Cryptocurrency markets experienced a downturn overnight, with leading assets trading in negative territory. Bitcoin (BTC) declined 1% to $104,800, while Ethereum (ETH) fell 1% to $3,550. Binance Coin (BNB) dropped 2% to $978, and Solana (SOL) saw a 3% decrease to $163. Despite the broader market weakness, Uniswap (UNI) surged 20% following a significant governance proposal announcement, and Aerodrome (AERO) gained 16%. Zcash (ZEC) plummeted 25% to $474, though it maintains a 16% weekly gain.
Regulatory developments provided positive momentum for the sector. The US Treasury and Internal Revenue Service released new guidance facilitating cryptocurrency staking through exchange-traded funds, enabling reward distribution to investors. Simultaneously, the US Senate unveiled its inaugural draft of digital asset market structure legislation, representing a crucial advancement toward regulatory clarity.
Uniswap’s governance proposal includes activating protocol fee distribution, conducting an initial token burn of 100 million UNI, and implementing additional protocol enhancements. In corporate developments, Jack Dorsey’s Square announced Bitcoin payment integration across its network of 4 million merchants. Conversely, Gemini’s stock declined 12% after reporting a $159.5 million net loss for the third quarter.
