Gate Daily (January 21): TROVE's shift to Solana triggers a 95% token crash; NYSE plans 24/7 trading of tokenized US stocks

Bitcoin (BTC) experiences a sharp decline, currently around $88,970 on January 21. TROVE’s collapse reaches 95%, with the official insisting on retaining $937 in funds. The project team suddenly migrates to Solana, sparking controversy. The New York Stock Exchange announces the launch of a 24/7 blockchain platform for trading tokenized US stocks. Bermuda initiates the world’s first on-chain economic program.

Macro Events & Crypto Hotspots

1. Trove Markets has attracted close attention after confirming it will retain approximately $9.4 million from the initial token sale planned around Hyperliquid. A few days before the token issuance, the company shifted its DEX platform to Solana. This caused its newly launched TROVE token to plummet over 95% within minutes of trading start. When TROVE launched, its market cap was estimated at about $20 million, but within less than ten minutes, the token dropped to around $0.0008, reducing its valuation to below $2 million.

2. The New York Stock Exchange announced on Monday a plan to launch a new platform for 24/7 trading and settlement of tokenized US stocks and ETFs. Developed by its parent company Intercontinental Exchange (ICE), the platform features real-time settlement, fractional share trading, stablecoin financing, and full compatibility with traditional securities (including dividends and voting rights). NYSE Group President Lynn Martin stated this is an important step toward a fully compliant on-chain solution, with collaborations involving institutions like BNY and Citigroup; the platform is pending approval for launch. Binance founder CZ and other crypto leaders expressed optimism, highlighting the trend of financial industry digitization. Meanwhile, President Trump’s criticism of NYSE’s expansion into Texas has also triggered tensions elsewhere.

3. Bermuda plans to integrate blockchain and USDC stablecoin into the daily financial system to reduce high fees and delays for its 65,000 residents and businesses. The initial pilot will test stablecoin use in government payments, merchant adoption, bank tokenization, and digital education, with Circle responsible for USDC processing. Bermuda’s longstanding leadership in crypto, such as early USDC tax payments and airdrops, positions this voluntary initiative to accelerate global adoption. However, some worry that partnerships linked to the US could introduce centralization risks.

News Highlights

1. Spot gold hits an all-time high of $4,800 per ounce for the first time in history.

2. DeepSeek’s new model CODE1 is exposed, suspected to be a completely new architecture.

3. OpenAI launches ChatGPT age prediction system to enhance protections for minors.

4. US stock market closes: major indices fall sharply, blockchain concept stocks decline across the board.

5. Mastercard considers strategic investment in Zerohash; after negotiations end, shifts to cooperation.

6. Trend Research borrows another $20 million USDT to buy 6,656 ETH.

7. Huang Licheng faces five more liquidations, with total losses expanding to $24.18 million.

8. The US Supreme Court has not ruled on the legality of Trump’s global tariffs challenge.

9. US Treasury Secretary: recovered Bitcoin will be included in the government’s digital asset reserves.

Market Trends

1. Latest Bitcoin news: $BTC experiences a sharp decline, currently around $88,970, with $440 million liquidated in the past 24 hours, mostly long positions.

2. US President Trump’s tariff threats against Europe cause investor concern. On January 20, major Wall Street indices all closed lower: Dow down 870.74 points (1.76%), S&P 500 down 2.06%, Nasdaq down 2.39%, Philadelphia Semiconductor Index down 1.68%.

(Source: Gate)

3. According to Gate BTC/USDT liquidation map, with current price at $88,855.60 USDT, if it drops near $88,641, total long liquidation exceeds $125 million; if it rises to around $91,830, total short liquidation exceeds $1.05 billion. Short positions face significantly higher liquidation amounts than longs. It is advised to control leverage reasonably to avoid large-scale liquidations during market volatility.

(Source: Coinglass)

4. In the past 24 hours, BTC spot inflow was $2.48 billion, outflow $3.07 billion, net outflow $610 million.

(Source: Coinglass)

5. In the past 24 hours, contract trading net outflows led by $RIVER, $AXS, $IP, $BCH, $PAXG , indicating trading opportunities.

Top KOL Insights

Phyrex Ni (@Phyrex_Ni): “Tuesday’s market movement is exactly as expected. Since the Asian trading session, US stock futures have continued to be sold off, with declines around 1%, while BTC price dropped to near $90,000. After the market opened, US stocks continued to fall, with Nasdaq and S&P 500 dropping over 2%, averaging a 2% daily decline.”

“The cause has been discussed for three days now: Trump’s tariffs on Greenland-related countries triggered market panic. Since tariffs became a weapon used by Trump, they have periodically impacted risk markets significantly, directly affecting the Fed’s rate-cut path and US economy.”

“From current conditions, Trump’s tariffs and EU retaliations are not over; more intense actions are possible. Greenland’s Prime Minister even mentioned preparing for potential military invasion. When Europe also plans to retaliate with tariffs, Lunik responded that if Europe retaliates with tariffs, the US will escalate to tit-for-tat, leading to an escalation of the tariff war. The last time this happened was with China.”

“Although there are other events today, such as the US acquiring 50 million barrels of oil from Venezuela, Trump warning the Supreme Court that if it rules IEEPA tariffs illegal, the US may lack funds for refunds, and the CEO of the largest compliant crypto exchange remains optimistic about US crypto legislation, the overall impact of tariffs and inflation on the market is minimal.”

“Looking at Bitcoin data, despite significant price drops today, the market has not fallen into full panic. It’s mostly initial panic; turnover rates are not yet spiking, with recent short-term investors mainly participating in trading, while early profit and loss investors are less involved.”

“But with Trump’s tough stance and Europe’s resistance, this tariff war may not end soon. Market feedback might continue. The biggest hope now is that the US Supreme Court will decide before February 1 whether Trump’s IEEPA tariffs are illegal or if both sides will back down.”

Today’s Outlook

1. UK December unadjusted Producer Output Price Index (annual rate), previous 3.4%

2. UK December unadjusted Producer Input Price Index (annual rate), previous 1.1%

3. UK December Consumer Price Index (annual rate), previous 3.2%

4. UK January CBI Industrial Orders Expectations, previous -32

5. US October Construction Spending (monthly rate), previous 0.2%

6. US December NAR Existing Home Sales (seasonally adjusted, monthly rate), previous 3.3%

7. IEA releases monthly crude oil market report.

8. US President Trump delivers speech on “How can we cooperate in a more competitive world?”

9. ECB President Lagarde and BlackRock CEO Fink participate in the World Economic Forum discussion.