Market Prices Keep Dropping, and RLUSD Will Be Available In More Exchanges - January 9, 2025

Also, Pudgy Penguins NFT sales drop, and Do Kwon's trial is set for 2026.

TL;DR: Crypto Insights in Seconds

• BTC: Potential further drop, reaching the $80K mark.

• NFT: Pudgy Penguins NFTs sales drop despite token surge.

• Crypto Market: Macroeconomic uncertainty and U.S. political risks stops the bullish momentum.

• Terra: Do Kwon’s trial is set for January 2026.

• South Korea: Considers lifting institutional crypto trading ban.

• Revolut: Partners with Pyth for DeFi data integration.

• RLUSD: Ripple’s stablecoins expand exchanges listing.

Price Update

Bitcoin Traders Eye $80K as DXY Hits New Highs

Bitcoin's price correction to $92.5K has been linked to Federal Reserve interest rate concerns and a strengthening U.S. dollar index (DXY). Analysts highlight an $80K short-term price target as traders assess market momentum. The hourly RSI has reached its most overbought level since the $60K rally in 2021, raising concerns among traders about a potential near-term correction as bullish momentum cools.

Pudgy Penguins’ Sales Drop Despite Token Rally

NFT project Pudgy Penguins reported a sharp decline in sales, even as its token showed a rally. This is another demonstration of how dynamic can unpredictable it can be the NFT market, and worth reflecting about the future of NFT when the items aren’t as appreciated as other assets.

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Market Trends

Crypto Prices Dip Amid Rising Macro Fears

Bitcoin and Ethereum experienced downward pressure as concerns over prolonged inflation and global macroeconomic uncertainty escalated. This dip, coupled with increased political risks post-election, has softened the market's overall recent bullish sentiment.

Legal and Regulatory Updates

Terraform Labs Founder Do Kwon's Trial Set for January 2026

In a highly anticipated legal update, a judge has scheduled Do Kwon's trial for January 2026. The Terraform Labs founder faces charges related to the collapse of TerraUSD. The court has encouraged plea negotiations in what is being described as a pivotal moment for crypto accountability.

South Korea Considers Lifting Institutional Trading Ban

South Korea’s government is reportedly working on lifting its ban on institutional cryptocurrency trading, which could be a massive shift toward a more crypto-friendly regulatory framework. This move could position the nation as a key player in the digital asset market.

Don’t Miss Anything

Pyth Partners with Revolut for DeFi Data Integration

DeFi data provider Pyth Network has partnered with fintech giant Revolut to deliver real-time financial data integration. This partnership is seeking to improve transparency and accessibility for DeFi and traditional financial products alike.

Ripple’s RLUSD Stablecoin Expands Exchange Listings

Ripple’s RLUSD stablecoin is set to debut on more exchanges imminently, as confirmed by Monica Long, Ripple’s President. Currently, the token is listed on Bitso, MoonPay, CoinMina, Bullish, Mercado Bitcoin, B2C2, Keyrock, Archax, Independent Reserve and JST Digital.

The crypto market continues to navigate a mix of optimism and caution. Regulatory developments, global economic shifts, and evolving DeFi ecosystems remain central to shaping the next phase of growth and volatility. Whether Bitcoin rebounds or dips further, the broader digital asset landscape is poised for transformation. As the market evolves, being informed and adaptable is crucial for investors and participants. Stay tuned for tomorrow’s newsletter to get the latest insights and updates in the market.