Cryptocurrency markets experienced a downturn as major digital assets traded lower, with Bitcoin (BTC) declining 1% to $104,800 and Ethereum (ETH) falling 1% to $3,550. Binance Coin (BNB) dropped 2% to $978, while Solana (SOL) saw a 3% decrease to $163. Despite the broader sell-off, Uniswap (UNI) surged 20% following its governance proposal to activate fee mechanisms and execute a 100 million token burn. Aerodrome (AERO) also gained 16%, whereas Zcash (ZEC) plummeted 25% to $474, though it maintained a 16% weekly increase.
Regulatory developments emerged as the U.S. Treasury and IRS released updated guidance facilitating cryptocurrency staking for exchange-traded funds, enabling streamlined reward distributions to investors. Concurrently, the U.S. Senate unveiled its inaugural draft of digital asset market structure legislation, signaling progress toward regulatory clarity.
In corporate updates, Square announced Bitcoin payment integration for its network of 4 million merchants, while Gemini reported a $159.5 million net loss for Q3, triggering a 12% stock decline. These movements highlight ongoing market sensitivity to both technical developments and policy advancements.
