Feb. 10, 2025

We're excited to announce our new format "Crypto Daybook Americas" will replace "First Mover" on Feb. 24. "Crypto Daybook Americas" is your new morning briefing on what happened in crypto markets overnight to equip you with what you'll need to know about during the coming day. It will arrive in your inbox at 7 a.m. ET to kickstart your morning with comprehensive insights and analysis. If you want a preview, "Crypto Daybook Americas" is already being published on the CoinDesk website, so hop over and take a look. You don't need to do anything to sign up, you'll start receiving "Crypto Daybook Americas" automatically when it starts coming out.

CoinDesk 20 Index: 3,211.48 0.75%
Bitcoin (BTC): $97,422.63 0.90%
Ether (ETH): $2,646.34 -0.34%
S&P 500: 6,025.99 -0.95%
Gold: $2,930.99  +1.50%
Nikkei 225: 38,770.5 -0.12%

Bitcoin is holding steady alongside positive cues from foreign exchange risk barometers like AUD/JPY despite expected tariff escalation by President Donald Trump later Monday.The positioning contrasts starkly with the risk aversion observed a week ago, when Trump fired the first tariff shot. It's possible market participants think he's using aggressive tactics to negotiate trade deals rather than committing to sustained tariffs. It's a notion that gained traction following last Monday's decision to suspend tariffs on Mexico and Canada for 30 days, hinting at a more strategic approach to trade negotiations. According to QCP Capital, the current market stability could embolden Trump to take a tougher stance. "A feedback loop is emerging — President Trump, highly sensitive to market reactions, is facing a market increasingly calling his bluff. This could embolden him further, adding another layer of volatility," QCP said in a Telegram broadcast.

Metaplanet (3350) announcedfull-year 2024 financial resultsand is now sitting on an unrealized gain of some $36 million on a total of 1,761 BTC acquired for $137 million. The bitcoin investor said it increased its shareholder base by 500% to 50,000 in 2024. The firm plans to own 10,000 BTC by the end of 2025 and 21,000 BTC by end-2026. This will be achieved by issuing 21 million shares in moving strike warrants. Metaplanet has several ways of increasing bitcoin holdings per share including debt issuance, which is achieved through secured bonds, convertible bonds, and the use of bitcoin as collateral.

Polymarket bettors put $1.1 billion in volume on the outcome of the Superbowl, which saw the Philadelphia Eagles beat the Kansas City Chiefs 40-22 as the betting platform gains steam despite regulatory hurdles. On-chain data from Polymarket Analytics shows that one trader going by the handle 'abeautifulmind' took home a profit of over $550,000 from bets on the Eagles. Data shows that this user has an overall profit of just over $1 million, mostly from bets on sports. Other Superbowl related contracts on Polymarket included one about how many times Taylor Swift would be shown on the broadcast and another about how long the national anthem performance would be.

BNB Chain's TST token, originally created in a community tutorial, skyrocketed to a $300 million market cap following mentions by Binance founder Changpeng Zhao. 

“Things with clear tangible value are harder to speculate on. They stay around the clear value,” Zhao said. “This is indeed a challenge for RWA. Memes are fun, etc. It’s a cultural thing. I am not an expert in this area. There are plenty of die-hard defenders of memes. Don’t go against the community.”

David Portnoy of Barstool Sports promoted JAILSTOOL as market watchers accused him of using his social-media influence to pump the low-cap token, which peaked at over $200 million before settling at a $78 million market cap. The Central African Republic issued its own memecoin, CAR, aiming to support national development and increase the country's global visibility.

- Omkar Godbole