This week in the world of cryptocurrency, we saw significant developments across regulation, innovation, and adoption. Below is a detailed Crypto Weekly Recap detailed by theme:
Regulation and Policy
- Donald Trump appointed Bo Hines as the Executive Director of the Crypto Council to strengthen crypto’s role in U.S. policy and economy.
- IRS Tax Rule: The IRS clarified that staking rewards would be taxable, influencing investor strategies.
- Google’s Ad Rules: Crypto advertisers in the UK must register with the FCA to protect users.
- Turkey’s Crypto Regulations: Turkey mandated ID submissions for crypto transactions above $425.
- Russia’s Bitcoin Mining Ban: Russia banned Bitcoin mining in 10 regions due to energy concerns, including Dagestan and Chechnya, effective January 2025.
- EU’s MiCA Impact: The EU’s Markets in Crypto-Assets (MiCA) regulations may force exchanges to delist Tether (USDT) and other stablecoins that fail to meet compliance standards, sparking concerns over market stability.
Institutional and Market Trends
- MicroStrategy’s Bitcoin Plans: The company announced plans to vote on a $42 billion Bitcoin investment.
- Institutional Bitcoin Holdings: Governments, ETFs, and MicroStrategy now hold 31% of all known Bitcoin, up from 14% last year.
Source | CryptoQuant
- VanEck’s Report: A U.S. Bitcoin reserve could reduce national debt by 35% by 2049, with projections of Bitcoin’s price reaching $42.3 million.
- South Korea’s Crypto Adoption: 45% of economically active citizens own crypto, totaling $69 billion in assets. The country sees 100,000 new investors joining monthly.
- Crypto Airdrops in 2024: Nearly $15 billion was distributed through airdrops, reflecting growing user engagement.
Source | Dropstab
Technology and Innovation
- Aethir x Injective Partnership: Aethir and Injective launched a GPU computing marketplace powered by tokens, offering new ways to trade high-performance computing resources.
- Aave x Chainlink Collaboration: Aave began exploring Chainlink to recapture MEV fees, aiming for a 40% profit share.
DeFi and Trading
- SUI’s TVL Growth: SUI’s total value locked grew by 16%, reaching $2.27 billion.
- PancakeSwap Trading Volume: PancakeSwap reported $310 billion in trading volume for 2024, a 179% increase from last year.
- Solana DEX Activity: Decentralized exchanges on Solana saw over $100 billion in trading volume for the second consecutive month.
- Uniswap on Base: Uniswap’s Base network recorded a trading volume of $15.65 billion.
- Memecoins on Solana: $PENGU surpassed $WIF in market cap and neared $BONK, signaling rising interest in Solana-based memecoins.
Source | Coingecko
Cybersecurity and Scams
- North Korean Hackers: Hackers stole $1.34 billion from crypto platforms in 2024, representing 61% of the year’s total crypto theft.
Source | Chainalysis
- Phishing Scam on X (Twitter): A scammer stole $500,000 by hacking 15 accounts and promoting fake memecoins.
Source | @zachxbt on X
Global Developments
- Russia and Bitcoin Payments: Russia adopted Bitcoin for international payments despite its mining bans.
- China’s Bond Issuance: China plans to issue a record 3 trillion yuan in treasury bonds in 2025 to boost its economy.
- Phoenix Group IPO Plans: The UAE’s Phoenix Group announced plans for dual listings in Abu Dhabi and Nasdaq by 2025, reinforcing the region’s crypto leadership.
- Trump’s Bitcoin Reserve: Analysts speculate that Trump could establish a U.S. Bitcoin reserve via executive order, utilizing the Treasury’s Exchange Stabilization Fund.
- Fed’s Focus for 2025: Congress is expected to prioritize stablecoin regulations and the FIT21 Act.
- Visa’s Stablecoin Push: Visa’s crypto head, Cuy Sheffield, emphasized the revolutionary potential of stablecoins in payment systems, predicting significant growth in 2025.
This crypto weekly recap underscored the dynamic nature of the crypto world, with major regulatory changes, rising institutional interest, and groundbreaking technological developments. Remember, the views expressed here are independent and not influenced by any financial affiliations. Always do your own research (DYOR) – check out blog.millionero.com for insights and deep dives. And if you’re feeling the crypto vibe, why not trade spot and perps on Millionero? Stay tuned for more updates, but don’t forget to DYOR!