Tokenized gold supply, including Paxos's PAXG, has climbed to about $1.5 billion, according to Token Terminal. Analysts debate whether Bitcoin's lag versus gold reflects a temporary safety rotation or a valuation gap, with the Bitcoin-to-gold ratio near levels seen at past market lows.

On December 21, 2025, Cleveland Fed President Elizabeth Hammack said rates should remain unchanged for months after three meetings cut a total of 0.75 percentage points. She cited inflation risks, noting the 2.7 percent CPI may be closer to 2.9 percent to 3.0 percent, and pointed to tariffs and higher input costs that could lift prices in early 2025.

Into the week's close, XRP is still trading above its monthly mid Bollinger Band, leaving a potential move toward about $3.6 on the table while defending the $1.82 area. Midnight (NIGHT), often framed as a "new Cardano" narrative play, has climbed roughly 40% over the past week, and Vitalik Buterin-linked wallets have been offloading BNB and other tokens into USDC and ETH amid a wider "crypto winter" tone. Traders are watching whether XRP can maintain this structure, NIGHT can clear $0.10 without losing key supports, and Buterin's wallets keep a defensive posture.

MSCI is reviewing whether to remove MicroStrategy and dozens of other listed companies with large digital asset holdings from its indices, with a decision expected by January 15. Analysts estimate this move could trigger up to $2.8 billion in outflows from MicroStrategy-linked funds and as much as $10–15 billion across affected firms, potentially impacting Bitcoin volatility and the viability of crypto-heavy treasury strategies.

On 21 December 2025, Mercado Bitcoin released a study showing Brazil's average crypto investment per user now exceeds $1,000, with typical holdings around 5,700 Brazilian reais. The report also highlights rising diversification, stronger stablecoin usage, and that digital fixed-income products distributed roughly $325 million to investors in 2025.

Coinbase argues that U.S. tax changes taking effect on January 1, 2026 could push bettors away from casinos and sportsbooks toward prediction markets. The law limits gambling loss deductions to 90% of losses against 100% of winnings, while some prediction-market contracts receive Section 1256 treatment that allows full netting and loss carryforwards.

On 21 December 2025, a discussion draft from Representatives Max Miller and Steven Horsford outlined proposed changes to how everyday crypto use is taxed in the United States. The plan would exempt up to $200 in qualifying stablecoin payments from capital gains calculations and allow certain staking and mining rewards to be deferred for tax purposes for as long as five years. The draft emphasizes routine payments and reward income rather than speculative trading, while maintaining anti-abuse rules and Treasury oversight.

U.S. Reps. Max Miller (Ohio) and Steven Horsford (Nevada) proposed a de minimis tax exemption for stablecoin payments of $200 or less. In July 2025, Sen. Cynthia Lummis advanced a similar $300 threshold that failed to pass. Banks oppose 3%-4% stablecoin yields, while industry leaders, including Tyler Winklevoss, are pushing back.