Milei’s party wins midterms, but crypto won’t celebrate

In a significant move for the cryptocurrency industry, Coinbase CEO has engaged with 25 U.S. senators over just 48 hours, signaling a potential breakthrough in crypto regulation. This high-level dialogue highlights the growing recognition of the need for clear regulatory frameworks, which could foster innovation and stability in the crypto market. As discussions progress, the outcome could shape the future of digital currencies in the U.S., making it a pivotal moment for investors and companies alike.

The Norwegian tax authority has reported a significant 30% increase in crypto reporting, with over 73,000 individuals declaring approximately $4 billion in crypto assets for the 2024 tax year. This surge highlights the growing acceptance and integration of cryptocurrencies into the financial landscape, reflecting a shift towards transparency and compliance among investors. As more people engage with digital currencies, it underscores the importance of regulatory frameworks in managing this evolving market.

CryptoProcessing has launched a revamped website aimed at enhancing speed and utility for global businesses adopting cryptocurrency. This upgrade is significant as it reflects the company's commitment to facilitating real-world applications of digital currencies, making it easier for businesses to integrate crypto solutions into their operations.

Congressman Ro Khanna has introduced a bill aimed at prohibiting lawmakers from owning cryptocurrency, specifically targeting President Trump. This legislation is significant as it raises questions about the ethical implications of lawmakers investing in digital currencies while regulating them. The move reflects growing concerns over potential conflicts of interest and aims to ensure transparency and integrity within Congress. As cryptocurrency continues to gain traction, this bill could set a precedent for how lawmakers engage with emerging financial technologies.

Oracle has introduced the Digital Assets Data Nexus, a new platform designed to assist banks and financial institutions in leveraging cryptocurrency and asset tokenization. This initiative is significant as it opens up new avenues for financial services, enabling institutions to innovate and stay competitive in a rapidly evolving digital landscape.

Trump Media is making waves in the cryptocurrency sector as the Trump family's crypto income surpasses $800 million in just six months. This surge in wealth is fueling the company's expansion into prediction markets, where speculative investments are thriving. The move could significantly deepen financial risk-taking among investors, highlighting the growing intersection of media and finance. This development is noteworthy as it reflects the increasing influence of cryptocurrency in mainstream business and the potential for substantial returns, albeit with inherent risks.

Dogecoin's price has recently stabilized below $0.20 after a brief surge, but analysts believe the best is yet to come. Notably, crypto analyst EtherNasyonaL suggests that Dogecoin is on the verge of entering its third and most significant bullish phase. This potential upswing could redefine the coin's long-term trajectory, making it an exciting time for investors and traders alike. Keeping an eye on Dogecoin could be crucial as the market evolves.

A recent tariff threat from Trump against China has caused a significant flash crash in the cryptocurrency market, resulting in a staggering $19 billion in open interest being wiped out and 1.6 million traders facing liquidations. This event highlights the volatility of the crypto market and how external political factors can have immediate and severe impacts on investor confidence and market stability.

Excitement is in the air as institutional investors prepare for the launch of exchange-traded funds (ETFs) linked to Solana, Litecoin, and Hedera on U.S. exchanges this week. This development is particularly noteworthy given the partial shutdown of the U.S. Securities and Exchange Commission (SEC), which adds an element of intrigue to the market. The introduction of these ETFs could signal a growing acceptance of cryptocurrencies in mainstream finance, potentially attracting more investors and boosting the overall market.

XRP is currently at a pivotal resistance level, prompting traders to speculate whether a final dip will occur before a significant breakout. As it continues to fluctuate within a critical range, analysts from CasiTrades emphasize that this moment is crucial for determining the next steps for XRP. Understanding these movements is essential for investors looking to navigate the volatile cryptocurrency market.

Dr. Sangmin Seo, chair of the Kaia DLT Foundation, has criticized South Korea's current approach to stablecoins, suggesting that the Bank of Korea needs to establish clearer regulations for both banks and non-banks to issue these digital tokens. This discussion is crucial as it highlights the need for a more structured framework in the rapidly evolving cryptocurrency landscape, which could impact the future of digital finance in the country.

Wisdomtree has partnered with BNY Mellon to enhance onchain banking through the use of tokenized assets. This collaboration is significant as it represents a step forward in integrating traditional finance with blockchain technology, potentially making financial services more accessible and efficient. By leveraging BNY Mellon's expertise, Wisdomtree aims to innovate the way assets are managed and traded, which could lead to a more streamlined financial ecosystem.

Bitcoin is currently facing a significant downturn, with its price dropping below $113,500 and struggling to break past the $114,200 resistance level. This decline is concerning for investors, as it indicates a potential continuation of the downward trend if the price remains below $112,000. Understanding these price movements is crucial for traders and enthusiasts alike, as they reflect broader market sentiments and can influence future investment decisions.

In today's Asia Morning Briefing, Bitcoin remains steady as traders opt to hold onto stablecoins ahead of the Federal Reserve's upcoming decision. This situation highlights the cautious approach many investors are taking in the current market, reflecting uncertainty about future monetary policy. The Fed's decisions can significantly impact cryptocurrency prices, making it crucial for traders to stay informed and prepared.