Bitcoin Drops Below $89,000

On December 6, HTX market data shows Ethereum dipped below $3,000, posting a 24-hour decline of 5.08%.

On December 6th, a group of former Signature Bank executives—from the institution that closed in March 2023—announced the launch of N3XT, a new blockchain-powered full-reserve bank focused on programmable dollar payment services. Chartered as a Wyoming Special Purpose Depository Institution (SPDI), N3XT delivers instant settlement via a private blockchain system and enables enterprises to automate transactions using smart contracts. N3XT has raised $72 million across three funding rounds, with backers including venture capital firms Paradigm, HACK VC, and Winklevoss Capital. Unlike traditional banks, it does not lend out customer deposits or repurpose them for other uses. All deposits are fully backed 1:1 by cash or short-term U.S. government bonds, with daily public disclosure of its reserve status. The leadership team includes: - Jeffrey Wallis, CEO: Former Digital Asset Strategy Director at Signature Bank - Scott Shay: Signature co-founder (and designer of its cryptographi

December 6th: CoinDesk reported that James Butterfill, Research Director at crypto asset management firm CoinShares, noted in a report the Digital Asset Treasury (DAT) bubble has essentially burst. Companies that once viewed token treasuries as a growth engine—trading at 3 to 10 times their market value net asset value (mNAV) by summer 2025—have now fallen to around 1x or lower, marking a sharp correction in their trading model. The next trend hinges on market behavior: either price declines spark disorderly selling, or firms hold positions and wait for a rebound. Butterfill leans toward the latter, citing improved macro conditions and a potential December interest rate cut that would support cryptocurrencies. He highlighted a bigger structural challenge: a group of firms previously amassed large treasury assets in the open market but failed to build sustainable businesses, causing reputational damage. Today, investors are less tolerant of equity dilution without actual ope

On-chain data from Lookonchain shows Circle minted an additional 5 billion USDC an hour ago on December 5. Over the past month, the stablecoin issuer has minted a total of 10 billion USDC.

On December 5, Cloudflare released a post-incident summary noting the day’s outage lasted approximately 25 minutes—and was not caused by a cyberattack.

On December 5, the Federal Reserve’s preferred inflation measure remained below 3% in September and posted a modest monthly gain— a development that may not block the central bank from considering a rate cut at its meeting next week. The U.S. Commerce Department reported Friday that the September PCE price index climbed 0.3% month-over-month, nudging the annual rate slightly higher to 2.8% from 2.7% in August. The core PCE index—stripping out volatile food and energy costs—dropped to an annual 2.8% from 2.9% in August. The monthly gain aligned broadly with Wall Street’s forecasts. Typically, the Fed would have complete data on October inflation and November employment ahead of its final policy meeting of the year. But a government shutdown delayed the release of this data, forcing the Fed to weigh its next steps using a set of outdated official economic indicators. At next week’s meeting, policymakers will debate how to balance elevated inflation and a cooling labor market— a