Bitcoin, Ethereum and Dogecoin Dump Amid Mixed Economic Reports

Fidelity predicts that countries will start accumulating Bitcoin this year to hedge against financial deficits and inflation. Nations like Bhutan and El Salvador have already seen significant returns from their Bitcoin reserves, with the U.S. holding the largest stockpile globally.

Do Kwon, the Terra founder, will go to trial in January 2026, with the possibility of requesting an earlier trial within a week. The judge highlighted the extensive evidence involved in the case, leading to the lengthy gap between arraignment and trial.

The Federal Reserve's December meeting minutes hinted at potential stickier inflation due to trade and immigration policy changes, causing Bitcoin to drop by over 3% to $93,800. Dogecoin, Ethereum, and Solana also experienced declines, while U.S. equities remained stable ahead of upcoming jobs data release.

A Solana user paid a $200,000 priority fee to buy a meme coin, selling minutes later for an $89,000 loss. The user purchased 174 million tokens of "AI Deborah" for $96,000 but sold for under $8,000.

Bitcoin's price briefly dropped below $93,000 due to inflation concerns following macroeconomic data releases. Traditional assets are influencing crypto prices, with the Fed's cautious approach affecting market dynamics. Inflation worries are driving up bond yields, leading to a decline in crypto values.

Gary Gensler, the outgoing SEC Chair, criticized the crypto industry for being filled with bad actors and lacking substance. He implied that blockchain technology could be inherently illegal and expressed skepticism towards digital assets' fundamentals.

Bitfinex has obtained a Digital Asset Service Provider license to relocate its derivatives arm to El Salvador, aligning with the country's efforts to build a strong digital economy. El Salvador, under President Bukele, has made Bitcoin legal tender and continues to invest in the cryptocurrency.

Seed, a popular Telegram crypto game, is nearing the end of its gameplay before its token launch and subsequent airdrop. The game has attracted millions of players and social media followers, with a token supply of 1 billion and a deadline for airdrop farming on January 15.

Hyperliquid, a blockchain with a derivatives exchange, faced criticism for centralization concerns and closed-source code issues raised by Kam Benbrik. Benbrik highlighted the risk of a single entity controlling the majority of staked HYPE tokens, potentially leading to network control.

Canaan has introduced the Avalon Mini 3, a Bitcoin miner that doubles as a heater to help offset energy costs and reduce environmental impact. With a computing power of 37.5 TH/s, users have a slim chance of winning a block reward every 10 minutes.