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Your Weekend Crypto Roundup | 24 January 2025

24 January 2025
in Markets
Reading Time: 7 mins read
105 5
Home Markets

Contents

Toggle
  • Biggest Story 
  • Other Stories Making Waves
  • Around the World: Bold Moves and Crypto Regulations
  • Market Trends: Winners and Losers
    • Top 5 Gainers 📈
    • Top 5 Losers 📉

Last updated on January 25th, 2025 at 01:17 pm

Hi there!

This week has been full of important milestones for the crypto sector, especially in the U.S. Trump’s inauguration, the house-keeping at the U.S. SEC, and the new “era” for crypto rules provide a strong start to a potentially historic year for the crypto industry.

And as usual, here’s a quick rundown of the most talked-about stories. 

Biggest Story 

U.S. SEC Repeals the Infamous SAB 121 at Last

The controversial 2022 Staff Accounting Bulletin No. 121 will no longer stop U.S. banks from offering their customer custody services for crypto. The securities regulator has rescinded the rule, replacing it with a new directive, the SAB 122, that removes the burdensome classification of held crypto assets as liabilities.

This action by the SEC represents a significant shift in its previously strict and enforcement-focused approach to the crypto industry, which has faced heavy criticism over the past four years.

Earlier this week, the SEC announced the formation of a task force aimed at establishing a clear and comprehensive regulatory framework for the crypto sector. Acting Chairman Mark T. Uyeda introduced this initiative on January 21, 2025, with Commissioner Hester Peirce at the helm. The task force will work with agencies like the CFTC and Congress to consider legislative changes that emphasize registration, disclosure, and enforcement frameworks.

Other Stories Making Waves

  1. Vitalik Buterin Defends Ethereum Leadership

Critics are calling out Aya Miyaguchi of the Ethereum Foundation, even demanding her resignation, but Buterin clapped back, saying it’s making his “job harder.”  

  1. Niagara Police Fight Crypto ATM Scam

Niagara Police have teamed up with crypto ATM operators to fight scams. They’re putting warning signs on the machines because people have been losing their money to fraud. The law enforcement officials stated that they received reports of losses totalling over $1.3 million last year.

  1. Coinbase CEO Apologizes for Solana Drama

Coinbase botched Solana transactions during a traffic spike, leaving users fuming. CEO Brian Armstrong apologized and promised better support. 

  1. Trump and Melania’s Memecoin Chaos

Trump’s $TRUMP memecoin hit $15B, but Melania launched $MELANIA, tanking $TRUMP’s value by 40%. Critics call it a cash grab, and even Binance slapped $TRUMP with a “high risk” warning. Crypto Twitter is not impressed!

  1. Crypto Valley Hits $593 Billion Valuation

Crypto Valley, Switzerland’s blockchain hub, is thriving. With a $593 billion valuation and 17 unicorns, it’s leading Europe’s blockchain boom. Zug-based companies contributed 42% of regional investments, showcasing the area’s dominance in funding and innovation.

  1. Vivek Ramaswamy Exits DOGE Leadership

Vivek Ramaswamy stepped down as co-leader of the Department of Government Efficiency (DOGE), sparking speculation about a run for Ohio governor. Reports hint at tension with Elon Musk and shifting targets in DOGE’s budget-cutting goals.

  1. Circle CEO Slams SEC Crypto Rules

Circle CEO Jeremy Allaire is calling for repealing the SEC rule that classifies digital assets as liabilities, making it costly for banks to hold crypto. He’s hopeful Trump will take swift action to ease the regulatory burden.

  1. Balaji Suggests $TRUMP Token Airdrop

Former Coinbase CTO Balaji Srinivasan proposed a $7.7 billion airdrop of $TRUMP tokens to U.S. citizens to promote crypto adoption and align Trump’s policies with supporters. Critics wonder if this bold idea will gain traction

Around the World: Bold Moves and Crypto Regulations

Taiwan’s Big Stablecoin Move: Taiwan is gearing up to allow banks to issue stablecoins pegged to the New Taiwan Dollar by June 2025. The draft law will ensure strict oversight, requiring stablecoins to align with Taiwan’s monetary system and receive FSC approval. 

WazirX’s Hack Recovery Plan: After a $230M hack blamed on North Korea’s Lazarus Group, WazirX has secured Singapore court approval to reimburse users. The plan includes recovery tokens, payouts within 10 days, and a three-year buyback program. With frozen funds and global cooperation, they’re prioritizing restructuring over liquidation to restore trust and user funds.

Utah Pushes for Digital Asset Investments: The State’s legislative chambers introduced a bill to let the government invest up to 10% of certain public funds in digital assets like Bitcoin. The move, aimed at financial innovation, includes strict rules for security and supports self-custody for individuals.

Finland Gets Its First Crypto ETPs on Nasdaq: Swedish firm Virtune launches Finland’s first crypto exchange-traded products (ETPs) on Nasdaq Helsinki. Investors can now access secure, regulated crypto investments, including staking rewards, for Bitcoin, Ethereum, and other leading coins.

FBI Sting Exposes Crypto Fraud: UAE-based CLS Global pleads guilty to market manipulation after being caught in an FBI sting using a fake crypto token. The firm faces fines, a trading ban, and probation in a crackdown on fraudulent crypto schemes.

U.S. SEC Forms Crypto Task Force: The SEC launched a task force led by Hester Peirce to create clear crypto regulations. The initiative aims to end uncertainty, foster innovation, and collaborate with Congress and other agencies for a balanced framework.

Hong Kong to Grant More Crypto Licenses: Hong Kong’s securities regulator is set to approve crypto trading licenses soon after a rigorous review of applicants. The move reflects its ambition to compete with Singapore in regulating and supporting crypto markets.

South Korean Exchanges to Compensate Users: Crypto exchanges Upbit and Bithumb agree to pay $2.5 million to users affected by platform outages during martial law. Authorities are ensuring the platforms upgrade systems to prevent future disruptions.

Market Trends: Winners and Losers

Top 5 Gainers 📈

According to data from CoinGecko, these are the five biggest gainers for the week:

  • Newton Project: Increased by 1,066%, from $24,669,595 to $287,840,147.
  • Caviar: Gained 218%, from $8,487,269 to $27,008,306.
  • Onyxcoin: Saw a 184% increase, from $134,174,111 to $381,249,623.
  • VeThor: Rose by 183%, from $227,979,845 to $644,626,983.
  • Tornado Cash: Increased by 125%, from $30,558,709 to $68,660,106.

Top 5 Losers 📉

According to data from CoinGecko, the five biggest losers for the week are:

  • MAGA: Dropped by 75%, from $140,195,122 to $34,399,641.
  • DOGE: Decreased by 48%, from $208,646,554 to $109,359,877.
  • Rei: Lost 41%, from $102,793,863 to $60,719,786.
  • Shiro Neko: Fell by 52%, from $81,215,840 to $39,082,401.
  • LOFI: Dropped by 50%, from $148,067,617 to $74,202,939.

Project Spotlight

Keynode introduced Liquidity Pooled Staking

Keynode has introduced Liquidity Pooled Staking, eliminating high entry barriers and technical challenges in staking. The feature allows users to stake cryptocurrencies like Ethereum, Solana, and Polygon without significant capital requirements, such as Ethereum’s 32 ETH threshold. Designed with user-friendly tools, robust security, and flexible options, it democratizes blockchain security participation.

Why It Matters: These initiatives enhance accessibility, foster innovation, and encourage broader adoption in the decentralized finance ecosystem.

 

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. 

If you want to read more market analyses like this one, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

Take control of your crypto  portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”

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Olajumoke Oyaleke

Olajumoke Oyaleke

Olajumoke Oyaleke is a creative writer with a passion for crafting engaging and informative guides across a variety of topics. Deeply interested in Web3 and blockchain technology, Olajumoke is dedicated to making complex concepts accessible, helping readers stay informed on the latest trends in the space. Through writing, Olajumoke aims to showcase the possibilities of Web3 and simplify its advancements for a broader audience.

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