Bitcoin is currently priced at $95,056, down -1.96% in the past 24 hours, while Ethereum trades at $3,327, down -1.60%. The Fear and Greed Index decreased to 69 today. Despite the recent dip, some traders anticipate a short-term bounce, citing potential support levels and market dynamics. Analyst John Glover of Ledn suggests that if President-elect Donald Trump fulfills his pro-crypto promises soon, such as creating a strategic bitcoin reserve, Bitcoin might reach new highs, as per the report from Market Watch. Ripple RLUSD executives met with the president-elect to discuss regulatory and business opportunities, Movement Labs aims to secure a $100 million funding round, and Shiba Inu breaks adoption records. This article details the latest developments, key figures, and ongoing trends shaping crypto today.
What’s Trending in the Crypto Community?
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Ripple CEO Brad Garlinghouse Hails Donald Trump Meeting at Mar-a-Lago as U.S. crypto engagement grows.
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Movement Labs (MOVE) Set to Close $100 Million Funding Round.
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Shiba Inu (SHIB) Wallets Reach $1.38 Million Despite Crypto Market Downturn.
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El Salvador added 11 BTC to its holdings, bringing its total to approximately 6,022 BTC.
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Grayscale made quarterly updates to its fund composition, adding SUI, LPT, and CRV.
Read more: Donald Trump Backed WLFI Acquires $12 Million in Ethereum, Chainlink, and Aave
Crypto Fear & Greed Index | Source: Alternative.me
Trending Tokens of the Day
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Ripple CEO meets Trump at Mar-a-Lago: Excitement Grows with U.S. Crypto Engagement
Source: KuCoin
Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty joined a private dinner with US President-elect Donald Trump on Jan 8, 2025 at the Mar-a-Lago Resort in Florida. Garlinghouse described the event as a “strong start to 2025” in a post on X. Although exact details of the discussion remain undisclosed, Ripple's US market expansion has already accelerated. The company signed more deals in the last weeks of 2024 than in the previous 6 months and 75% of its job openings are now located in the US.
Trump’s growing interest in crypto aligns with his recent meetings at Mar-a-Lago with other industry figures like Crypto.com CEO Kris Marszalek and a phone call with Coinbase CEO Brian Armstrong. Trump has made pro-crypto cabinet appointments including Elon Musk and David Sacks who intend to focus on both crypto and artificial intelligence. These moves signal a major shift in White House policy.
Ripple President Monica Long told Bloomberg that the RLUSD stablecoin is set to appear on more exchanges “imminently.” Ripple’s payment operations have doubled transaction volume, potentially driving RLUSD’s adoption further. Long also expects an upswing in spot-based XRP ETF applications and says regulators might approve them faster than many anticipate.
On Dec 16, 2024 Brad Garlinghouse commented on Ripple’s decision to launch RLUSD under the New York State Department of Financial Services charter. He added:
“As the US moves toward clearer regulations we expect to see greater adoption of stablecoins like RLUSD which offer real utility and are backed by years of trust and expertise in the industry.”
Movement Labs Set to Close $100 Million Funding Round
Source: KuCoin
Movement Labs, a San Francisco startup that builds a layer-2 blockchain on Ethereum is nearing the close of its Series B round with a target of $100 million according to sources close to the deal. This funding would value Movement at $3 billion. The company’s new round comes amid a market rebound sparked by Trump’s pro-blockchain stance following his November election.
Founded by two college dropouts, Movement previously raised $38 million in April 2024 led by Polychain Capital with backing from Hack VC dao5 and Robot Ventures. Multiple sources say the Series B will be co-led by CoinFund and Nova Fund, part of Brevan Howard’s digital assets arm. Investors will receive both equity and Movement’s token Move.
Movement competes in the crowded blockchain space against well-funded projects like Monad and Berachain. Unlike Aptos and Sui which also use Move but run as standalone chains Movement runs as an Ethereum layer-2 allowing developers to leverage Ethereum’s ecosystem with the Move programming language. Movement’s beta mainnet and Move token launched in December with the token now listed on CEXs like KuCoin at a market cap of about $2.25 billion. The deal is expected to finalize by the end of January.
Shiba Inu Wallets Reach 1.38 Million Despite Crypto Market Downturn
Shiba Inu Funded Wallets vs. SHIB Price | Source: IntoTheBlock
Shiba Inu (SHIB) plummeted to 0.000022 on Wednesday, January 8, 2025, a 13.4% drop within the weekly timeframe as memecoin holders faced volatility driven by the US Federal Reserve’s hawkish stance. BTC, ETH, and XRP also recorded losses. A death cross on SHIB’s 4-hour chart points to more downside risk as it hovers near the 0.000020 support.
Despite the drop, new investors continue to flock to SHIB. On-chain data from IntoTheBlock shows funded wallets for SHIB reached an all-time high of 1.38 million with over 100,000 new addresses joining in 2024. Many see this as a sign of sustained interest in the meme-based token even as overall markets remain cautious.
Shiba Inu 4-hourly price action, January 8 | TradingView
Analysts say SHIB’s ability to attract more buyers could prevent a breakdown below 0.000020. Some traders point to the Volume-Weighted Average Price VWAP near 0.000021 as a short-term support level. A push above this mark could send SHIB toward the 0.000023 resistance although macro sentiment may still weigh on memecoins like SHIB in early 2025.
Conclusion
Bitcoin's recent dip below $93,000 reflects a broader crypto market selloff, influenced by strong U.S. economic data and rising bond yields. Market sentiment remains cautious, but pro-blockchain signals from Donald Trump are sparking interest in the sector. Ripple reports record-breaking U.S. deals and is expanding RLUSD adoption, while Movement Labs approaches a $100 million raise, highlighting potential growth opportunities. Shiba Inu shows some resilience by adding new holders despite price declines. Meanwhile, the U.S. economy maintains steady GDP growth, decelerating inflation, and strong consumer spending. With the Federal Reserve signaling possible rate cuts in 2025, the market remains in a "wait and see" mode, as participants assess the balance between evolving economic conditions and crypto sector developments.
