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Federal Reserve Governor Stephen Milan officially submitted his resignation on Thursday, stating that he would vacate his seat on the Federal Reserve Board at or before the inauguration of the new chairman, Kevin Warsh.Milan took over her position on the board after Adriana Kugler's sudden resignation in August 2025. Milan has played a dissenting role in the Federal Open Market Committee (FOMC), which is responsible for setting interest rates. In the six FOMC meetings he attended, he voted "no" each time.He stated that he believes personal consumption expenditures (PCE) inflation, particularly in housing, will gradually return to normal levels, and reiterated that, given the lagging nature of monetary policy, he believes it is necessary to cut interest rates.Milan has consistently advocated for lower interest rates and opposed the three rate cuts of 25 basis points each approved by the FOMC in 2025, as he supported larger cuts. This year, he voted three times against the decision to maintain interest rates, instead supporting a 25 basis point cut.Additionally, he mentioned that he has been pushing for a more forward-looking monetary policy approach and believes the Federal Reserve "needs to better consider non-monetary factors and their impact on monetary policy." He specifically pointed out the effects of slowing population growth and reduced immigration on employment, as well as the deflationary pressures brought about by regulatory easing.

Digital art platform Blackdove announced the abandonment of its acquisition of the NFT platform Foundation. It stated that the purpose of acquiring Foundation was to improve Blackdove's software infrastructure. Due to the rapid progress of the acquisition, Blackdove conducted due diligence only after the operational handover was completed, but later realized that developing its own platform was the best direction, leading to the decision to abandon the acquisition. Foundation has now been returned to its founder Kayvon Tehranian and the foundation team.Previously, Blackdove announced the acquisition of Foundation on January 28, 2026. Foundation was established in February 2021 and is an NFT platform focused on high-quality digital art, known for its curatorial model that emphasizes exclusivity, artistic quality, and creator empowerment, primarily serving digital artists and professional collectors. It has received investments from a16z, 1kx, and Coinbase Ventures.

The Governor of the Bank of Japan, Kazuo Ueda, has signaled a dovish stance, indicating a more cautious approach amid the uncertain impact of the Iran war on the Japanese economy, which has provided support for Bitcoin to break through $74,000.In recent years, the Bank of Japan's interest rate hikes have repeatedly caused turbulence in the crypto market. On August 5, 2024, an unexpected rate hike by the Bank of Japan triggered the unwinding of yen arbitrage trades, causing Bitcoin to drop from $64,000 to $49,000 within 48 hours. On the 28th of this month, the Bank of Japan will hold a monetary policy meeting.

According to Jinshi reports, Ameriprise Financial Chief Market Strategist Anthony Saglimbene stated that the Federal Reserve's policy statement and interest rate decision were in line with expectations, and the economic outlook summary and statement were slightly dovish. He pointed out that although PCE and core PCE expectations have risen, the statement still emphasizes that the economic conditions are good, with moderate job growth and a stable unemployment rate.

According to Jinshi reports, Pimco global economic advisor and former Federal Reserve Vice Chairman Clarida stated that the result of this Federal Reserve interest rate decision is "constructively dovish." He added that artificial intelligence supports economic demand, and to some extent, it, along with the BBB (Big Beautiful Bill) tax cuts, may offset the drag caused by rising oil prices.

According to Jinshi News, the U.S. financial website investinglive stated that the core PCE has recorded a month-on-month increase of 0.4% for two consecutive months, which is a concern for the doves within the Federal Reserve. If similar data appears for a few more months, the inflation rate will quickly approach 2%. In addition, these data will still be included in the year-on-year calculation over the next 10 months, and the impact of energy prices is also about to arrive.

According to Decrypt, the National Anti-Corruption Center of Moldova (CNA) has disclosed a plan to influence the country's parliamentary elections in 2025 using cryptocurrency, involving an amount of $107 million.CNA Director Alexandr Pinzari stated that the plan involved "complex trading operations" through non-custodial cryptocurrency wallets, transferring virtual assets to intermediaries in Moldova, who would then convert them into cash and distribute them to local activists for bribing voters, promoting specific candidates, and mobilizing rally participants. The source of the funds can be traced back to two centralized cryptocurrency platforms in Russia and Kyrgyzstan.Blockchain analysis firm TRM Labs linked the activity to the "Russia-backed foreign influence operation InfoLider" and confirmed that the Kyrgyzstan cryptocurrency exchange TokenSpot is one of the sources of the transactions. TRM Labs had previously identified TokenSpot as a potential front company for the sanctioned Russian exchange Garantex, both of which are closely related to the "Kremlin-backed sanctions evasion ecosystem."

According to Jinshi, Federal Reserve Governor Mester stated that if there is any impact, it would only lead me to lean towards a more dovish policy.

Dovey Wan, founding partner of Primitive Ventures, posted on X regarding the rumor that "the market drop may be due to a Hong Kong hedge fund's liquidation from IBIT options trading." Being in the "Hong Kong fund" circle in Asia, I have to share a contrary opinion.About taxes: Hong Kong does not have capital gains tax (Cap Gains) at all, so the so-called "tax optimization harvesting" perspective is basically viewed from the American standpoint, which does not apply to us.About the rumors: We are conducting due diligence (DD) on Hong Kong's largest Bitcoin options strategy fund. From their performance in recent months and our communications with them, there has been no drama since October 11. The Hong Kong circle is small, and everyone loves gossip; if something really happened, it would be impossible to keep it under wraps. For example, when the Hong Kong-based 3AC-related market maker Taipingshan faced issues, we knew about it almost the next day.About capital flows: Long before the in-kind redemption mechanism appeared, many old-school Bitcoin whales in Asia had already swapped their assets one way into compliant channels like IBIT (at that time, only Galaxy could do this; those who understand know). This was mainly done to: ensure safer custody; reduce operational and counterparty risks; facilitate collateral flow within the traditional financial (TradFi) system; and allow for cleaner transitions to other traditional financial assets.About trading habits: Starting from the second half of 2025, Bitcoin trading activity will structurally lean more towards U.S. stock trading hours (especially the early morning session when New York opens), and the spot selling pressure across major exchanges reflects this. In recent days, Binance has also seen significant spot selling pressure during these times, which is actually a chain reaction caused by ETF redemptions.Additionally, why would a Bitcoin fund "blow up" just because of writing options? Unless they are naked shorting or engaging in leveraged basis trades, resulting in liquidation due to an unexpected widening of the price difference between IBIT and spot. Therefore, it is likely that this is a traditional financial (TradFi) fund with a cross-margin mechanism, rather than a purely "old-school Bitcoin believer" fund.

According to Jinshi News, FXEM analyst Abdelaziz Albogdady stated that although the dollar has stabilized after falling to multi-year lows, it still faces downside risks. The weakness of the dollar is mainly due to Trump's comments signaling tolerance for currency depreciation, raising concerns that Trump may nominate a more dovish Federal Reserve chairman, which would imply looser monetary policy and decreased institutional independence. Coupled with widespread unease over domestic political risks in the United States, the dollar remains under pressure. Any dovish tendencies could exacerbate the downward pressure on the dollar and U.S. Treasury yields.

According to CoinDesk, the market widely expects the Federal Reserve to maintain interest rates this Wednesday.The key focus of this meeting is the statement from Fed Chairman Powell during the post-meeting press conference, as his remarks may provide directional guidance for risk assets, including Bitcoin. The core concern for the market is whether this pause in rate cuts will be interpreted as a "hawkish pause" or a "dovish pause." If Powell emphasizes inflation risks, it could dampen rate cut expectations and put pressure on risk assets; conversely, if he suggests that the pause in rate cuts is temporary and opens the door for resuming cuts in the coming months, it could boost risk assets like Bitcoin.Additionally, if officials appointed by Trump cast dissenting votes on the decision to maintain interest rates, it could strengthen market expectations for future easing policies. Powell's explanation for the decision to maintain rates may provide support for the dollar, thereby putting pressure on Bitcoin priced in dollars. He may also be asked about the Trump administration's recent housing affordability measures (which could raise short-term inflation), the judicial investigations targeting him personally, and the bond market volatility triggered by Japan, as these statements could exacerbate market fluctuations.

According to market news, Moldova's Finance Minister Andrian Gavriliță announced that the country plans to introduce cryptocurrency regulatory legislation in 2026.As a candidate member of the EU, Moldova must adhere to the EU's regulatory framework for crypto assets (MiCA). The new regulations will clarify the legality of citizens holding, trading, and converting crypto assets, and will authorize specific institutions to conduct related business. However, cryptocurrencies will not be allowed for payment of goods or services. In terms of taxation, while holding cryptocurrencies will not be taxed, profits generated from transactions will be subject to a 12% income tax.The regulations will also include strict anti-money laundering and security risk management measures. Andrian Gavriliță emphasized that the government's goal is to legalize this sector while preventing cryptocurrencies from being used for illegal financing and money laundering activities.

According to Jinshi, the Federal Reserve has released the minutes of its last interest rate decision meeting of the year, confirming that FOMC members are willing to consider further rate cuts. The minutes show that the Fed's stance is leaning towards dovish, with most rate setters willing to explore the possibility of further rate cuts, but any policy adjustments will still depend on weak inflation data.

Fundstrat co-founder and BitMine chairman Tom Lee recently stated in an interview with CNBC that the Federal Reserve may adopt a more dovish monetary policy in 2026, which is expected to boost business confidence and drive the ISM Purchasing Managers' Index back above 50, benefiting traditional industries such as industrials, energy, and basic materials. Lee believes that the financial services industry will see a reduction in employee density and an increase in profit margins due to AI and blockchain applications, predicting that leading banks like JPMorgan and Goldman Sachs may behave more like tech stocks, with the potential to become the next batch of "tech giants." Although the market may experience significant volatility in 2026, Lee pointed out that historical data shows that after three consecutive years of over 20% gains, there is a 50% chance of better performance in the fourth year. He warned that the main risk lies in excessive complacency, but the current cautious attitude of investors may help mitigate this issue.

According to Jin Ten, analyst Anstey stated that U.S. Treasury yields have rebounded from earlier lows, and the gains in stock index futures have also been quite limited since the CPI data was released. Investors are considering that there is still a long way to go before the Federal Reserve's interest rate decision on January 28. U.S. interest rate strategist Ira Jersey mentioned that low levels of CPI year-on-year data will make it easier for the doves within the Federal Reserve to argue that further rate cuts should be implemented if the economic data in December is weak.

According to CoinDesk, during the early trading session on Wednesday in the U.S., cryptocurrency prices surged significantly, with Bitcoin prices returning to above $90,000. Factors that may be favorable for the market include:Metal prices continue to rise sharply, with silver up about 5%, reaching a new high of over $66 per ounce, while gold and copper prices have also increased by more than 1%.A leading candidate for the Federal Reserve chair, current Fed Governor Chris Waller, made dovish remarks in a public speech, suggesting that the neutral federal funds rate should be 50-100 basis points lower than the current level.He also added that the current job growth in the U.S. is close to zero, and inflation is not expected to rebound. Currently, the major U.S. stock indices are relatively unchanged in early trading, and the yield on the 10-year U.S. Treasury bond has decreased by 2 basis points to 4.15%.

According to Jinshi reports, as Federal Reserve Governor Waller made dovish remarks, the decline in U.S. Treasury bonds has narrowed.

According to Jinshi Data, Investinglive analyst Giuseppe Dellamotta stated that recently, Federal Reserve Chairman Powell made more dovish comments than expected at the FOMC press conference, providing support for gold prices. He downplayed inflation risks and emphasized the weakness in the labor market, suggesting that the Fed's tolerance for higher inflation is greater than its tolerance for a weak labor market.This week's focus is on the U.S. non-farm payroll report and the Consumer Price Index (CPI) report. Currently, the market expects the Fed to cut rates by 57 basis points by the end of 2026. If U.S. economic data is strong, particularly in the labor market, we may see a hawkish adjustment in market rate expectations, leading to a decline in gold prices.On the other hand, weak data should further support precious metal prices, as the market will bet on rate cuts in advance. From a more macro perspective, due to the Fed's dovish reaction mechanism, real yields may continue to decline, so gold prices should maintain an upward trend. However, in the short term, further hawkish adjustments in rate expectations may put pressure on the market.