Week in Review: Nasdaq's Extended Trading Hours, Trump's Clemency Signal, and Crypto Market Shifts

Traditional Markets Make Historic Move Toward 24/7 Operations

The U.S. stock market is preparing for a seismic shift in trading infrastructure. Nasdaq announced plans to file documentation with the Securities and Exchange Commission to introduce an extended trading framework, transitioning from the current 16-hour daily schedule (five days weekly) to nearly round-the-clock operations spanning 23 hours. The proposed 5X23 model divides trading into two distinct windows: the daytime session runs from 4:00 a.m. to 8:00 p.m. ET, preserving traditional opening (9:30 a.m.) and closing (4:00 p.m.) bells, while a new overnight session operates from 9:00 p.m. to 4:00 a.m. ET. This structural innovation reflects evolving market demands and positions traditional finance closer to the continuous-operation model long established in crypto markets.

Crypto Regulatory Landscape Shows Signs of Shifting

In a notable development for the digital asset sector, President Trump signaled openness to examining high-profile crypto-related cases. Specifically, Trump indicated willingness to review the conviction of Keonne Rodriguez, the Samourai Wallet developer currently facing a five-year federal sentence for creating privacy-focused bitcoin transaction tools. During media comments, Trump stated he would “take a look” at the case while directing Attorney General Pam Bondi to monitor the situation. Rodriguez is scheduled to enter federal custody this week. The development suggests potential policy recalibration regarding developer accountability in the emerging crypto infrastructure space.

Wealth Concentration and Tech Sector Valuations Reach New Peaks

Elon Musk’s personal fortune has eclipsed the $670 billion threshold, driven primarily by SpaceX’s recent tender offer that doubled the company’s valuation from $400 billion to $800 billion. This $168 billion wealth increase underscores Musk’s concentrated exposure to space technology ventures. His 42% SpaceX stake alone represents approximately $336 billion in value, while a 12% Tesla position accounts for roughly $197 billion. Separately, xAI is reportedly pursuing financing at a $230 billion valuation, with Musk holding an estimated 53% stake worth approximately $60 billion. The tech entrepreneur’s wealth now exceeds that of second-place Larry Page by approximately $425 billion.

Cryptocurrency Network Health Signals Seasonal Contraction

On-chain metrics reveal declining bitcoin network engagement as the year approaches conclusion. The seven-day moving average of active addresses has contracted to 660,000, marking a 12-month low and representing the weakest activity level since December 2024’s peak during the Ordinals and Runes speculation period. This contraction has cascading effects on miner economics, with daily revenue declining from third-quarter averages of $50 million to approximately $40 million currently. Notably, miners now derive virtually all revenue from block subsidies rather than transaction fees, indicating subdued demand for block space. Analysts observe anomalies in transaction composition, with Rune transactions consuming disproportionate throughput (roughly half of network transactions) while generating only 5-10% of total fee revenue—a structural inefficiency suggesting misalignment between network utilization and economic value creation.

Multi-Chain Integration Accelerates Among Major Wallet Platforms

MetaMask continues expanding its cross-chain capabilities by introducing native bitcoin support, enabling users to purchase bitcoin via fiat currency, execute on-chain transfers, and swap EVM and Solana assets for bitcoin holdings. The wallet now supports native SegWit addresses with planned Taproot integration forthcoming. User incentives include MetaMask reward points for bitcoin swaps conducted through the platform. These enhancements reflect the industry-wide pivot toward unified asset management experiences.

Institutional Capital Deepens Crypto Market Participation

BlackRock has hired seven senior digital asset executives to accelerate its cryptocurrency infrastructure expansion, including six U.S.-based roles and one Singapore-based position. The U.S. team will focus on expanding the company’s iShares crypto ETF suite, including its $70 billion bitcoin trust (IBIT), while the Asia-Pacific hire will develop regional market strategies and identify early-stage investment opportunities. This organizational expansion demonstrates BlackRock’s systematic approach to asset tokenization and blockchain finance integration.

Corporate Crypto Treasuries Reach New Valuation Milestones

BitMine reported aggregate digital asset and cash holdings reaching $13.2 billion as of December 14. The company’s portfolio includes 3,967,210 ethereum tokens, 193 bitcoin, $38 million in Eightco Holdings equity, and $1 billion in cash reserves. Recent activity shows the company added 102,259 ethereum over the past week, continuing its systematic accumulation strategy. BitMine Chairman Tom Lee expressed optimism regarding 2025 developments, citing anticipated congressional crypto legislation, evolving regulatory frameworks, and increased Wall Street participation as catalysts for sector expansion.