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The crypto market has seen significant developments in recent days, with Bitcoin reaching a high of $75,000 and Ethereum’s open interest increasing by 26% as markets rally. The Nasdaq and S&P 500 have also reached new record highs, with tech stocks driving the surge. Meanwhile, regulatory discussions are ongoing, with the Cato Institute suggesting that the US should scrap crypto capital gains tax to fuel competition. Additionally, there have been updates on various crypto projects, including Ripple’s partnership with Korea’s Kyobo Life to tokenize government bond settlement.

Markets

Bitcoin has been testing a level that capped its rally in January, according to CryptoQuant. The cryptocurrency has seen a 10% increase for the month but has stalled near $75,000 in the past 48 hours. On-chain data shows that large holders are positioning to sell near a key breakeven zone. Ethereum’s open interest has seen a significant increase, with a 26% rise as markets rally. Dogecoin has also seen a surge, jumping 4.5% to nearly 10 cents and outperforming Bitcoin and Ether.

Regulation

The Cato Institute has suggested that the US should scrap crypto capital gains tax to fuel competition. This proposal aims to promote innovation and growth in the crypto industry. Meanwhile, the Solana Policy Institute has been involved in a political campaign, with a PAC backed by the institute spending millions to support a Republican candidate. Regulatory discussions are ongoing, with the CFTC probing oil futures trades tied to Trump’s moves in Iran.

DeFi and Projects

Ripple has partnered with Korea’s Kyobo Life to tokenize government bond settlement, targeting near real-time settlement of Korean treasuries. Justin Sun, the founder of Tron, has been involved in a feud with Trump-linked WLFI over a governance vote. Morgan Stanley’s Bitcoin fund has overtaken WisdomTree after six trading days, with the fund seeing significant inflows. Adam Back, the CEO of Blockstream, has proposed optional upgrades to make Bitcoin quantum-resistant, rather than a forced freeze.

Sources: CoinDesk, CoinTelegraph

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