Linera Launches Babbage Testnet

On January 2, BlackRock noted in its 2026 Global Market Outlook that stablecoins could challenge governments’ control over fiat currencies—with rapid adoption raising the risk of a contraction in fiat usage across emerging markets. Just ahead of that forecast, UK-based Standard Chartered warned in October that stablecoin proliferation could drive over $1 trillion in deposits out of emerging market bank accounts. Similar risks are emerging in the U.S. banking sector. This July, a landmark stablecoin bill—the *Crypto for the People Act*—took effect, allowing crypto firms to offer quasi-yield products traditional banks are barred from providing, which threatens traditional financial firms. BlackRock Global Market Development Director Samara Cohen noted: “Stablecoins are no longer a niche product—they’re emerging as a bridge between traditional finance and digital liquidity.”

**Crypto Funds Flowing Out of South Korea Hit $110B Last Year Amid Regulatory Gaps** Per a joint report released Friday by Coingecko and Tiger Research, South Korean investors transferred over 160 trillion won ($110 billion) from domestic crypto exchanges to overseas platforms in 2023—driven by domestic regulatory curbs. As one of Asia’s most active digital asset markets, South Korea has a relatively outdated regulatory framework. The long-awaited *Digital Assets Basic Law (DABA)*—landmark legislation intended to comprehensively regulate crypto trading and issuance—was delayed last December amid disagreements between regulatory bodies over stablecoin issuance. The *Virtual Asset User Protection Law*, scheduled to go into effect in 2024, fails to address market structural issues like leveraged trading or derivatives. Regulatory gaps have sparked concerns: market participants fear South Korea’s centralized crypto exchanges are increasingly struggling to compete with overseas pla

January 2 — Per Coinglass data, if Bitcoin breaks above $91,000, mainstream centralized exchanges (CEXs) will face $806 million in total short liquidation intensity. Conversely, a drop below $88,000 would trigger $806 million in total long liquidation intensity across the same mainstream CEXs. BlockBeats Note: Liquidation charts do not display the exact number of contracts to be liquidated or their precise value. Instead, the bars represent how each liquidation cluster compares in significance to adjacent clusters — that is, "intensity." Accordingly, these charts illustrate how strongly a given price level will react when hit: a taller "liquidation bar" signals a more intense market response from a liquidity cascade.

On January 2, Ethereum climbed roughly 2.9% after U.S. stock markets opened, per HTX market data. It briefly topped $3,100, hitting an intraday high of $3,109, and was last trading at $3,085.

On January 2nd, HTX market data shows Bitcoin (BTC) experienced notable volatility following the opening of U.S. stock markets. The cryptocurrency dropped to $88,459 before surging more than 1.8% to break above $90,000, and was last trading at $90,054.

On January 2nd, spot silver prices dropped more than $1 briefly, last trading at $73.24 per ounce with its intraday gain pared to 2.4%. Spot gold prices fell over $20 in short order, last trading at $4348.42 per ounce as its daily gain narrowed to 0.7%. (Source: IG)