📉Bitcoin Plunges Under $93,000 as Crypto Markets Dive

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✍️ In today’s newsletter:

Bitcoin plunges as crypto markets suffer worst sell-off in a month
Vitalik calls for ‘soft pause’ on industrial AI development
Aave community pans proposal to hardcode USDe price
Solana AI Agent hackathon tokens rally
CFTC chairman Rostin Behnam steps down
South Korean island woos young tourists with NFTs
Arthur Hayes says Bitcoin will top out in March
Bitcoin bull market could be longest ever: CryptoQuant CEO
Solana community floats scaling proposal

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📉Crypto Market Rocked by Biggest Selloff in a Month

The cryptocurrency market suffered its largest drop in almost a month on Tuesday morning, with major assets like Bitcoin, Ethereum, XRP, and Solana posting losses amid heightened investor caution.

Analysts attribute the sell-off to several factors, including economic uncertainty, profit-taking by long-term holders, and concerns over potential regulatory changes in key markets.

🤖Vitalik Calls for "Soft Pause" on AI Development to Mitigate Risks

Buterin suggests that limiting global computing resources by up to 99% for one to two years could provide humanity with crucial time to prepare for the emergence of superintelligent AI systems.

👻Aave Community Pushes Back On Proposal To Peg Ethena’s USDe Price To Tether’s USDT

A proposal seeks to hardcode Ethena’s USDe’s price to match USDT’s price on Aave’s price feed. The authors argue that doing so would protect Aave users from secondary market fluctuations. Detractors argue that pegging USDe to USDT introduces risks due to the inherent differences between the two assets.

📈Solana AI Agent Hackathon Tokens Soar to $500 Million Market Cap

Tokens launched by projects participating in the Solana AI Agents hackathon have soared past a combined $500 million market cap, according to Yash Agarwal, the curator of the just-concluded competition.

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🙋‍♂️CFTC Chairman Rostin Behnam Announces Departure as Trump Era Regulators Prepare to Take Over

Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam announced that he will step down later this month.

🏝️South Korea’s Jeju Island Uses NFTs to Attract Young Tourists

The Digital Tourist Resident Cards will entitle Korean visitors to discounts and “travel support funds” issued in the island’s local currency to keep spending at home. The cards are targeted at Gen Z and Millennial tourists, and come with access to a platform where visitors can upload and share photos and videos of their visits.

📆Arthur Hayes Predicts Ongoing Trump Pump To Last Until End of Q1 2025

Former BitMex CEO Arthur Hayes claims that the ongoing “Trump pump” could last until the end of Q1 2025 at the very least, likely due to liquidity injections from the U.S. Federal Reserve and the Treasury Department.

🐂Bitcoin Bull Market Could Be the Longest Ever, Says CryptoQuant CEO

CryptoQuant CEO Ki Young Ju predicts that this Bitcoin bull cycle “might turn out to be the longest ever.” He attributes this potential longevity to new liquidity sources steadily entering the market, with more expected to be unlocked.

⚡Solana Scaling Proposal Foresees ‘Billions’ of Users

Solana developers have proposed a plan to eliminate a significant bottleneck to scaling up to millions or even billions of users. They intend to do this by introducing a “lattice-based” hashing system that reduces the effort needed to keep track of the state of every user account.

🌍 ELSEWHERE

Gensler Says SEC Has More Work to Do on Crypto Regulation (Bloomberg)
Key Market Dynamic That Greased Bitcoin and SPX Rally After U.S. Election Is Shifting (Coindesk)
Coinbase scores win against SEC as judge agrees to escalate dispute over crypto security definition (Fortune)