In crypto news today: Crypto market is green today Kraken Offers FTX Creditors up to $50K in Zero-Fee Crypto Trading Former Nasdaq Digital Assets Head Joins Arbitrum Ecosystem Bitcoin Hashrate Distribution Hits ‘Unprecedented’ Transparency Level __________ Crypto market is green today Over the past 24 hours, the global cryptocurrency market capitalization saw another drop. It’s down 1.1% to $3.45 trillion. At the time of writing, the daily crypto trading volume is $177 billion. However, very few of the top 100 coins per marker cap recorded a price decrease over the last day. Also, five of the top 10 coins are up today, while three are down. The latter group saw a change of less than 0.3% per coin. Cardano (ADA) appreciated the most: 4.8%, now trading at $0.96488. At the same time, Bitcoin (BTC) is up nearly 1.9% to the price of $94,689. Ethereum (ETH) fell 0.25%, meaning its price is unchanged, standing at $3,302. Read more below. You might also like Why Is Crypto Up Today? Kraken Offers FTX Creditors up to $50K in Zero-Fee Crypto Trading in crypto news today, new clients of crypto exchange Kraken who decide to use this platform to receive funds from the debunked FTX platform will also receive fee credits that allow them to buy up to $50,000 in crypto without paying any trading fees, Kraken said. According to the press release, proportional to the amount of funds received, these clients will get up to $105 in Kraken trading fee credits (KFEE) for use on Kraken Pro . This will be credited to the client’s account upon receipt of the FTX distribution and can only be used on Kraken Pro. Furthermore, the fee credits will be available in a client’s account within a few days of receiving the deposit. Announcing zero trading fees for crypto up to $50k for FTX creditors New clients that select Kraken to receive their funds from FTX will receive fee credits that allow them to buy up to $50k in crypto on Kraken Pro without fees Learn more https://t.co/Ghoss0iM6M — Kraken Exchange (@krakenfx) January 9, 2025 Kraken was selected in December as one of the partners for the distribution of funds to FTX’s former clients. Clients that select Kraken will have “access to deep liquidity, tight spreads, and a dedicated 24/7/365 support team through chat, phone, and email,” the announcement said. You might also like Backpack Addresses FTX EU Acquisition Controversy, Plans to Return Customer Funds Former Nasdaq Digital Assets Head Joins Arbitrum Ecosystem Offchain Labs , the team of initial core developers behind Arbitrum , and the Ethereum consensus client Prysm , announced the appointment of Ira Auerbach as Head of Tandem , the company’s partner studio and venture capital arm. According to the press release, Auerbach served as Senior Vice President and Head of Digital Assets at Nasdaq . Now, he will lead the division of Offchain Labs, which focuses on supporting select projects that build innovative blockchain applications and infrastructure solutions. Auerbach and the Tandem team will be “equipped to provide projects with valuable resources specific to their needs, including technical expertise, research, financing, and/or go-to-market strategy.” Additionally, the projects will have direct access to Offchain Labs, working with the executive team, core developers, and vertical experts. The Tandem team comprises the brightest minds in the industry, from research to partnerships, ready to support early-stage projects with: – Expert Guidance – Product & Community Guidance – Go-to-market Planning Let's innovate and redefine what's possible, together with Tandem. — Offchain Labs (@OffchainLabs) January 9, 2025 Meanwhile, prior to Nasdaq, Auerbach held several leadership positions at Gemini , including Global Head of Gemini Prime and Head of Product. “Ira’s success in growing both traditional finance and crypto-native companies makes him the ideal leader to drive Tandem’s mission forward,” said Steven Goldfeder, CEO and Co-Founder of Offchain Labs. “I’m thrilled to join Offchain Labs and lead Tandem at this pivotal moment in blockchain innovation,” said Auerbach. He added that “Tandem’s unique position to leverage Offchain Labs’ deep technical expertise and ecosystem relationships creates an unparalleled opportunity to support and accelerate projects that will define the future of blockchain technology.” You might also like Steven Goldfeder, CEO of Offchain Labs, on Arbitrum and The Future of Layer 2s | Ep. 392 Bitcoin Hashrate Distribution Hits ‘Unprecedented’ Transparency Level In other crypto news today, the latest Miner Weekly report by BlocksBridge Consulting found that over the past decade, the Bitcoin network has seen massive growth – and most Bitcoin mining now takes place on known pools. Per the analysts, the level of transparency in bitcoin’s hashrate distribution we’re seeing today is “unprecedented.” Just three years ago, in January 2022, only 16.7% of the total hashrate (a measure of bitcoin mining compute power) could be attributed to known entities, per TheMinerMag’s archive data. “This figure has doubled in just three years, showcasing the growing share of bitcoin mining owned by publicly traded companies and the increased transparency,” the report stated. Source: Miner Weekly Meanwhile, going back to 2020, the analysts noted that the largest known pools accounted for over 90% of global bitcoin production. Yet, there was a significant lack of clarity when it came to the entities controlling the hashrate, besides a few smaller-scale companies in North America. At the time, the majority of hashrate was owned by large, “often opaque operations” situated in China. The country has imposed a ban on crypto mining, forcing the miners to move their operations overseas. The scene has changed dramatically in the past four years. According to December 2024 data from TheMinerMag, some 31.6% of global bitcoin production can now be directly attributed to 19 publicly traded mining companies that disclose their proprietary mining performance monthly. These are Argo Blockchain , Bitfarms , Bit Digital , Bitdeer Technologies , BitFuFu , Cango Inc. , Cipher Mining , CleanSpark , Core Scientific , Digihost Technology , DMG Blockchain , HIVE Digital , Hut 8 Mining , Iris Energy , MARA Holdings , Mawson Infrastructure Group , Riot Platforms , Soluna Holdings , and Terawulf . However, it is important to note that this list excludes companies that report only quarterly, not monthly. These include companies such as Greenidge Generation , Canaan , Galaxy Digital , Northern Data , Phoenix Technology , Cormint Data Systems , and Stronghold Digital Mining . “When including these quarterly results, the total hashrate attributable to the 27 aforementioned companies mined over 34% of global bitcoin production in December, representing more than one-third of the bitcoin network’s total hashrate,” the report concluded. You might also like BitFuFu Signs Deal With BITMAIN to Acquire 80,000 Miners __________ Bookmark this page and subscribe to our newsletter for the latest crypto news updates! The post What’s Happening in Crypto Today? Daily Crypto News Digest appeared first on Cryptonews .
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Whale wallets are offloading a part of their DeFi token holdings, as the entire sector is unwinding from a recent all-time high. DeFi tokens peaked in total market capitalization, leading to a round of profit-taking. Whales are taking profits from DeFi tokens, trying to lock in the gains of what looked like a short-term altcoin market. The profit-taking originates from individual wallets but reflects a trend for the whole sector. DeFi tokens as a whole reached a new peak in 2024, driven by the growth of Aave (AAVE) and other platform tokens. According to data from DeFiLlama , DeFi expanded its total value locked to $129B at the beginning of 2025, though still far from the 2021 peak. DeFi tokens as a whole were valued at $134B, including most of the large-scale protocols, as well as the leading lending pools. DeFi expanded in the past year, as Ethereum (ETH) achieved stability. In early 2025, DeFi tokens sparked profit-taking, just as ETH was stabilizing at around $3,700. The altcoin season index increased from 47 points to 59 points in a day, though still not pointing toward a stable altcoin season. However, even the short-term rallies were enough to draw out whales with short-term trading strategies. Whales move AAVE, ENA to Binance One of the recent sales comes from a whale wallet that accumulated AAVE during the summer months. The wallet deposited 19,001 AAVE for a potential profit of $4.93M based on a much lower cost basis. The selling coincided with a local high for AAVE at above $353, after which the asset slid to $343. AAVE was among the most actively traded tokens, which encompassed the top 10 of all DeFi assets. The wallet, labeled as token millionaire , has focused on a handful of top tokens from the DeFi space and the AI narrative. The holder’s approach is to buy and sell within weeks or months when the asset has made sufficient gains. Previously, the same wallet has accumulated Render (RNDR) and Maker (MKR), later liquidating all holdings. Another wallet focused on Ethena (ENA), unstaking 4.96M ENA and depositing the tokens to Binance. The whale’s cost basis is $0.75 per ENA, and the potential sale price is $1.23. While DeFi tokens did not grant outsized gains, they still had a solid rally in the past months. The wallet’s main activity is creating Collateralized Debt Positions (CDP). The wallet’s other holdings include ETH, USDE, EIGEN, CBBTC, and other smaller holdings for collateralized lending. Can DeFi make a comeback? DeFi remains one of the main narratives for the past year. However, the share of mentions has been falling since November, taken over by the AI token hype. The DeFi mindshare on social media has fallen to 4.51%, even smaller than the meme token mentions. AI, memes, and GameFi were among the hot short-term narratives, while DeFi tokens were still trading sideways, potentially leading to accumulation. The lower social media mentions do not reflect the fact that DeFi is a staple for the crypto space. DeFi blue chips, including MKR, AAVE, and UNI, also have a different trading profile, with slightly better returns in the first week of 2025. DEX activity started the new year with peak volumes, making up more than 19.5% of centralized exchange volumes based on the DEX to CEX ratio. The recently reported fee levels point to Raydium, Uniswap, and PancakeSwap as key activity hubs. DeFi may also benefit from the record supply of stablecoins, rising above 200.6B. Ethena’s USDE retains 5.9B tokens, while DAI is still at 4.5B tokens. USDT is near its peak supply at 141.2B, despite recent token burns. All of those assets signal expansion for the biggest lending protocols. ETH trading at $3,696.21 is also key for DeFi collaterals, as well as the most active DEX pairs. Activity on decentralized exchanges includes meme coins, in addition to highly liquid pairs to swap wrapped ETH. Despite Solana’s expansion, most DeFi is still based on Ethereum and the leading L2 chains. A Step-By-Step System To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.
On January 5th, COINOTAG News reported that GSR is taking the role of market maker for the emerging AI infrastructure initiative, FLOCK. In a noteworthy development on the token’s launch
In the latest announcement, Sky Ecosystem (Formerly known as MakerDAO) unveiled that the total supply of its newly…
In a recent update from COINOTAG News, data aggregated by LookIntoChain reveals a significant movement in the DeFi sector. An investor has transferred $1.88 million worth of MKR to Binance,