The Daily: Bitcoin taps $97K amid ‘Goldilocks’ macro backdrop, Ripple secures preliminary license in EU payments push, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Wednesday! Industry sentiment has improved over the past month as retail interest picks up in currency-stressed regions like Iran, where “bitcoin” BTC searches have surged alongside a 95% collapse in the rial, CoinCorner CFO Dave Boylan told The Block.

In today’s newsletter, bitcoin hits $97,000 as BTC ETFs see their largest daily inflows since the cryptocurrency’s October all-time high, Ripple’s latest license approval paves the way for its EU payments push, Galaxy Research says the Senate crypto bill could mark the biggest financial surveillance expansion since the Patriot Act, and more.

Meanwhile, CleanSpark and Bitfarms stocks rally as the bitcoin mining firms target U.S. sites for HPC/AI expansions.

P.S. Don’t forget to check out The Funding, a biweekly rundown of crypto VC trends. It’s a great read — and just like The Daily, it’s free to subscribe!

Bitcoin hits $97K as ETFs post largest inflows in three months

Bitcoin broke above $97,000 to an eight-week high on Wednesday as a broad crypto rally flipped derivatives positioning risk-on and widened gains across major tokens.

• The rise triggered heavy short covering, with more than $680 million in bitcoin short positions liquidated in the past 24 hours as bearish bets were caught offside, CoinGlass data shows.
• The move came after U.S. spot bitcoin ETFs posted roughly $750 million in net inflows on Tuesday, marking their largest single-day intake in nearly three months and signaling renewed institutional allocation.
• Analysts said ETF-led demand is absorbing supply gradually rather than driving leverage-fueled spikes, keeping volatility contained early in the rally.
• Speculative sentiment followed spot prices higher, with Polymarket traders now assigning more than 70% odds that bitcoin reaches $100,000 before the end of January.
• A supportive “Goldilocks” macro backdrop, easing inflation data, and improving regulatory clarity in Washington have reinforced risk appetite across crypto and other asset classes, according to QCP Capital.

Ripple secures preliminary EMI license approval as EU payments push advances

Ripple secured preliminary approval for an Electronic Money Institution license from Luxembourg’s financial regulator as the firm looks to scale its payments business across the European Union.

• The green light from the Commission de Surveillance du Secteur Financier positions Ripple to expand its cross-border payments platform, enabling institutions across the EU to send payments using stablecoins and digital assets, pending full authorization.
• The development builds on Ripple’s recent UK authorization from the Financial Conduct Authority, extending its regulatory footprint as Europe advances its crypto frameworks.
• Ripple framed the move as part of a broader push to build MiCA-compliant, end-to-end payments infrastructure in Europe, citing more than $95 billion in processed volume to date.

Senate crypto bill could mark biggest financial surveillance expansion since the Patriot Act, Galaxy says

Galaxy Research warned that the new Senate draft crypto market structure bill could trigger the largest expansion of U.S. financial surveillance powers since the Patriot Act, citing sweeping new Treasury authorities.

• Head of Firmwide Research Alex Thorn said the draft still delivers long-sought industry wins, including protections for self-custody and developers, clearer money transmitter definitions, and sharper jurisdictional lines between market regulators.
• However, the Senate version goes far beyond the House-passed Clarity Act by enabling transaction freezes without court orders and extending sanctions and anti-money laundering obligations to blockchain front ends and certain DeFi applications, he added.
• With the Senate Banking Committee set to mark up the bill this week, Galaxy said illicit-finance provisions have become the central political fault line that could shape industry support and the bill’s path forward.

Paradigm leads $7.1 million seed round for attention market Noise ahead of Base launch

Paradigm led a $7.1 million seed round for Noise, backing a new prediction market-style platform that lets users wager on whether social media topics will remain relevant over time.

• Noise positions itself as a complement to prediction markets by creating “attention markets” that track how trends, brands, and narratives gain or lose cultural relevance rather than resolving to binary outcomes.
• The New York City-based startup’s invite-only testnet drew more than 1,300 users who placed wagers across 14 crypto-focused attention markets, validating early interest in its continuous, trend-based market design, the team said.
• Noise is now preparing for a public launch on Base in the coming months to test its economic theory and social utility with real capital.

Ledger Wallet rolls out ‘BTC yield’ feature

Ledger is rolling out a “BTC yield” feature in Ledger Wallet that lets users access Lombard’s yield-bearing LBTC token via the Figment app in a bitcoin DeFi push.

• The setup allows Ledger Wallet users to convert BTC into LBTC, which generates bitcoin-denominated yield by supporting network validation via Figment on the Babylon Bitcoin Staking Protocol, while aiming to preserve bitcoin exposure.
• The firms framed the launch as an effort to activate bitcoin’s largely dormant supply, with just 1.5% of total BTC currently active onchain, according to Ledger, despite its approximate $2.1 trillion fully diluted valuation.

In the next 24 hours

• UK GDP data are due at 7 a.m. ET on Thursday. U.S. jobless claims figures follow at 1:30 p.m.
• U.S. FOMC members Raphael Bostic and Thomas Barkin will speak at 1:35 p.m. and 5:40 p.m., respectively.
• Aerodrome, Starknet, and Sei are among the crypto projects set for token unlocks.
• CfC St. Moritz 2026 continues in the Swiss Alps.

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