Market Update — December 23

Source: TechFlow (Shenchao)

Spot Gold Hits USD 4,450/oz, Setting a New All-Time High

According to Jin10 Data, spot gold rose to USD 4,450 per ounce this morning, marking a new record high, up 0.15% on the day.

Michael Selig Officially Sworn In as Chair of the U.S. CFTC

According to Cryptobriefing, pro-Bitcoin advocate Michael Selig has officially been sworn in as Chair of the U.S. Commodity Futures Trading Commission (CFTC), following confirmation by the U.S. Senate.

In a statement, Selig said the CFTC is entering a major period of transformation, driven by rising retail participation and the emergence of new products and platforms. He noted that the agency will play a greater role in establishing practical regulatory standards for digital asset markets while safeguarding the stability and security of U.S. derivatives markets. Selig emphasized: “We are at a unique moment, with new technologies, products, and platforms rapidly emerging, retail participation in commodity markets at historic highs, and Congress preparing to submit digital asset market structure legislation to the President—cementing the United States’ position as the ‘crypto capital.’”

Prior to joining the CFTC, Selig served as Chief Legal Counsel of the SEC’s crypto task force and as a senior advisor to SEC Chair Paul Atkins.

Federal Reserve Governor Milan: Case for a 50bp Rate Cut Has Weakened

Federal Reserve Governor Milan stated that, as recent monetary policy adjustments have progressed, the necessity for a previously advocated 50-basis-point rate cut has diminished. He noted that some recent inflation data showed abnormal fluctuations, partly related to the government shutdown. These anomalies suggested that the Fed’s policy stance should move in a more accommodative direction.

Milan emphasized that he does not currently see a short-term risk of recession, but believes the neutral interest rate has shifted noticeably lower and monetary policy must reflect this structural change. If policy rates do not continue to decline toward the new neutral level, the risk of recession could instead increase. Regarding his own tenure, Milan said he is uncertain whether he will remain in office, adding that if no successor is confirmed by the end of January, he will assume that he will continue in his role.

Uniswap “UNIfication” Fee Switch Proposal Reaches Approval Threshold, to Take Effect This Week

According to Cointelegraph, Uniswap’s “UNIfication” fee switch proposal has surpassed the 40 million vote approval threshold and is set to take effect this week.

As of Monday, the proposal had received nearly 69 million votes in favor, with voting scheduled to conclude on Thursday (Christmas Day). Following approval, a two-day timelock period will apply, after which the Uniswap v2 and v3 fee switches will be activated on the Unichain mainnet, triggering UNI token burns.

The proposal includes the burning of 100 million UNI tokens from the Uniswap Foundation treasury and the implementation of a protocol fee discount auction system to increase liquidity provider yields. These changes are expected to significantly improve UNI’s supply-demand dynamics and enhance its long-term holding value.

Since the start of voting, UNI has risen more than 25% and is currently trading at USD 6.19.

Espresso Opens ESP Airdrop Eligibility Checker; Token Claims to Launch in Early 2026

According to an official announcement, the Espresso Foundation has launched the registration portal for the $ESP token. Users can now connect their wallets to check eligibility for the Espresso airdrop. The token claim page is expected to open in early 2026.

Previously, Espresso completed a USD 28 million Series B funding round in 2024, led by a16z.

Hyperliquid Responds to Transparency Allegations, Emphasizes Fully Verifiable On-Chain Solvency

Hyperliquid issued an official statement responding to recent allegations raised in an article questioning multiple aspects of the platform. The statement emphasized that Hyperliquid is built on on-chain transparency, is fully solvent, and that every dollar can be traced and verified.

The platform noted that critics overlooked the existence of HyperEVM USDC and incorrectly claimed that USD 362 million was missing from the system. Hyperliquid clarified that testnet features are strictly limited to testing environments and cannot be executed on mainnet; the platform has no privileged users or fee exemptions; and the CoreWriter function was misunderstood, as it cannot arbitrarily mint tokens or move user funds.

Hyperliquid stressed that it is the only major perpetual futures platform where all states and transactions are fully transparent on-chain. Anyone can run a node to verify on-chain states, and every order, trade, and liquidation can be inspected in real time—an advantage not shared by other major trading platforms.

Sources: Polymarket Plans to Launch Its Own L2

Polymarket trader PredictTrader (@polymarketbet) summarized information recently disclosed by Polymarket team member Mustafa on social media. Key points include:

• Polymarket plans to migrate away from Polygon and launch its own Ethereum L2, POLY, which is described as the “top priority.”
• Polymarket intends to phase out all third-party service providers, including GoldSky and Alchemy.
• A 5-minute market feature is scheduled to launch this week.

Japan’s Largest Corporate Bitcoin Holder Metaplanet Approves Issuance of Dividend-Paying Preferred Shares

According to Cointelegraph, Metaplanet—the largest corporate Bitcoin holder in Japan—approved a comprehensive capital structure overhaul on Monday, allowing it to raise funds from institutional investors through the issuance of dividend-paying preferred shares.

Approved proposals include reclassifying capital reserves, doubling the authorized issuance of Class A and Class B preferred shares, and revising dividend structures to introduce floating and periodic payouts. Class A preferred shares will feature monthly floating dividends, while Class B preferred shares will offer quarterly dividends and be available to international institutional investors.

Metaplanet reportedly holds approximately 30,823 BTC, valued at USD 2.75 billion, making it Asia’s largest corporate Bitcoin holder. The company also announced plans to trade via American Depositary Receipts (ADRs) in the U.S. OTC market, further expanding its global market presence.

JPMorgan Considers Offering Crypto Trading Services to Institutional Clients

According to Bloomberg, Wall Street giant JPMorgan is evaluating the possibility of offering cryptocurrency trading services to its institutional clients. Sources indicate that the bank’s markets division is exploring products and services to expand its crypto business, potentially including spot and derivatives trading.

Coinbase to Acquire Prediction Market Startup The Clearing Company

According to The Block, Coinbase has reached an agreement to acquire prediction market startup The Clearing Company, with the transaction expected to close in January 2026. The acquisition is part of Coinbase’s “everything exchange” strategy, aimed at deepening its presence in event-based trading.

The Clearing Company team will join Coinbase to help expand its prediction market offerings. Founded earlier this year, the startup raised USD 15 million in seed funding in August, with participation from Coinbase Ventures.

Trump Media Spends USD 13.44 Million to Add 150 BTC

According to Arkham monitoring data, approximately nine minutes ago Trump Media spent USD 13.44 million to acquire an additional 150 BTC. Trump Media’s total Bitcoin holdings have now reached 11,241 BTC, valued at approximately USD 1 billion.