The highly-anticipated Santa Claus rally is nowhere to be seen as bitcoin continues to lose value by dropping below $94,000.
The altcoins are also mostly in the red, with XRP dumping by 6% and XLM following suit.
BTC Fails at Recovery
It hasn’t been a particularly hopeful end of 2024 on a micro-scale. The asset began its painful decline on December 17 when its price stood above $108,000. In just a matter of three days, it had lost around $16,000 and dumped to $92,000.
The bulls intercepted the move and helped prevent a further drop below $90,000. In fact, BTC started recovering some ground and spiked toward $100,000 on a couple of occasions, but to no avail. The last such example was on December 26 when BTC touched that line but was quickly rejected once again.
The subsequent decline pushed it south hard, and the asset fell to $95,000 over the weekend. However, the landscape worsened in the past 24 hours and dropped further to $93,000. Despite bouncing off that level, for now, BTC is still over 1% down on the day.
Its market capitalization has plummeted to under $1.860 trillion on CG, and its dominance over the alts stands at 54%.
XRP Keeps Bleeding
Most altcoins are in the red once again today. The trend is led by XRP, which continues its downfall and is close to breaking below $2 now. If it dumps below that level, analysts foresee another massive decline toward $1.
XLM has also dropped hard from the larger-cap alts, losing nearly 5% of value and trading well below $0.35. BNB, SOL, DOGE, ADA, TRX, AVAX, LINK, TON, SUI, and many others are also in the red, albeit in a less painful manner.
The total crypto market cap has lost another $60 billion since yesterday and is down to $3.430 trillion on CG.
Henrik Lindqvist is our DeFi and on-chain reporter, splitting his time between Stockholm and London. A former software engineer at Klarna, he switched to journalism in 2021 and has since broken stories on MEV exploits, restaking risks and Layer-2 economics. Henrik writes the BTCNews weekly Layer-2 newsletter and has lectured on blockchain architecture at KTH Royal Institute of Technology.
Ondo Finance Tokenized Stocks Hit Uniswap, and DeFi Looks a Little Less Fringe
Ondo Finance’s tokenized stocks are now live on Uniswap. That gives DeFi users a new route into assets linked to public equities without opening a brokerage account. The launch was announced today, so yes, crypto markets just got another bridge into traditional market exposure. My take: the headline is useful, but the real test is uglier and slower. Do traders keep using it after the announcement cycle passes?
Ondo has been moving this way for a while. It previously launched Ondo Perps, pushing deeper into derivatives and on-chain market structure. It has also worked around JPMorgan, Mastercard, and the Depository Trust & Clearing Corporation, or DTCC. Most guides treat those names like a magic adoption stamp. That’s only half right. The better read is that Ondo is trying to plug into existing financial plumbing, not just build another DeFi venue off to the side.
The Uniswap listing is an adoption signal. Day one lies. Tokenized stocks trading on a major decentralized exchange still feels notable because it nudges DeFi beyond crypto-only assets, at least in theory. Markets have chased this kind of story before: when PayPal announced crypto support in October 2020, Bitcoin (BTC) climbed more than 15% over the next week and moved above $13,000. Ondo’s news is not that kind of catalyst. I’ll be honest: calling it a PayPal-style moment would be sloppy. But it does rhyme with the same bigger shift. Traditional assets keep inching onto crypto rails. Slowly, then maybe not slowly.
From a macro flow view, this is the section I keep coming back to. Central banks are still wrestling with inflation, rate expectations, and markets that overreact to both. Investors want places to park risk, earn yield, or skip some legacy-market friction. Why does this matter? Because tokenized stocks on Uniswap turn equity exposure into something closer to a wallet-native action. That does not make the assets safer. Access is the point.
The rate backdrop matters too, and this is where the easy bull case gets shaky. In late 2021, expectations for higher interest rates helped pull money out of risk assets. Ethereum (ETH) fell from its all-time high of $4,891 in November 2021 to below $3,000 by January 2022. Counter to the usual advice, more familiar DeFi products do not automatically mean more durable capital. They may just give traditional investors a different channel back in, especially if public markets feel crowded, expensive, or just boring.
What this means
Ondo’s launch points to more real-world assets, or RWAs, moving on-chain. The phrase is overused. The idea is not: take assets people already understand and let them trade through DeFi rails. If tokenized stocks find real volume on Uniswap, the exchange stops looking like only a crypto-token swap venue. It starts looking, awkwardly but plausibly, like market infrastructure for assets that used to live somewhere else.
The first thing to watch is dull and important: volume. Watch the pools. Do people keep trading these tokenized stocks after the announcement fades, or does activity vanish after a week? Is this overkill? For a product trying to prove real market demand, no. Thin liquidity pools make the whole thing feel like a pilot. Deeper pools would say something stronger.
There may also be spillover into other RWA-focused protocols. MakerDAO has already tested RWA collateral, and traders may start looking again at projects with similar exposure. I would not overread one Uniswap listing into an RWA supercycle, though. Track total value locked in RWA protocols, UNI’s price action, governance tokens tied to major decentralized exchanges, and whether market makers actually show up after the first wave of attention.
Regulation is the hard part. Tokenized securities sit in a messy area, and SEC guidance could move the market quickly. Yes, this cuts against the cleaner adoption story above, but it matters more than the narrative. The next quarterly earnings calls from large financial institutions with blockchain plans are worth watching too. If banks talk more openly about tokenized assets, Ondo’s Uniswap launch may look less like a one-off experiment and more like an early hint of where market structure is going.
Sophie Berger covers EU regulation and policy from Brussels. With a Master's in European Affairs from Sciences Po and five years at Politico Europe, she tracks MiCA implementation, ECB digital-euro work and ESMA enforcement. Sophie is fluent in French, German and English, and has interviewed three EU commissioners on record. Her policy briefs are read across the BTCNews newsroom every morning.
