Market Briefs
AI-generated summaries of trending market topics, updated every 6 hours.
US Trade Policy Turmoil Weakens Dollar, Boosts Yen & Sterling
Recent US Supreme Court rulings against President Trump's previously implemented tariffs have triggered significant uncertainty in US trade policy, leading to volatility in global currency markets. Following the court's decision, President Trump responded by imposing a blanket 15% tariff on all imports, raising concerns about escalating trade tensions and the credibility of US policy. This move has weakened the US dollar, with the Dollar Index (DXY) fluctuating near 97.50, and prompted a rally in the Japanese Yen as investors seek safe-haven assets. The Euro and Pound Sterling have also gained traction, benefiting from the dollar's weakness. Disappointing US economic data, including slower-than-expected Q4 GDP growth and lower PMI figures, have further contributed to the dollar's decline. China has urged the US to lift existing tariffs, potentially impacting the Australian dollar. Concerns remain that the US may not comply with existing trade agreements, potentially leading to increased tariffs on goods like cars. Market participants are closely monitoring Federal Reserve speeches for guidance on future interest rate policy.
XRP Developments: Institutional Adoption, Losses & Potential Rebound
Recent developments surrounding XRP and the XRP Ledger present a mixed picture. While XRP has experienced its largest spike in realized losses since 2022, indicating potential market capitulation and a 70% price decline, data suggests institutional investors are absorbing the selling pressure and whales are accumulating. Historically, similar loss spikes have preceded significant rallies, including a 114% gain following a 2022 event. On-chain activity is strengthening, with a 40% increase in transactions reaching 2.5 million daily, despite the bearish price trend. This disconnect between price and network usage hints at potential future growth. Significant institutional adoption is underway, with SBI Holdings launching a 10 billion yen blockchain bond offering XRP rewards and Société Générale launching the first euro stablecoin on the XRP Ledger. Ripple has also secured regulatory approval in the UK and Luxembourg, expanding its European reach. These moves demonstrate increasing integration of crypto into traditional finance and growing regulatory clarity. The SEC's streamlined ETF approval process for Cardano, influenced by CME futures listings, may also positively impact XRP's outlook.
Ethereum Focuses on Security & Governance Amid Market Pressures
Ethereum development is heavily focused on bolstering security and improving governance, even as the broader crypto market faces bearish sentiment. Vitalik Buterin champions several key upgrades: FOCIL, aimed at censorship resistance through mandatory transaction inclusion in the Hegota hard fork; transaction simulations to align user intent with protocol execution; and AI-powered DAO voting to increase participation and decentralization. Concerns around quantum computing vulnerabilities, particularly regarding elliptic curve signatures, are driving collaborative efforts from the Ethereum Foundation and companies like Coinbase to develop preventative measures. However, Ethereum is currently under price pressure due to macro factors, whale losses, and Buterin’s ETH withdrawals (attributed to increased funding of open-source projects as the Ethereum Foundation reduces spending). Despite these headwinds, some on-chain data suggests potential accumulation by whales. XRP is also experiencing significant correction, testing key support levels. Overall, Ethereum's long-term vision remains strong, but short-term challenges persist.
Bitcoin Faces Downside Risks: Macro Factors, Liquidations & Security Concerns
Bitcoin is currently experiencing significant price pressure, falling over 40% from its October high and recently dipping below $65,000. Multiple factors contribute to this downturn. Bank of America warns of potential multiple compression in equities, impacting Bitcoin’s increasing correlation with risk assets and raising the specter of a $1 billion liquidation trap. Macroeconomic data, including revised jobs reports and CPI figures, are driving Bitcoin’s behavior, increasingly aligning it with traditional rates products. Geopolitical tensions and proposed U.S. tariffs are also fueling uncertainty. On-chain data reveals concerning signals, including a large USDT outflow exceeding levels seen during the 2022 bottom, suggesting institutional risk-off behavior. A recent IoTeX bridge hack for $8.8M adds to security concerns. Nakamoto Inc.'s $23.6 billion treasury collapse serves as a cautionary tale for corporate Bitcoin investments. While some institutional positioning remains long, analysts highlight potential support levels at $60,000 and warn of a possible decline to $40,000. Concerns are also growing about Bitcoin’s long-term viability as a currency due to price instability and competition from stablecoins and tokenization.
Crypto Navigates Regulatory Shifts & Macroeconomic Headwinds
The cryptocurrency market is facing a complex interplay of regulatory developments and macroeconomic pressures. A Supreme Court decision striking down Trump-era tariffs could inject up to $175 billion into the market, potentially benefiting assets like Bitcoin, though the method of refunds remains uncertain. Simultaneously, concerns are rising regarding Russia's use of crypto exchanges to evade sanctions, potentially triggering increased regulatory scrutiny. The SEC's recent actions are viewed positively, signaling a more open stance towards stablecoin adoption. However, the industry faces long-term threats from quantum computing, requiring proactive preparation. Several illicit financial activities, including a $100M laundering operation, continue to highlight vulnerabilities. Investor sentiment is mixed, with Michael Burry expressing bearish views on Bitcoin and the AI bubble, while analysts remain optimistic about Coinbase (COIN). Trump-linked firms are exploring regulated tokenization of debt, and despite a 15% tariff announcement, the crypto market demonstrated relative resilience. Shiba Inu shows potential for a short-term rally despite recent price drops.
Crypto Security Breaches Surge: IoTeX Hit, North Korea's Theft Escalates
Recent weeks have seen a significant increase in cryptocurrency security breaches and exploitation. IoTeX suffered a major hack impacting its cross-chain bridge, resulting in losses estimated between $8 and $9 million, stemming from a compromised private key. The attacker swiftly converted stolen funds to Ethereum and bridged them to Bitcoin, complicating recovery efforts. The IOTX token price experienced substantial drops, ranging from 7% to 11%, with associated trading volume surges. Multiple reports detail North Korea’s escalating cryptocurrency theft, reaching a record $2 billion in 2025, used to fund its nuclear programs. Attacks are becoming increasingly sophisticated, employing social engineering and fraudulent platforms. Furthermore, an Elliptic report identified several crypto exchanges facilitating Russia’s circumvention of international sanctions, enabling ruble-to-crypto conversions. These exchanges utilize tactics to evade tracking, raising regulatory concerns. The incidents underscore the vulnerabilities of cross-chain bridges, the importance of robust private key management, and the growing need for advanced blockchain analytics to combat illicit activities.
XRP: Institutional Adoption & Potential Rebound Signals Emerge
Recent developments surrounding XRP present a mixed but potentially bullish outlook. While XRP experienced a significant price decline, triggering the largest spike in realized losses since 2022 – indicating potential capitulation – data suggests institutional investors are absorbing the selling pressure and accumulating XRP. This mirrors a 2022 pattern preceding a 114% recovery. Several key events are driving this narrative: SBI Holdings launched a 10 billion yen blockchain bond with XRP rewards, and Société Générale launched the first euro stablecoin on the XRP Ledger, demonstrating increasing integration with traditional finance. Ripple has also secured regulatory approvals in the UK and Luxembourg, expanding its European reach. Ripple CEO Garlinghouse anticipates a 90% chance of the Clarity Act passing by April, which would provide crucial regulatory clarity in the US. Despite the bearish price trend, on-chain activity is rising, with a 40% increase in transactions, suggesting underlying demand. However, analysts caution that ETF participation and derivatives activity will influence the speed and magnitude of any future rebound.
Bitcoin Navigates Macro Headwinds & ETF Fatigue Amid Miner Shifts
Bitcoin's price is currently consolidating around $66,000 - $69,000, facing headwinds from macroeconomic factors, cooling institutional demand for spot Bitcoin ETFs, and shifts within the mining sector. Recent data reveals a significant revision lowering US jobs data and cooler CPI figures are influencing Bitcoin’s behavior, increasingly correlating it with traditional rates products. Spot Bitcoin ETFs have experienced five consecutive weeks of outflows, totaling $316 million, despite cumulative inflows of $54 billion. Bitdeer’s complete liquidation of its BTC holdings and other miners pivoting to AI infrastructure are adding short-term downward pressure. However, historically, miner margin crunches have preceded price recoveries. A substantial 28% deleveraging in the derivatives market on Binance has reduced liquidation risk, though organic buying pressure is now needed for a sustained rally. While some analysts anticipate a potential rally to $72,000, resistance at $69,000 and potential whale selling loom. Despite ETF 'fatigue', some argue Bitcoin’s fixed supply and liquidity advantage could attract further institutional investment.
XRP: Regulatory Progress & Market Capitulation Signals Potential Rebound
Recent developments surrounding XRP present a mixed picture. SBI Holdings continues to demonstrate strong support through a 10 billion yen blockchain bond offering rewarding investors with XRP, alongside Ripple securing regulatory approvals in the UK and Luxembourg, signaling growing institutional adoption and clarity. However, XRP experienced its largest spike in realized losses since 2022, indicating potential market capitulation and prompting concerns about a price bottom. Analysis suggests institutional investors are absorbing the selling pressure, mirroring a 2022 event that preceded a significant recovery. Ripple CEO Garlinghouse anticipates a 90% chance of the Clarity Act passing by April, which would provide crucial regulatory clarity in the US. Despite a bearish price trend, XRP Ledger’s on-chain activity is increasing, with a 40% rise in transactions. Broader market conditions remain cautious due to macroeconomic factors and geopolitical risks, with Bitcoin showing consolidation and ETF outflows. While Bitcoin's long-term outlook appears positive according to some analysts, XRP's future hinges on regulatory progress and sustained network activity.
IoTeX Hit by $8-9M Hack: Private Key Compromise Triggers Token Price Drop
IoTeX, a blockchain platform focused on AI, suffered a significant security breach resulting in losses estimated between $8 million and $9 million. The attack stemmed from a compromised private key, granting the attacker access to token safes and minting capabilities. Stolen assets, including USDC, USDT, and IOTX, were swiftly converted to Ethereum and bridged to Bitcoin, complicating tracing efforts. Approximately 111 million CIOTEX tokens were also minted. While initial reports suggested losses as high as $9 million, IoTeX maintains the actual figure may be lower, with some estimates around $4.3 - $8 million, and is actively working with exchanges and law enforcement to freeze funds. The IOTX token price experienced a substantial decline, dropping between 7% and 15% across the week, with a surge in trading volume. IoTeX anticipates restoring normal chain operations within 24-48 hours and assures users that funds on the chain remain safe. This incident underscores the ongoing vulnerabilities within the blockchain space, particularly concerning private key management and cross-chain bridge security.
Crypto Regulation: SEC Advances Stablecoins, Scrutiny on Russia & Bitcoin
Recent regulatory developments in the crypto space present a mixed bag of progress and challenges. The SEC has significantly eased capital requirements for broker-dealers holding stablecoins, reducing the 'haircut' from 100% to 2%, a move widely seen as fostering stablecoin integration into traditional finance and boosting market activity. Simultaneously, the SEC is potentially streamlining the approval process for spot Cardano ETFs, leveraging existing CME futures, though approval remains uncertain. However, concerns persist regarding regulatory compliance, with a report alleging five crypto exchanges are aiding Russia in evading sanctions, potentially triggering increased scrutiny. Bitcoin faces headwinds, experiencing five consecutive weeks of ETF outflows totaling $3.81 billion and criticism from figures like Nouriel Roubini, who views it as a risky 'pseudo-asset class'. Tether has discontinued support for its Chinese yuan-pegged stablecoin (CNHT) due to limited demand and regulatory pressures, signaling a consolidation towards dollar-pegged assets. Despite some bullish signals, overall market sentiment remains cautious, with bearish trends impacting Bitcoin's price and ETF performance.
Ethereum ETF & Upgrades Drive Protocol Development
Ethereum is experiencing significant developments on both the financial product and protocol levels. BlackRock is preparing to launch the iShares Staked Ethereum Trust (ETHB) in 2026, aiming to distribute 82% of staking rewards to investors, potentially attracting substantial institutional capital. Simultaneously, Vitalik Buterin strongly supports the FOCIL upgrade, part of the Hegota hard fork, designed to enhance censorship resistance by enforcing transaction inclusion, addressing past vulnerabilities and bolstering network neutrality. Buterin’s recent $6.95M ETH withdrawal from Aave is linked to a shift in Ethereum Foundation funding, with Buterin taking on more responsibility for open-source project support. His substantial ETH holdings, exceeding 240,000 ETH ($467M), were also recently detailed. While XRP faces realized losses and price uncertainty, showing signs of potential capitulation, the XRP Ledger demonstrates increasing on-chain activity with a 40% transaction rise. The broader crypto market is showing improved resilience to external pressures, with a cleaner market structure. However, Chainlink (LINK) faces bearish signals, potentially indicating further price declines.
Bitcoin Navigates Volatility: Macro Factors, Miner Sales, and ETF Dynamics
Bitcoin is currently experiencing a period of volatility influenced by macroeconomic factors, institutional activity, and internal market dynamics. Recent data reveals increasing correlation between Bitcoin and traditional markets, with Bank of America warning of potential downside linked to equity compression and the possibility of a $1 billion liquidation trap. The price is reacting to jobs reports and CPI data, behaving more like a rates product. Several factors are contributing to selling pressure, including outflows from spot Bitcoin ETFs, liquidation of holdings by Bitcoin mining firm Bitdeer (completely selling its BTC reserves), and capitulation by short-term holders, resulting in over $643 million in realized losses. Nakamoto Inc.'s $23.6 billion market cap collapse serves as a cautionary tale regarding corporate Bitcoin treasury strategies. Despite bearish signals, some analysts point to historically low Sharpe Ratios and Bitcoin’s fixed supply as bullish indicators, suggesting a potential undervaluation and future rally. Increased searches for 'Bitcoin to zero' indicate heightened fear, but a clear market bottom remains elusive. Concerns remain regarding quantum computing vulnerabilities, with a complete upgrade proving virtually impossible.
IoTeX Hit by $8.8M Hack, Token Price Plummets
IoTeX, a blockchain platform focused on AI, suffered a significant security breach resulting in an estimated $8 to $9 million loss across multiple assets, including USDC, USDT, IOTX, and newly minted CIOTEX tokens. The compromise stemmed from a private key breach, granting the attacker access to token safe and minting capabilities. Stolen funds were rapidly converted to Ethereum and bridged to Bitcoin, likely to obscure the transaction trail. IoTeX is actively collaborating with exchanges to freeze funds and expects to restore normal chain operations within 24-48 hours, assuring users that funds on the chain remain safe. Initial reports indicated a $4.3 million drain, but the total loss has been revised upwards. The IOTX token price experienced a substantial decline, dropping over 7% to 15% in the past week, briefly falling below $0.050 and reducing its market cap. While the incident triggered initial panic, some analysts suggest potential buying opportunities. The breach underscores the ongoing security risks within the crypto space and the critical importance of robust private key management.
Crypto Security Breaches & Market Resilience
The cryptocurrency landscape experienced a turbulent week marked by significant security breaches and fluctuating market sentiment. IoTeX suffered an $8.8 million private key compromise, with attackers converting stolen assets into Ether and Bitcoin, while Bithumb faced a system failure resulting in the accidental distribution of $43 billion worth of Bitcoin, triggering political scrutiny in South Korea. A $100 million crypto laundering operation involving 81 bank accounts was also uncovered, highlighting ongoing illicit financial activity. Despite these negative events, the crypto market demonstrated surprising resilience. Donald Trump’s proposed 15% tariff announcement had minimal impact on Bitcoin and Ether prices, though ETF outflows were observed. Overall, the market remains cautious, influenced by upcoming U.S. economic data, geopolitical tensions, and hawkish signals from the Federal Reserve. Dogecoin, however, presents a bullish outlook, with predictions of a potential price surge to $0.20 fueled by positive on-chain indicators and meme token market momentum.
Stablecoin Regulation Advances, Adoption Gains Momentum
Recent developments signal a shifting regulatory landscape for stablecoins, fostering increased adoption and integration with traditional finance. The SEC has significantly eased capital rules for broker-dealers holding stablecoins, reducing the required 'haircut' from 100% to 2%, aligning them with money market funds and boosting institutional appeal. This move is expected to improve settlement efficiency and unlock broader access to tokenized securities, benefiting projects like Ripple’s RLUSD. However, the White House is mediating disputes over stablecoin yield, with a likely compromise eliminating rewards on idle balances to address concerns from banks about market distortion and deposit competition. Despite broader economic uncertainties, including a proposed 10% global tariff by Donald Trump, Bitcoin and Ether have demonstrated resilience. Robert Kiyosaki’s recent Bitcoin purchase highlights a growing narrative of Bitcoin as a hedge against inflation and potential economic instability. XRP is also experiencing positive momentum with SBI Holdings launching tokenized bonds offering XRP rewards, driving price increases and investor interest.
Ethereum & Bitcoin ETFs Surge, Stablecoins Gain Traction
Recent developments signal growing institutional interest in both Ethereum and Bitcoin, alongside increasing regulatory clarity for stablecoins. BlackRock is preparing to launch the iShares Staked Ethereum Trust (ETHB) in early 2026, offering investors an 82% share of staking rewards, building on the success of their spot Ethereum ETF (ETHA). Simultaneously, ProShares’ stablecoin-ready ETF, GENIUS, experienced a record-breaking $17 billion debut, fueled by anticipated regulations and a favorable SEC ‘haircut’ for stablecoins. This surge demonstrates strong demand for regulated crypto investment vehicles. Despite recent losses for some, figures like Michael Saylor and Tom Lee remain bullish on Bitcoin and Ethereum respectively, citing long-term potential. BlackRock’s IBIT continues to lead Bitcoin ETF inflows with $64.5 million, indicating sustained institutional demand. XRP is showing potential bullish signals following a spike in realized losses, historically preceding price increases. While some analysts remain cautious, the overall trend points towards greater acceptance and maturity within the crypto market.
Bitcoin Navigates Volatility: Price Reset & Shifting Sentiment
Bitcoin experienced a turbulent start to 2026, dropping 23% from $88,700 to near $68,000, largely attributed to macro factors, hawkish policies, and significant deleveraging on Binance. A substantial 28% reduction in the Estimated Leverage Ratio (ELR) across derivatives markets, particularly on Binance, is viewed as a healthy, albeit painful, market reset. While initial reactions to hot PCE inflation data were negative, Bitcoin quickly recovered, with options data suggesting support around $58,000 and resistance near $75,000. Demand signals have turned positive, exemplified by Robert Kiyosaki’s purchase near $67,000, and a decrease in selling pressure. However, sentiment remains mixed, with some analysts predicting further declines – even to $20,000 (Peter Schiff) – while others anticipate a rally, citing historical patterns and positive on-chain data. The diminishing hype surrounding $150k price targets is considered a positive sign of market maturation. Cardano is also progressing with protocol upgrades, signaling continued development in the broader crypto space. Overall, the market is balancing short-term volatility with long-term accumulation.
Asia Central Banks: Divergent Paths Amidst Economic Uncertainty
Asian central banks are exhibiting a diverse approach to monetary policy, reflecting varied economic conditions. The Bank of Thailand is widely expected to deliver a final 25 bps rate cut to 1.00%, anticipating continued low growth and inflation. The Philippines’ central bank (BSP) recently cut rates by 25bps, signaling potential for further easing due to a weaker-than-expected recovery. In contrast, Bank Indonesia (BI) is maintaining its growth forecast but faces trade-offs between managing inflation risks and easing policy. Malaysia’s Bank Negara Malaysia (BNM) is expected to hold rates steady throughout 2026, supported by contained inflation. China’s PBOC is adopting a cautious stance, prioritizing structural easing tools over broad rate cuts, with broader easing anticipated in the second half of 2026. Australia’s January CPI will be closely watched following a recent rate hike. The Bank of Korea is expected to hold rates steady. This divergence in policy is significantly shaping regional currency movements.
EUR/USD Fluctuates Amidst Mixed Eurozone & US Data
The EUR/USD pair has experienced volatility, initially unwinding its late-January rally and falling towards its 2026 opening level, driven by increasing expectations of ECB rate cuts due to softer Eurozone inflation and uncertainty surrounding President Lagarde's potential successors. Recent German PMI data – Manufacturing (50.7), Services (53.4), and Composite (53.1) – exceeded forecasts in February, providing some support to the Euro, though upside remains limited. However, the EUR/GBP weakened as robust UK economic data, including Retail Sales and PMIs, outperformed the positive Eurozone readings. Simultaneously, the EUR/USD has found some stability as weak US GDP growth (1.4% in Q4 2025) clashes with persistently firm US inflation data (0.4% MoM core PCE in December). This mixed US data has created short-term volatility in the US Dollar. Market sentiment remains cautious, influenced by hawkish Fed minutes and anticipation of key economic releases from both the UK and US. Investors are closely monitoring inflation dynamics as the primary driver of ECB policy.
GBP/USD Fluctuates Amidst UK Data & US Economic Signals
The GBP/USD exchange rate experienced volatility driven by a combination of UK economic data releases and developments in the US. Initially, the pair rose over 0.23% following the US Supreme Court's decision to block Trump-era tariffs and a weaker-than-expected US Q4 GDP report (1.4% YoY vs. 4.4% prior), alongside rising US Core PCE inflation (3% YoY). Stronger-than-expected UK Retail Sales data (1.8% MoM) and upbeat preliminary S&P Global PMI data provided further support for the Pound, briefly offsetting a five-day downtrend. However, market expectations of Bank of England rate cuts – currently pricing in a 25bp cut next month with further reductions expected – continue to weigh on the GBP. US economic data painted a mixed picture, with stagflationary concerns arising from the GDP and inflation figures. The pair traded around 1.3460-1.3494 throughout the period, with technical analysis indicating a bearish bias unless it reclaims 1.3490. The EUR/GBP cross weakened as the Pound strengthened.
US Dollar Gains on Safe Haven Demand, Mixed Economic Data
The US Dollar is experiencing significant strength, poised for its strongest weekly performance since October, driven by a combination of geopolitical tensions, a hawkish Federal Reserve outlook, and mixed US economic data. Concerns surrounding potential conflict in the Middle East, particularly regarding Iran's nuclear program, are fueling safe-haven demand for the dollar. Recent economic releases present a mixed picture: while the US GDP growth decelerated to 1.4% in Q4 2025 and the S&P Global Manufacturing PMI fell below expectations, core PCE inflation remains elevated. This has led to uncertainty regarding the Federal Reserve’s monetary policy path. Several articles highlight USD/JPY as particularly sensitive to geopolitical risks, mirroring historical trends during similar events. Conversely, the Pound Sterling and New Zealand Dollar are weakening against the dollar, with GBP/USD experiencing a five-day downtrend and NZD/USD facing bearish reversal signals. Australia’s resilient labor market and RBA rate hikes offer some support for the AUD, but its gains may be limited. India's FX reserves increased, but the EUR/USD struggles amid persistent dollar strength.
Crypto & National Security: Rising Regulatory & Espionage Concerns
A confluence of events is highlighting the intersection of cryptocurrency, national security, and regulatory uncertainty. Reports indicate North Korean hackers are increasingly launching their own crypto platforms to launder funds – exceeding $1 billion from a single hack – directly funding their weapons programs. Simultaneously, cases of espionage involving crypto payments are surfacing, including an Australian executive’s guilty plea for selling cyber secrets to Russia for over $1.26 million in cryptocurrency, impacting Five Eyes nations. These incidents underscore the challenges of tracking illicit transactions and the need for enhanced controls on crypto exchanges. Political concerns are also mounting, with House Democrats scrutinizing a bank charter request from a crypto firm linked to the Trump family, citing potential foreign influence from UAE investors. This, coupled with ethical concerns surrounding Trump-linked crypto projects, is hindering the passage of the CLARITY Act in the Senate. Institutional investors like BlackRock are exhibiting caution, offloading Bitcoin and Ethereum amidst options expirations and quantum computing risks, though their ETFs remain largely positive. The overall trend points towards increased regulatory scrutiny and potential market volatility.
Bitcoin Market: Mixed Signals Amidst Regulatory & Macro Shifts
Bitcoin's price has experienced volatility recently, fluctuating around the $67,000 mark following a U.S. Supreme Court ruling deeming Trump-era tariffs illegal – a bullish signal potentially driving investment towards BTC as a hedge against inflation. However, the market faces headwinds, including five consecutive weeks of ETF outflows and bearish technical patterns like a 'double top', prompting some analysts to predict a potential drop to $60,000 or even $50,000. Despite this, some, like VanEck and veteran investor Hugh Hendry, believe the sell-off is nearing its end, citing robust network usage and exhausted sellers. Institutional activity remains a key focus, with BitMine significantly increasing its Ethereum holdings and ProShares launching a stablecoin-backed ETF, signaling growing institutional interest in the crypto space. Pakistan's launch of a crypto regulatory sandbox also indicates increasing global acceptance of digital assets. The Power Law model suggests a potential floor test by year-end, contingent on Bitcoin maintaining current levels. Overall, the market presents a mixed outlook, balancing bearish pressures with emerging bullish catalysts.