24-Hour Cryptocurrency Market Overview | Trump may appoint a new Federal Reserve Chair in early January; Fed officials: 50 basis point rate cut less necessary (December 23)

Market Overview

Major Cryptocurrency Fluctuations

In the past 24 hours, major cryptocurrencies showed varied movements. Bitcoin(BTC) experienced a slight adjustment of +0.06%, Ethereum(ETH) rose modestly by +0.36%, while Solana(SOL) performed relatively strongly with a +2.37% increase. On the downside, Dogecoin(DOGE) retraced -2.47%, Atletico Madrid Fan Token(ATM) declined -0.61%, MeasurableDataToken(MDT) fell -2.29%, and Aster(ASTER) dropped -3.08%.

24-Hour Gainers List

There were notable performances in the market. ECOMI(OMI), despite a daily decline of -1.94%, previously surged by +41%, indicating ongoing sector rotation. Aspecta(ASP) maintained an upward trend with +3.53%, Uxlink(UXLINK) increased by -0.49%, HumidiFi(WET) decreased by -6.30%, and Parcl(PRCL) fell by -3.60%.

Equity Token Market

Among equity tokens, QVAC led in gains, with HUT, RGTI, FLY, and others showing double-digit growth, reflecting continued enthusiasm for on-chain asset allocation.

Popular Memecoin Tracking

On-chain Memecoin projects such as Beat, GUA, VELO, LAB, and RLS remain actively discussed.

Major News Highlights

US Policy Developments

Sources reveal that US President Trump may appoint a new Federal Reserve Chair in the first week of January, a decision expected to have profound impacts on global financial markets.

Federal Reserve Officials’ Shift in Attitude

FOMC member Milan stated that, with recent monetary policy adjustments, the need for the previously supported 50 basis point rate cut has significantly diminished. Milan pointed out that early inflation data shows some unconventional volatility, partly due to government shutdowns. These abnormal signals suggest the Fed should adopt a more cautious policy stance.

Milan emphasized that he currently sees no short-term recession risk but believes the neutral interest rate has declined markedly, requiring monetary policy to reflect this structural change. If rates do not continue to fall toward the new neutral level, recession risks could be exacerbated.

Regarding his term, Milan admitted uncertainty about whether he will stay on. He indicated that if no successor is approved by the end of January, he will continue to serve by default.

Russian Central Bank Optimistic About Digital Asset Mining

Elvira Nabuullina, Governor of the Russian Central Bank, recently stated that cryptocurrency mining could become an additional factor supporting the appreciation of the ruble, though most of the industry still operates in a gray area, making precise impact assessments difficult. Previously, officials from the Russian Presidential Office noted that insufficient evaluation of financial liquidity related to mining could lead to deviations in ruble exchange rate forecasts.

Industry estimates suggest Russia ranks second globally, accounting for about 16% of the global hash rate. Starting November 1, 2024, new regulations will allow registered legal entities and individual entrepreneurs to mine legally, with clear energy consumption limits and income reporting requirements.

Litecoin Founder Taken Out of Context

The official Litecoin account on X clarified that a widely circulated video claiming Charlie Lee “regrets creating LTC and suggests buying more BTC” was maliciously edited. The full video shows Charlie Lee remains passionate about Litecoin, dedicating daily efforts to project research and developer support. The official statement condemned attempts by some Bitcoin community accounts to distort his words, calling such practices regrettable.

Polymarket Expectation for Token Launches

On-chain analyst data shows that in the Opinion prediction market, the question “When will Polymarket issue tokens” attracted $141 million in votes, making it the hottest topic. Only 0.2% of participants expect a token launch within the year, while most (79%) bet on completion before the end of 2026. Polymarket’s COO previously stated in October that there will be token and airdrop plans, with the launch timing to be determined after the US market reopens, likely around 2026.

Market Analysis

“Christmas Rebound” Window Approaching

Historical data indicates that the S&P 500 index tends to rise in the last week of December and the first two trading days of January. If history repeats, this could alleviate Bitcoin’s current predicament — marking the fourth quarter’s most challenging period since 2022.

Market statistics show that from 2005 onward, the S&P 500 has risen 15 times and fallen 5 times during the “Christmas rebound” period, with an average gain of 0.58%. However, Bitcoin’s “Christmas rally” has varied significantly: surging 33% in 2011 and 46% in 2016, but dropping 14% in 2014 and 10% in 2021.

Industry Trends

Mainstream DEX Governance Developments

A proposal to include Uniswap protocol fees has reached 40 million votes and is expected to be officially launched this week. Hayden Adams, CEO of Uniswap Labs, announced that after the vote passes, there will be a two-day lock-up period, followed by fee mechanisms for Uniswap v2 and v3 on the mainnet, along with the initiation of UNI token burn. The proposal includes burning 100 million UNI from the Uniswap Foundation and launching a fee auction discount system to increase liquidity provider rewards. After voting started, UNI rose about 25%, currently trading at $5.40.

Prediction Market Expansion Plans

Polymarket team members announced on Discord plans to migrate from Polygon and launch an Ethereum Layer 2 solution called POLY, as a priority project. The team will develop independently in phases, reducing reliance on external service providers to accelerate migration. Additionally, Polymarket will launch 5-minute trading markets this week.

Solana Ecosystem Application Competition

Despite a significant decline in Memecoin ecosystem activity, Pump.fun maintained the highest revenue among all Solana applications over the past 30 days.

Aster DEX Launches Fifth Phase Buyback

Aster DEX will initiate its fifth phase token buyback on December 23, committing to use up to 80% of daily platform fees for ASTER buybacks, with 40% for daily automatic repurchases and 20-40% reserved as a strategic reserve to buffer market volatility.

Funding and Partnerships

Accelerated Payment Infrastructure Funding

Coinbax (a stablecoin payment infrastructure based on Base and Solana) completed a $4.2 million seed round led by BankTech Ventures, with participation from Connecticut Innovations, Paxos, SpringTime Ventures, and others. The new funds will be used for custody features, policy enforcement, programmable settlement development, and integration with custody infrastructure and wallet providers.

AI Investment Boom

ByteDance plans to invest $23 billion in artificial intelligence.

Crypto Bank Funding Breaks Records

Erebor (a US-based crypto bank) completed a $350 million Series B funding round led by Lux Capital, with participation from Founders Fund, 8VC, and Haun Ventures. The institution has received FDIC approval for deposit insurance and is establishing as a new nationwide bank. Founded in 2025 by Palmer Luckey (CEO of Anduril) and Joe Lonsdale, Erebor is backed early by Peter Thiel and Haun Ventures. According to licensing documents, Erebor will offer traditional banking services and crypto-related products, targeting US innovation sectors (especially virtual currency, AI, defense, manufacturing), payment providers, investment funds, and trading firms. It plans to commence operations next year.

Corporate Bitcoin Holdings Continue to Grow

In the past week, global listed companies (excluding mining firms) bought a net total of $26.35 million worth of Bitcoin. Notably, Japanese fashion company ANAP invested $1.74 million on December 16 to acquire 18.6424 BTC (at $93,138.2 per BTC), holding a total of 1,218.8424 BTC. Digital health and sales company CIMG invested $24.61 million on December 17 to purchase 230 BTC (at $107,000 each), totaling 730 BTC.

Fintech firm Metador Technologies signed a $100 million convertible bond financing agreement, with an initial $10.5 million allocated for Bitcoin purchases. AI large-scale data company announced a routine equity offering of up to $50 million, mainly for Bitcoin acquisitions.

To date, global listed companies hold a total of 916,750 BTC, with a market value of approximately $8.277 billion, representing 4.59% of Bitcoin’s circulating supply.

Regulations and Policies

Federal Reserve Advances Payment Innovation

The Fed is soliciting public comments on plans to create dedicated payment accounts for qualified financial institutions (including crypto firms and fintech companies) to directly access the central bank’s payment system for settlement and clearing. Fed Governor Christopher J. Waller stated that these new accounts will promote innovation while ensuring the security of the payment system.

These accounts differ from traditional main accounts: they do not accrue interest, lack overdraft features, and have balance limits, but approval processes will be significantly simplified. The consultation period lasts 45 days, aiming to adapt to evolving payment methods and improve system efficiency.

Expert Opinions

Ethereum Founder on Wallet Innovation

Vitalik shared a tweet: “Walletbeat is not yet integrated into embedded wallets, but will be in the future,” adding, “I also want to emphasize that from the start, external wallet connection should be supported: if I use a DApp with an embedded wallet and already have an Ethereum wallet, the system should automatically set that Ethereum wallet as my recovery wallet.”

Nansen CEO on AI Applications

Nansen’s CEO Alex Svanevik released a 2025 summary, noting that the biggest beneficiaries of AI will be individuals rather than institutions. The Nansen AI mobile app will be upgraded next year into a full on-chain trading product enabling full-chain trading AI operations.

Additionally, Svanevik introduced the Joint Venture Protocols project, aimed at supporting other projects and Nansen Points community stakeholders to jointly launch new protocols. The first JVP is expected to go live in 2026.

Tether CEO on New Stablecoin Progress

Tether CEO Paolo Ardoino announced on X that USAT is imminent, stating “USAT will be a value transfer.” According to previous information, Tether plans to launch the USAT stablecoin targeting the US market in December, compliant with the Federal GENIUS Act regulations. The token will be issued by Tether America (a joint venture between Tether and the regulated US crypto bank Anchorage Digital).