Last updated on January 13th, 2025 at 06:47 am
This week in crypto takes you through a whirlwind of events, from MicroStrategy’s $2 billion Bitcoin expansion to Thailand’s crackdown on power-stealing miners. From Trump’s crypto-friendly moves to Solayer’s blazing-fast InfiniSVM tech, here’s a snapshot of the week’s most intriguing headlines
Biggest Story
Coinbase Scores a Win Against the U.S. Securities and Exchange Commission(SEC)
Coinbase and the U.S. SEC have been embroiled in a legal dispute for some time now. However, the crypto exchange may have just had the power balance tilted in its favour. This week, federal judge Catherine Polk Failla ruled that Coinbase should be allowed to proceed with an appeal.
The securities regulator contends that Coinbase operates as an unregistered exchange involved in questionable securities, a claim that Coinbase firmly rejects, citing the regulator’s approval of its incorporation and stock exchange listing.
Here’s the scoop: such rulings are quite rare. In fact, some people have referred to it as a ‘landmark victory.’ But this is not the end; it might just be the beginning of another series of long court proceedings.
While the appeal plays out, everything else is on hold. Judge Failla’s decision not only grants Coinbase the right to seek an appeal but also pauses all other proceedings during the appellate review.
Other Stories Making Waves
- MicroStrategy’s $2 Billion Bitcoin Plan: MicroStrategy is planning to raise $2 billion through preferred stock in early 2025 to buy more BTC. Can you believe they already hold 446,400 Bitcoins worth $43.67 billion?
- Strive’s Bitcoin Bond ETF: Strive Asset Management, led by Vivek Ramaswamy, wants to launch a Bitcoin-backed corporate bond ETF. And guess who’s a big part of it? MicroStrategy!
- $58K Crypto Scam in Cyprus: A man in Cyprus lost $58,000 to a fake crypto trading platform. They made it look legit with fancy dashboards and fake profits.
- Solayer’s InfiniSVM Breakthrough: Solayer announced InfiniSVM, a new tech that confirms transactions in just 1 millisecond. Plus, they’ve introduced liquid staking, letting users earn rewards while keeping their funds flexible for trading. Solana’s seriously on fire!
- Binance Launches New SONICUSDT Trading Option: Binance is rolling out a new trading product, the SONICUSDT perpetual contract, launching on January 8! Traders can go wild with up to 75x leverage and even use Bitcoin as collateral. It’s tied to Sonic SVM, a cool extension of Solana for gaming and social platforms.
- Crypto Debt Turns Violent in Thailand: Two Russians attacked a fellow investor over $120,000 in unpaid crypto debt! They knocked him out, tied him up, and stole $20,000. One suspect fled to Dubai, but the other is still in Thailand.
- U.S. Bitcoin Miners Hoard BTC Amid Challenges: Bitcoin miners in the U.S. are holding on to their coins like treasure! With Bitcoin now over $100k, companies like Marathon and CleanSpark are raking it in. But mining costs are skyrocketing, so some are even leasing their data centers to AI companies to make ends meet.
- Thailand Shuts Down Power-Stealing Bitcoin Miners: Thailand just busted a sneaky Bitcoin mining op stealing electricity worth millions! The culprits tampered with power meters and ran 996 rigs, mostly at night, to avoid detection.
Around the World: Bold Moves and Crypto Regulations
South Korea’s Big Move on Web3: The Financial Services Commission (FSC) plans to let corporations, starting with non-profits, invest in crypto using real-name accounts. They’re also making new laws for stablecoins and crypto exchanges to keep everything transparent and aligned with global standards.
Jeju Island’s NFT Tourism Revolution: The local authorities in Jeju Island, a popular tourist attraction in South Korea, have plans to launch NFT tourism cards before the end of 2025! These cards come with travel perks and discounts and even let you document your trip on the blockchain. It’s all part of their push to be a Web3 innovation hub.
Portugal’s BiG Bank Says No to Crypto Transfers: One of Portugal’s top banks, Banco de Investimentos Globais (BiG), just blocked fiat transfers to crypto platforms. They’re citing European guidelines on money laundering and terrorism risks. Meanwhile, a top economist there keeps dissing Bitcoin as overhyped.
Ireland Welcomes Crypto Giants: HashKey Europe just got a virtual asset license there, letting them offer everything from crypto exchanges to wallet services. Crypto.com is also joining the party, all under the EU’s strict new MiCA regulations.
UK Gives GSR the Green Light: GSR, a big crypto trading firm, got approval from the UK’s Financial Conduct Authority (FCA). This means they can now offer trading services locally, adding to their growing global presence.
Market Trends: Winners and Losers
Top 5 Gainers 📈
According to data from CoinGecko, these are the five biggest gainers for the week:
- 360noscope420blazeit skyrocketed 4023%, with its market cap surging from $2,559,540 to $105,568,221.
- Pippin increased by 512%, from $13,535,318 to $82,789,245.
- Hey Anon climbed 224%, from $46,218,880 to $149,700,202.
- MAX USD exploded by 747%, from $21,250,667 to $180,101,219.
- Krypton DAO gained 179%, from $46,694,516 to $130,118,667.
Top 5 Losers 📉
According to data from CoinGecko, the five biggest losers for the week are:
Vapor dropped by 32% from $107,848,561 to $73,430,060.
Zerebro fell 43%, with its market cap sliding from $657,925,385 to $374,532,432.
aixCB declined 33%, from $86,115,102 to $57,517,079.
Degen Spartan AI slipped 37%, from $88,872,026 to $56,143,207.
Tri Sigma plunged 45%, from $72,679,698 to $40,079,124.
Project Spotlight
CBOJ – A Secure Gateway to Bitcoin Investment
Calamos Investments is launching CBOJ, the first Bitcoin ETF with 100% downside protection, on January 22, 2025, via the CBOE. Using Treasuries and options tied to the CBOE Bitcoin US ETF Index, it provides regulated Bitcoin exposure while mitigating risks from volatility. With an annual expense ratio of 0.69%, the ETF resets annually to maintain risk protection and potential growth.
Why It Matters:
CBOJ caters to hesitant investors, offering a secure entry into Bitcoin markets while preserving its growth potential. It underscores Calamos’ innovation in risk management, building on their Structured Protection ETF success and expanding investor confidence in volatile markets.
Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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