According to a report shared by FOX Business reporter Eleanor Terrett, Senator Cynthia Lummis has been tentatively selected to chair the subcommittee.
In the latest development in the In re Ripple Labs Inc Litigation, a federal judge has granted an order related to an administrative motion to file documents under seal. Moreover, in relation to defendant Ripple’s summary judgment motion, the judge agrees to seal records of confidential, sensitive, and personally identifiable information as the case now proceeds in a US appeals court.
The latest nonfarm payrolls data shows a surge in the US employment rate for December. Meanwhile, the unemployment rate also came in lower than expected. These macroeconomic figures could significantly impact Bitcoin and the broader crypto market.
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Markets
Cryptocurrency prices today reflect a bearish trend as Bitcoin (BTC) hit a low of $92,000, while major altcoins like Ethereum (ETH) and XRP saw declines of around 2.51% and 3%, respectively. The global crypto market cap dropped by 1.68% to $3.25 trillion, with trading volumes falling 11% to $155 billion. These declines come as markets anticipate U.S. jobs data, which could impact interest rate expectations and crypto valuations. The Fear and Greed Index remains at 43, indicating neutral market sentiment amid ongoing volatility.
Solana price today remains under pressure as bulls attempt to buy the dip following a 30% crash from its December highs. While BNB has also dropped, its performance has been less severe than SOL and other top altcoins. So, will SOL bounce back and overtake BNB again to reclaim the 5th spot in terms of market cap?
The crypto market faces challenges as SEC Chair Gary Gensler plans to step down on January 20, 2025. Bitcoin struggles to maintain momentum, trading below $100,000. Market uncertainty looms as regulatory shifts are anticipated following Gensler’s departure. Investors are advised to reconsider positions in volatile assets. Below are five crypto to sell that might warrant caution before this transition.
The year 2024 was transformative for the Web3 ecosystem, witnessing rapid advancements, significant market shifts, and evolving regulatory landscapes. This analysis highlights the key crypto trends that have defined the year, supported by relevant data and insights, providing early to medium-scale crypto investors with a comprehensive understanding of what has transpired in the Web3 space.