What Happened in Crypto Today: Trump Might Crash Crypto?

12/19/2024 17:15

Here is a 2-minute breakdown of everything important that happened in crypto today.

Last night's Fed’s rate cut announcement did something strange to Bitcoin - it dropped below $99K while buy orders were stacking up.

It wasn't the rate cut that spooked the market - it was Powell's statement about future cuts being less aggressive than expected.

Crypto threw a mini tantrum, but it quickly bounced right back above $100K.

Alts followed the same emotional rollercoaster, first breaking below support levels before climbing back up.

So what exactly is going on here? Let's make sense of it all! Here is a quick rundown of the top headlines from the past 24 hours:

Bitwise's new Solana staking ETP in Europe offers 6.48% APY with a 0.85% fee. But with so many staking options already available, why would anyone need this? 🤔
Anti-crypto SEC Commissioner Caroline Crenshaw's renomination gets blocked after 100K crypto supporters speak up. Is the crypto community finally getting political muscle? ⚖️
Bitcoin dipped to $99K after the Fed’s rate cut. What caused this sudden dump? 🎢
Grayscale's Bitcoin Mini Trust ETF hits $4B in assets with its industry-lowest 0.15% fee. But wasn't this the same product everyone ignored? What changed? 💰
Arthur Hayes warns of a potential crypto dump on Trump's inauguration day. But why? 📉

Let's dive in!

Bitwise just launched something interesting in Europe - a Solana staking ETP that pays you for basically doing nothing.

Trading as BSOL on Germany's biggest exchanges, this new product is offering a 6.48% APY. That's nearly a full percentage point higher than what 21Shares is bringing to the table.

The management fee? A mere 0.85%.

So what’s so cool about this product? Read the full story!

A major shift just happened at the SEC.

Caroline Crenshaw, the commissioner who once called crypto markets "petri dishes of fraudulent conduct," just lost her shot at another term. The Senate Banking Committee completely canceled her renomination vote.

Over 100,000 letters from crypto supporters flooded lawmakers' offices, urging them to block her reappointment. Even Coinbase's CEO Brian Armstrong jumped publicly calling her tenure a failure.

So is the US becoming the prime example of what a pro-crypto country looks like? Read the full story!

The Federal Reserve's latest move just did something weird in the market, wiping out $690 million in derivatives positions and pushing Bitcoin down to $99,196 (before it recovered back above $100K).

Here’s what’s happening: First, they're cutting rates by 25 basis points - sounds good, right? But then he revealed that future rate cuts would be slower than expected, and that's when things got messy.

But why? Read the full story!

Grayscale just hit a major milestone with their Bitcoin Mini Trust ETF - over $1 billion in new money flowing in since 2024 started, pushing their total assets past $4 billion.

They launched this fund in July by splitting it off from their older Bitcoin Trust (GBTC). The big selling point? A tiny 0.15% management fee - the lowest you'll find among spot crypto ETFs.

But Grayscale didn't stop at Bitcoin. They also rolled out an Ethereum Mini Trust with the same low fees. It's quite a shift from their older funds that charge up to 2.5% - practically a bargain in comparison.

But isn’t it the same least-popular ETF? What changed? Read the full story!

Arthur Hayes just shared a wild prediction about crypto's future under Trump - and it's not what most people want to hear.

The former BitMEX CEO thinks the market is setting itself up for disappointment around Trump's inauguration on January 20, 2025. Why? Everyone's betting big on quick regulatory changes, but Hayes sees a different reality playing out.

Here's his logic: Trump might be pro-crypto, promising everything from a national Bitcoin reserve to friendly regulations. But there's a catch - the political machine moves slowly.

But how slow can it be? What’s the exact prediction? Read the full story!