The significant spike observed in cryptocurrencies the previous day, driven by excitement over a resolution to the U.S. government shutdown and expected liquidity influx, turned out to be fleeting. The cryptocurrency market capitalization has experienced a drop of more than one percent in the past 24 hours, as markets assess the progress in addressing the federal government shutdown. Markets examined the possible effects of a delayed resolution to the shutdown on the progress of comprehensive digital asset legislation. Meanwhile, markets processed the latest updates from the legislative arena as the Senate Agriculture Committee revealed its draft crypto market structure bill. The proposed legislation gives the Commodity Futures Trading Commission enhanced powers to regulate digital commodities. This bipartisan proposal expands upon the CLARITY Act, which was approved by the House of Representatives in July.
The discussion draft presents a clear definition of digital commodities and suggests establishing a regulatory framework for a spot market for these commodities under the CFTC. The framework features robust consumer protections, including mandates for the segregation of customer funds, measures to prevent conflicts of interest, essential disclosure requirements for customers, and prohibitions on certain affiliated trading practices. The trading registration framework described in the document seeks to promote liquid and robust regulated markets, ensuring the protection of retail participants. The CFTC and SEC must work together and coordinate on important inter-agency rulemakings. A new funding stream for the CFTC seeks to create a regulatory framework for spot markets, while also ensuring protections for self-custody and innovative technology, as detailed in the document. Due to recent developments, the overall cryptocurrency market capitalization has dropped by 1.6 percent in the past 24 hours. In the past day, 10 of the top 100 cryptocurrencies have rallied by more than 1 percent, whereas a notable 70 are facing overnight declines of over 1 percent. The trading volume over the past 24 hours has increased by more than 7 percent. The positive sentiment shown in the CMC Fear and Greed Index increased to 31 from 29 the previous day, yet still lingered in the fear zone.
With the Dollar Index, which measures the dollar’s strength against a group of six currencies, remaining close to unchanged, gold has experienced a notable overnight increase, boosting its gains by more than half a percent. Gold Futures for December delivery are currently valued at $4,147.67 per troy ounce, showing overnight increases of 0.62 percent. The increase in gold prices sharply contrasts with the recent decline in Bitcoin’s worth. Bitcoin saw a decline of 0.6 percent overnight, now at $105,352.44, placing it around 17 percent lower than the all-time high of $126,198.07 achieved on October 7. The original cryptocurrency is holding a gain of 1.2 percent over the past week and an impressive 12.8 percent year-to-date. The trading activity in the last 24 hours varied between $107,428.26 and $104,699.56. On Monday, Bitcoin-based Spot ETF products in the U.S. experienced inflows of $1 million, which stands in stark contrast to the outflows of $558 million noted on Friday. Ethereum experienced a decline of 0.9 percent overnight, currently priced at $3,573.21. Current gains for 2025 stand at 7.3 percent. Ether is presently valued at a level that is 28 percent below its peak price. The trading activity in the last 24 hours varied from $3,644.53 to $3,508.99. On Monday, Ethereum-based Spot ETF products saw no inflows, a stark difference from the $46 million outflows noted the day before.
On Monday, Solana-based Spot ETF products saw inflows of $6.8 million, down from $12.7 million the day before. TRON has achieved the 8th position overall, with a 1.5 percent increase overnight and is currently trading at $0.2985. Dogecoin, now in the 9th position, saw a drop of 2.5 percent overnight and is trading at $0.1785. DOGE has seen a drop of more than 43 percent thus far in 2025. Cardano, now positioned at the 10th rank, experienced a drop of 2.2 percent overnight, resulting in a trading price of $0.5827. Uniswap, currently holding the 24th rank, led the overnight gains in the top 100 cryptocurrencies, experiencing an impressive surge of over 20 percent. Aerodrome Finance is currently sitting at the 69th rank and experienced a notable surge of nearly 7 percent overnight. Canton Network, currently sitting at the 32nd rank, managed to outperform its overnight losses among the top 100 cryptocurrencies, despite experiencing a significant decline of 27.7 percent. Seventeenth-ranked Zcash and eighty-fifth ranked Starknet faced notable overnight declines, each falling more than 22 percent.