Recent developments indicate that President Trump is narrowing down his candidates for the Federal Reserve Chair position, with Kevin Warsh and Kevin Hassett emerging as frontrunners. This shift has led to increased speculation in the markets, particularly reflected in Polymarket odds, which rose significantly for both candidates. The ongoing discussions around crypto policies are also intertwined with this leadership change at the Fed.

Bitcoin's price has dropped below the crucial $90,000 support level, closing the week with a 0.8% decline. This downturn has intensified fears among traders, as the fear and greed index remains in the 'extreme fear' zone at 16, reflecting a loss of confidence in the market.

The cryptocurrency market is experiencing a downturn as Bitcoin's price has fallen below $90,000, reflecting a broader bearish sentiment. This decline is attributed to low liquidity, weakness in altcoins, and traders' caution ahead of significant economic data releases. Ethereum is also facing challenges, with its activity hitting a seven-month low and trading below critical support levels.

The cryptocurrency market experienced a significant downturn on December 13, with Bitcoin's price plummeting by $2,000 within 35 minutes, resulting in a loss of nearly $40 billion in market capitalization and the liquidation of $132 million in long positions. This sudden drop coincided with the opening of the US market, raising questions about potential market manipulation.

Pi Crypto has experienced renewed sell pressure, dropping below $0.21, following a transfer of 2 million tokens from the Core Team's reserve wallet. This movement has historically contributed to instability in the token's value during previous cycles.

Do Kwon, co-founder of Terraform Labs, has been sentenced to 15 years in prison following his guilty plea related to the collapse of the Terra ecosystem, which caused approximately $40 billion in losses. This sentencing highlights the severe legal repercussions faced by individuals involved in significant financial fraud within the cryptocurrency sector.

Bitcoin and Ethereum have maintained stable prices, trading within a narrow range, while derivatives data indicates that traders are increasing their exposure to these cryptocurrencies. This stability comes amid a backdrop of fluctuating market conditions and investor sentiment.

JPMorgan Chase has issued a $50 million commercial paper instrument on the Solana blockchain, marking a significant milestone as one of the first major debt deals to utilize a public blockchain. This transaction was executed for Galaxy Digital Holdings LP and highlights the bank's commitment to integrating blockchain technology into traditional finance.

Gemini has received regulatory approval from the Commodity Futures Trading Commission (CFTC) to launch prediction markets in the United States through its subsidiary, Gemini Titan. This license allows US customers to engage in event contracts, which are simple yes/no bets on future events.