Crypto derivatives data shows mounting leverage stress, with long-side liquidations repeatedly outpacing shorts while spot prices remain range-bound. Recent figures reveal a single hourly event wiping out over $230 million in long positions compared with less than $5 million in shorts, and platforms like Binance and Hyperliquid recording the bulk of these forced unwinds, underscoring growing downside sensitivity.

On Jan. 29, US senators on the Agriculture Committee opened a markup session on the Digital Commodity Intermediaries Act, a long-debated crypto market structure bill. Lawmakers are set to vote on 11 amendments, including measures on CFTC leadership, ethics rules and foreign interference, as they work to clarify federal oversight of digital asset markets.

Following the year's first FOMC meeting, Bitcoin fell below $88,000 after briefly touching $90,500, while its market capitalization slipped to $1.750 trillion and dominance hovered around 57.4%. Major altcoins also declined, with Ethereum losing the $3,000 level, XRP sliding under $1.90, BNB trading below $900, and Pi Network's PI token recording a new all-time low as the total crypto market cap fell to under $3.050 trillion.

On January 28, 2026, the U.S. SEC clarified that tokenized securities must comply with federal securities laws, outlining expectations for issuer-sponsored and third-party models. The update aims to align blockchain-based mechanisms with existing rules and may encourage traditional institutions to explore tokenization, while broader adoption still depends on pending legislation.

On January 28, 2026, the U.S. SEC issued guidance confirming that tokenized securities must follow existing U.S. securities regulations, regardless of the technology used. The update outlines issuer obligations around registration, disclosure, reporting and anti-fraud rules, and distinguishes issuer-backed from third-party tokenized instruments. One SEC commissioner warned that the staff guidance does not carry legal force, leaving broker-dealers exposed to potential shifts in enforcement.

On January 29, 2026, Bybit rolled out a crypto payment card in Georgia with Mastercard acceptance, allowing spending at participating merchants under applicable rules and location limits. The program offers 10% cashback, capped at $150 for new users and $75 for existing users, with a $100 minimum deposit required within 30 days of approval. Virtual and physical cards are available, with EMV 3-D Secure and Google Pay support.

Hang Seng Investment Management launched the Hang Seng Gold ETF on January 29, 2026, trading on the Hong Kong Stock Exchange under stock code 3170 and tracking the LBMA Gold Price AM. The passive fund holds physical gold in Hong Kong vaults with HSBC as custodian, charges an estimated 0.40 percent annually, and targets an expected tracking difference of minus 0.50 percent. The U.S. Senate is scheduled to vote on the Crypto Market Structure Bill at 3:00 PM ET on January 29, 2026.

On January 28, 2026, six US senators sent a letter challenging Deputy Attorney General Todd Blanche over his April 2025 move to dismantle the DOJ's National Cryptocurrency Enforcement Team while he reportedly held $158,000 to $470,000 in crypto. The lawmakers argue this overlap, combined with a new policy scaling back actions against exchanges and mixers, may pose conflict-of-interest and ethics issues as crypto crime volumes rose in 2025.