Crypto Daily | Bitcoin Selling Pressure Eases as Market Rebounds; ETH Breaks $3.2K; Big Banks Partnering With Coinbase on Crypto Pilots

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Crypto markets saw a broad rebound, with DeFi tokens leading the charge as sector gains topped 5% and Ethereum broke past $3,200. Chainlink jumped 7.51%, Curve DAO rallied over 12%, and Bitcoin climbed 1.6% to reclaim $93,000.

Big Banks Partnering With Coinbase on Crypto Pilots, CEO Says

Some of the largest banks are working with Coinbase Global on pilots surrounding stablecoins, custody and trading, the cryptocurrency exchange’s chief executive officer said on Wednesday.

“The best banks are leaning into this as an opportunity,” Coinbase CEO Brian Armstrong said, without specifying banks by name. “The ones who are fighting it are going to get left behind.”

Other leaders of top financial institutions including JPMorgan Chase & Co.’s Jamie Dimon, Bank of America Corp.’s Brian Moynihan and Citigroup Inc.’s Jane Fraser have all expressed renewed interest in the asset class. Morgan Stanley has also introduced crypto trading on its retail platform E*Trade.

Putin Aide Calls for Crypto to Be Added to Russia’s National Trade Books

Russian presidential advisor Maxim Oreshkin has urged the government to formally include cryptocurrencies in the country’s balance of payments, describing Bitcoin mining as an “undervalued export project.”

He noted that Russian firms have already invested more than $1.3 billion in mining infrastructure and are actively using crypto for cross-border settlements, influencing the foreign exchange market. Amid ongoing sanctions, the government is increasingly pushing to integrate crypto-based trade into its regulatory framework to support foreign commerce.

Kalshi, Robinhood, Crypto.com Hit With Connecticut Stop Order for Gambling Violations

Connecticut’s Department of Consumer Protection on Wednesday ordered Kalshi, Robinhood and Crypto.com to halt what it calls unlicensed online gambling in the state, targeting sports-style “prediction” products that regulators say are really illegal wagers.

The agency’s Gaming Division issued cease-and-desist letters to KalshiEX LLC, Robinhood Derivatives LLC and Crypto.com, accusing all three of offering sports wagers in Connecticut without a license and in violation of state gaming law.

The order covers so-called “sports event contracts” and any other form of online gambling the platforms make available to residents.

Bitcoin Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Wednesday was $14.9 million. The total net asset value of Bitcoin spot ETFs is $121.96 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.57%.

Source: SoSoValue

The Bitcoin spot ETF with the highest net inflow on Dec. 3 was iShares Bitcoin Trust, with a net inflow of $42.24 million. Followed by ARK 21Shares Bitcoin ETF, with a net outflow of $37.09 million, according to SoSoValue.

Source: SoSoValue