Is the Crypto World in a Comedic Quandary? 🤔💰

by

Pray, What to Know:

  • Alas, the growth of the crypto ecosystem has decelerated in the month of January, whilst the total market cap has ascended, as reported.
  • JPMorgan, in its infinite wisdom, has observed an 8% increase in the total cryptocurrency market cap, now hovering around the princely sum of $3.4 trillion.
  • In a most fortuitous turn of events, progress has been made on the regulatory front in the United States, with the establishment of a crypto taskforce, and the rescinding of the rather contentious accounting rule, SAB 121.

It appears that the growth of the crypto ecosystem has indeed slowed in January, with a rather disheartening drop of 24% in total trading volume, as noted by the esteemed Wall Street bank, JPMorgan (JPM), in a research report that has graced our Tuesday morning.

Nevertheless, one must not despair, for the activity remains double that of the pre-election fervor witnessed in November, and the total market cap has increased by 8%, now resting at approximately $3.4 trillion. This growth, it seems, is largely attributed to the illustrious bitcoin (BTC), the ever-popular solana (SOL), and the ever-mysterious XRP, whilst the declines in average daily volume (ADV) have been rather widespread across the ecosystem, as the bank has so sagely pointed out.

“We are inclined to believe that the election served as a catalyst, indeed, and that both activity and token price levels are now seeking their equilibrium in this post-election period,” wrote the analysts, led by the ever-astute Kenneth Worthington.

Alas, decentralized finance (DeFi) and non-fungible tokens (NFTs) have not fared as well on a monthly basis, with a notable deterioration across several metrics, as the report has lamented.

Yet, amidst this tumult, there has been some progress on the regulatory front, as the new Trump administration has established a crypto taskforce, and the controversial accounting rule, SAB 121, has been rescinded, according to the venerable JPMorgan.

Read More

2025-02-11 18:00