Important Information
【U.S. Justice Department Launches Criminal Investigation into Powell, Market Temporarily Treats Bitcoin as a 'Safe Haven'】
On January 12, Federal Reserve Chairman Powell publicly stated that he was summoned by the Justice Department to testify before Congress and was threatened with criminal charges, raising concerns about the independence of the Federal Reserve. The crypto market strengthened against the backdrop of weakening stock index futures, with Bitcoin briefly surpassing $92,000 and Ethereum rising, as the market temporarily viewed it as a 'safe haven asset'.
Impact/Insight: This event reinforces the trading chain of 'macroeconomic uncertainty → funds shifting to precious metals and crypto', which may temporarily increase preference for privacy coins and highly liquid mainstream coins. However, if it evolves into institutional risk, it may also increase volatility and regulatory constraints.
（Reuters: https://reuters.com/business/finance/feds-powell-says-administration-has-threatened-criminal-indictment-over-his-2026-01-12）
【Coinbase may change its support for the U.S. cryptocurrency market structure bill (CLARITY) due to fluctuations in the 'stablecoin yield' provisions】
Bloomberg reports that if the final text imposes restrictions on stablecoin 'rewards/yields' beyond disclosure levels, Coinbase may reassess its support for the bill, with the Senate committee expected to review it this Thursday (January 15).
Impact/Insights: Stablecoin rewards are directly linked to platform revenue sharing, affecting the fundamentals and valuation of all USD stablecoins; policy uncertainty forms variables for Coinbase and stablecoin issuers. Additionally, it will impact the overall international status of the USD and USD stablecoins.
（Yahoo Finance: https://finance.yahoo.com/news/coinbase-raises-pressure-crypto-bill-192955972.html）
Industry Dynamics
【South Korea plans to end the 9-year ban on corporate investment in cryptocurrency: listed companies and qualified institutions can invest in the top 20 cryptocurrencies up to '5% of equity'】
Multiple media outlets report that the South Korean Financial Services Commission (FSC) has finalized guidelines allowing listed companies and professional institutions to invest in the top 20 cryptocurrencies at the five major licensed exchanges in South Korea, not exceeding 5% of shareholders' equity per year; the final text is expected to be implemented in January or February. Whether stablecoins will be included remains to be clarified.
Related Assets: BTC, ETH, SOL, TRX, USDT. Reason: All are among the top 20 by market value and are high liquidity assets that could potentially be included in the list; USDT and TRON are used frequently in OTC settlements and cross-exchange transfers in South Korea, and policy relaxation will increase institutional compliance allocation needs. (banklesstimes: https://banklesstimes.com/articles/2026/01/12/south-korea-ends-9-year-ban-on-corporate-crypto-investment)
Price Dynamics
【Bitcoin】$BTC
Driving Analysis: Primarily influenced by 'Powell under investigation, market risk aversion rising'; as stock index futures come under pressure, BTC is temporarily viewed as a 'safe-haven allocation', combined with previous ETF funds occasionally flowing back and fluctuating macro expectations, leading to better price performance than some risk assets.
【Coinbase (NASDAQ: COIN)】
As of January 12 at 22:40, COIN is reported at approximately $242.12, with an intraday increase of 0.56%.
Driving Analysis: Influenced by the uncertainty of 'stablecoin rewards' provisions and legislative negotiations, there was a price drop on January 11. The market is concerned that its stablecoin-related income and product forms are restricted, alongside Bitcoin retreating to above $90,000, which puts pressure on the stock price.
（Screenshot source: TradingView）
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