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&nbsp;in recent weeks, U.S. government data has been mixed, showing both disappointing job growth and strong economic growth. However, American investors have been focusing on the positive aspects, betting heavily, indicating their strong confidence that the economy will continue to move forward.

[Wall Street is betting optimistically on the economic outlook: ignoring weak employment and wagering on strong U.S. economic growth.]&nbsp;in recent weeks, U.S. government data has been mixed, showing both disappointing job growth and strong economic growth. However, American investors have been focusing on the positive aspects, betting heavily, indicating their strong confidence that the economy will continue to move forward.

Wall Street is betting optimistically on the economic outlook: ignoring weak employment and wagering on strong U.S. economic growth.

according to SoSoValue data, during the trading days last week (January 5 to January 9, Eastern US time), the US spot Ethereum ETF had a net outflow of 68.57 million USD.

[The US spot Ethereum ETF saw a net outflow of $68.57 million last week.]according to SoSoValue data, during the trading days last week (January 5 to January 9, Eastern US time), the US spot Ethereum ETF had a net outflow of 68.57 million USD.

The US spot Ethereum ETF saw a net outflow of $68.57 million last week.

&nbsp;according to SoSoValue data, last week’s trading days (Eastern US time) saw a net inflow of $38.07 million into the spot XRP ETF and a net inflow of $41.08 million into the spot SOL ETF.

[The US spot XRP ETF saw a net inflow of $38.07 million last week, while the spot SOL ETF saw a net inflow of $41.08 million.]&nbsp;according to SoSoValue data, last week’s trading days (Eastern US time) saw a net inflow of $38.07 million into the spot XRP ETF and a net inflow of $41.08 million into the spot SOL ETF.

The US spot XRP ETF saw a net inflow of $38.07 million last week, while the spot SOL ETF saw a net inflow of $41.08 million.

January 12 news, on the evening of January 11 Eastern Time, Trump posted on social media, claiming to be the "Acting President of Venezuela".

[Trump posts a picture claiming to be the acting president of Venezuela]January 12 news, on the evening of January 11 Eastern Time, Trump posted on social media, claiming to be the "Acting President of Venezuela".

Trump posts a picture claiming to be the acting president of Venezuela

&nbsp;according to WhaleAlert data, on January 11, Tether froze over $182 million USDT within 24 hours, targeting 5 Tron chain wallets, with single amounts ranging from $12 million to $50 million.

[Tether froze $182 million USDT in a single day, with stablecoins dominating illicit cryptocurrency fund flows.]&nbsp;according to WhaleAlert data, on January 11, Tether froze over $182 million USDT within 24 hours, targeting 5 Tron chain wallets, with single amounts ranging from $12 million to $50 million.

Tether froze $182 million USDT in a single day, with stablecoins dominating illicit cryptocurrency fund flows.

&nbsp;Saul Eslake, former chief economist of Bank of America Merrill Lynch Australia, pointed out that the Trump administration's continuous attacks on the Federal Reserve's independence is one of the reasons for the decline in short-term interest rates while long-term bond yields are on the rise. The recent attacks on Powell will continue to affect global long-term interest rates, and Australia will also be affected — which means the country's government debt servicing burden may face further upward pressure. (Jin10)

[Economists: Impaired Federal Reserve independence could affect the debt repayment capacity of other governments.]&nbsp;Saul Eslake, former chief economist of Bank of America Merrill Lynch Australia, pointed out that the Trump administration's continuous attacks on the Federal Reserve's independence is one of the reasons for the decline in short-term interest rates while long-term bond yields are on the rise. The recent attacks on Powell will continue to affect global long-term interest rates, and Australia will also be affected — which means the country's government debt servicing burden may face further upward pressure. (Jin10)

Economists: Impaired Federal Reserve independence could affect the debt repayment capacity of other governments.

&nbsp;according to local media, the Financial Services Commission (FSC) of South Korea has finalized guidelines allowing listed companies and professional investors to trade cryptocurrencies, ending a 9-year ban on corporate crypto investments.

[South Korea ends 9-year ban on corporate cryptocurrencies, allowing listed companies to invest up to 5% of their equity in cryptocurrency purchases.]&nbsp;according to local media, the Financial Services Commission (FSC) of South Korea has finalized guidelines allowing listed companies and professional investors to trade cryptocurrencies, ending a 9-year ban on corporate crypto investments.

South Korea ends 9-year ban on corporate cryptocurrencies, allowing listed companies to invest up to 5% of their equity in cryptocurrency purchases.

the market shows BTC breaking through $92,000, currently at $92,041.92, with a 24-hour increase of 1.49%. The market is volatile, please manage your risk accordingly.

[BTC breaks through $92,000]the market shows BTC breaking through $92,000, currently at $92,041.92, with a 24-hour increase of 1.49%. The market is volatile, please manage your risk accordingly.

BTC breaks through $92,000

Trump denies colluding with the U.S. Department of Justice to file criminal charges against Federal Reserve's Powell, and states that the federal court's subpoena to Powell is unrelated to whether the Federal Reserve will cut interest rates.

[Trump stated that the lawsuit against Powell was unrelated to interest rates and that he was not involved in it.]Trump denies colluding with the U.S. Department of Justice to file criminal charges against Federal Reserve's Powell, and states that the federal court's subpoena to Powell is unrelated to whether the Federal Reserve will cut interest rates.

Trump stated that the lawsuit against Powell was unrelated to interest rates and that he was not involved in it.

The Hong Kong Monetary Authority today released a research report titled “An Assessment Of The Volatility Spillover From Crypto To Traditional Financial Assets: The Role Of Asset-backed Stablecoins.” The report said that with a perceived stable value offered by the backing of traditional financial assets, asset-backed stablecoins play a pivotal role in the crypto ecosystem. However, these stablecoins bear liquidity mismatch risks similar to money market funds, which may expose them to a fire-sale of reserve assets in times of crypto ecosystem instability and in turn increase the volatility of these reserve assets. In extreme circumstances, failures of stablecoins or other crypto assets could result in large-scale redemptions of asset-backed stablecoins and a fire-sale of their reserve assets, potentially posing material impacts on the traditional financial system.
The report said that as the crypto ecosystem continues to expand and is increasingly exposed to the financial sector, the linkages between crypto and traditional financial assets are likely to become stronger, potentially increasing the risk spillover discussed above. Importantly, the crypto ecosystem remains largely outside the oversight of regulators, with large data gaps impeding their assessments of the spillover risk. Given that the international regulatory community is considering putting in place appropriate regimes to regulate stablecoins, this study concludes with two suggestions that regulators may consider: 1. Requiring standardised and regular disclosures by the issuers of asset-backed stablecoins on their reserve assets holdings which could help regulators assess and compare their liquidity condition and potential liquidity mismatch risk. This could enable regulators to consider, in a more timely manner, taking appropriate measures to reduce the spillover risk in times of market disruption; 2. Strengthening the asset-backed stablecoins' liquidity management, possibly by imposing restrictions on the composition of reserve assets and requiring welldefined redemption rights, which may also help reduce the spillover risk.

Detail

【HKMA: Stablecoin volatility may spill over to traditional finance】The Hong Kong Monetary Authority today released a research report titled “An Assessment Of The Volatility Spillover From Crypto To Traditional Financial Assets: The Role Of Asset-backed Stablecoins.” The report said that with a perceived stable value offered by the backing of traditional financial assets, asset-backed stablecoins play a pivotal role in the crypto ecosystem. However, these stablecoins bear liquidity mismatch risks similar to money market funds, which may expose them to a fire-sale of reserve assets in times of crypto ecosystem instability and in turn increase the volatility of these reserve assets. In extreme circumstances, failures of stablecoins or other crypto assets could result in large-scale redemptions of asset-backed stablecoins and a fire-sale of their reserve assets, potentially posing material impacts on the traditional financial system.
The report said that as the crypto ecosystem continues to expand and is increasingly exposed to the financial sector, the linkages between crypto and traditional financial assets are likely to become stronger, potentially increasing the risk spillover discussed above. Importantly, the crypto ecosystem remains largely outside the oversight of regulators, with large data gaps impeding their assessments of the spillover risk. Given that the international regulatory community is considering putting in place appropriate regimes to regulate stablecoins, this study concludes with two suggestions that regulators may consider: 1. Requiring standardised and regular disclosures by the issuers of asset-backed stablecoins on their reserve assets holdings which could help regulators assess and compare their liquidity condition and potential liquidity mismatch risk. This could enable regulators to consider, in a more timely manner, taking appropriate measures to reduce the spillover risk in times of market disruption; 2. Strengthening the asset-backed stablecoins' liquidity management, possibly by imposing restrictions on the composition of reserve assets and requiring welldefined redemption rights, which may also help reduce the spillover risk.

HKMA: Stablecoin volatility may spill over to traditional finance

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HKMA: Stablecoin volatility may spill over to traditional finance

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