Ethereum Gas Fee Continues to Drop, Now at 0.352 Gwei

On December 9, The Block reported that Matt Hougan, Chief Investment Officer at Bitwise, said the cryptocurrency market is poised for 10-20x growth as tokenization, Bitcoin and stablecoins gain mainstream acceptance over the next decade. Hougan cited Paul Atkins, chair of the U.S. Securities and Exchange Commission (SEC), who noted all U.S. stocks will transition to on-chain trading—highlighting the market’s significant growth potential.

**On December 9, the Federal Reserve will hold its FOMC interest rate meeting. Former Fed Vice Chair Lael Brainard said in an interview that if she were involved in this rate decision, she might choose a hawkish rate cut.** **Brainard noted that without official data, she would rely on non-government employment figures from sources like ADP and RevelioLabs—both showing a decline in U.S. job counts. Citing the Fed’s goal to avoid a self-reinforcing economic downward spiral and further layoffs, she personally favors another rate cut first, followed by a period of steady rates, and a firm commitment to bringing inflation down to 2% over the next two years (what she defines as a "hawkish rate cut").** **She added that Americans’ top concern is inflation and prices.**

On December 9, European Financial Services Commissioner Mairead McGuinness said Tuesday the EU aims to begin implementing its Capital Markets Union (CMU) reform package by 2027—providing the first clear timeline for the initiative. The proposal still needs sign-off from the European Parliament and EU Council, with some member states pushing back strongly against it. Centralizing regulatory authority would bring major clearinghouses, central securities depositories, and trading platforms under the European Securities and Markets Authority (ESMA)’s oversight. Cryptocurrency firms will also fall under ESMA’s regulatory purview. (Everbright)

Per CoinDesk data as of Dec. 9, Singapore Exchange (SGX) Bitcoin and Ethereum perpetual futures have hit $250 million in total trading volume since launching two weeks ago. SGX President Michael Syn noted the products have drawn new liquidity—rather than funds shifted from other exchanges—and are primarily used by institutional investors for spot-futures arbitrage, not just simple long positions.

On December 9, HASHKEY HLDGS launched its initial public offering (IPO), planning to issue approximately 241 million shares globally. The firm expects to list on the Hong Kong Stock Exchange’s main board on December 17. A one-hand subscription requires roughly HK$2,808.04. Positioned as a licensed digital asset platform, HASHKEY HLDGS offers trading matching, on-chain services, and asset management. It has built the HashKey Chain, which supports tokenization of real-world assets (RWA). The company projects 2024 fiscal year revenue of around HK$721 million, with ongoing increases in research and development investment. Based on a median offer price of HK$6.45, net proceeds total approximately HK$14.26 billion—funds earmarked primarily for technology/infrastructure upgrades and global expansion. BiyaPay analysts note HASHKEY HLDGS embodies the trend of compliant digital asset platforms shifting “from trading to infrastructure.” They are optimistic about its long-term growth pote