dYdX (ethdydx) 
Crypto Market Recap: Top Headlines, Regulatory Updates, and Market Performance
This week’s recap covers the latest news from FalconX, MicroStrategy, Coinbase, and Binance, as well as regulatory updates from China and South Korea, and other trending news items.
FalconX Acquires Arbelos, Enhancing Crypto Derivatives Market
FalconX, a digital asset prime broker, has acquired Arbelos Markets, a New York-based derivatives trading firm. The acquisition aims to enhance market liquidity and expand crypto’s role in cross-asset portfolios. FalconX CEO Raghu Yarlagadda and Arbelos CEO Joshua Lim emphasized their shared mission to drive growth in the crypto derivatives market.
MicroStrategy Targets $42 Billion in Fundraising
MicroStrategy intends to raise $2 billion through preferred stock offerings as part of its 21/21 Plan, targeting $42 billion in fundraising over three years. Despite a recent drop in shares, MicroStrategy’s stock has spiked over 320% in 2024, outpacing Bitcoin’s 120% jump. Some investors now view MicroStrategy as a better alternative to BTC and spot Bitcoin ETFs.
Coinbase Expands into Europe with Cyprus Acquisition
Coinbase has acquired the Cyprus unit of BUX, rebranding it as Coinbase Financial Services Europe. The acquisition grants Coinbase a Cyprus Investment Firm license, enabling it to offer contracts for differences (CFDs) in Europe. This move positions Coinbase to compete in global markets, with some analysts predicting it could surpass Charles Schwab as the world’s most valuable brokerage.
China Introduces New Rules for Crypto Transactions
China has introduced new rules requiring banks to monitor and flag risky transactions, including those involving cryptocurrencies. The regulations focus on identifying “risky foreign exchange trading behaviors” and aim to curb unauthorized financial practices and strengthen oversight of digital asset trading.
South Korea Considers Crypto ETF Approval
South Korea Exchange Chairman Jeong Eun-bo revealed plans to evaluate crypto spot ETF approval in 2025, while the FSC considers permitting security token offerings.
Binance Receives Regulatory Approval in Brazil
Binance has received full regulatory approval from the Banco Central do Brasil to acquire Sim;paul, a licensed broker-dealer. This marks a strategic expansion in Latin America’s largest market.
Market Performance and DeFi News
The overall crypto market cap reached $3.5 trillion, up from $3.42 trillion last week. However, NFT sales declined 17.54% to $132.7 million, according to CryptoSlam data. BIO Protocol secured $64.41 million through a public sale.
Inflows and Outflows: BlackRock’s Bitcoin ETF Sees Record Outflow
BlackRock’s iShares Bitcoin Trust (IBIT) experienced its largest-ever single-day outflow on January 2, with $332.62 million withdrawn. Despite this, other crypto funds gained traction, with Bitwise’s BITB, Fidelity’s FBTC, and Ark 21Shares’s ARKB recording inflows.
Legal Matters: Former Terraform Labs Co-Founder Pleads Not Guilty
Former Terraform Labs co-founder Do Kwon entered a not guilty plea to criminal fraud charges in Manhattan federal court. Defunct crypto lender Celsius Network filed an appeal challenging a U.S. court ruling that dismissed its $444 million claim for damages against FTX.
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