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  • Magic Eden’s ME token soars 35%, reclaims $0.60 amid ‘big week ahead’ hype

    Magic Eden’s ME token soars 35%, reclaims $0.60 amid ‘big week ahead’ hype

    Magic Eden Token

    • Magic Eden price soared more than 35% amid a breakout above the key resistance of $0.50.
    • Trading volume jumped 1,280% to over $129 million to signal buying pressure.
    • “A big week” ahead and other potential catalysts could boost ME bulls.

    Magic Eden’s native token, ME, has experienced a significant price surge in the past 24 hours.

    Prices rose to intraday highs above $0.60 for the first time since the October 11 crash, with bulls’ gains coming amid a retest of a key technical barrier.

    As the altcoins rank among the top gainers in the 500 largest cryptocurrencies by market cap, buyers are likely to hold the crucial level and target a new leg up.

    But what could help ME price in the short term?

    Magic Eden among top gainers as price pumps 35%

    Per CoinMarketCap data, Magic Eden’s ME token is one of the standout performers in the cryptocurrency arena today.

    The token’s 35% uptick in the past 24 hours has come amid a robust trading volume of $129 million – the metric is up 1,280% in the past 24 hours.

    This performance has not only outpaced the broader market but also dwarfed top performers such as Pi Network, Virtuals Protocol and Zcash.

    ZEC hovered around $270 on October 24, but was near $350 at the time of writing.

    On the technical front, ME broke above the critical hurdle at $0.50, reaching intraday highs of $0.60.

    While the altcoin is well off its all-time peak above $13.24, bulls have bounced off the all-time low of $0.23.

    ME could retest $0.55 or $0.50 before seizing on an uptick across the market to target the psychological $1 mark.

    RSI at 60 suggests bulls have more room to aim for gains.

    Magic Eden price chart by TradingView

    What could help Magic Eden price higher?

    Several factors appear to have converged to ignite this pump.

    Notably, the official Magic Eden X account issued a cryptic yet bullish proclamation early this morning: “Big week ahead.”

    This post, which garnered over 300 likes and widespread speculation within the community, hinted at impending announcements or developments that could further bolster the platform’s growth.

    Such communications from project leads often serve as potent catalysts, drawing in retail traders and amplifying social sentiment.

    ME gains also follow the community cheering of the recent acquisition of Dynamic by Fireblocks, which the platforms announced on October 23.

    As a key user of Dynamic’s developer platform, Magic Eden could benefit significantly from this integration.

    Dynamic powers over 50 million on-chain accounts for industry leaders, including Kraken, Ondo Finance, Magic Eden and zerohash.

    Magic Eden’s seamless user onboarding and embedded wallet functionalities for NFT trading across chains.

    The deal merges Fireblocks’ institutional-grade custody with Dynamic’s agile tools, creating what executives describe as the “first complete custody-to-consumer stack” for on-chain finance.

    Overlaying these platform-specific tailwinds is a broader crypto market rebound.

    While gains in October 2025 remain muted as the macroeconomic environment hit risk-on sentiment, Bitcoin’s climb to $116,000 and Ethereum’s break to $4,200 has bulls excited.

    The big week for crypto includes a potential rally ahead of a Federal Reserve rate cut, the impact of the US-China trade deal and SEC approval for exchange-traded funds.

    The macroeconomic lift could spill over to altcoins like Magic Eden.

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  • Why Bitcoin could rebound up to 21% this week: experts explain

    Why Bitcoin could rebound up to 21% this week: experts explain

    Bitcoin tumbles 12% on new tariffs, but experts see potential 21% rebound as October historically favors recovery.

    Bitcoin took a sharp plunge on Friday, falling more than 12% after President Trump announced a 100% tariff on Chinese imports, sparking fears of a new trade war.

    The news sent shockwaves through the crypto market, wiping out over $19 billion in liquidations and causing panic selling among millions of traders.

    Bitcoin briefly dropped below $105,000 before bouncing back slightly.

    This plunge mirrored broader market fears as investors rushed to safer assets, amidst uncertainty over escalating US-China tensions and economic stability.

    But, in the face of deep uncertainty, some experts are keeping calm and asked investors to show some faith in the fundamentals of the flagship cryptocurrency.

    Why Bitcoin can make a big rebound this week

    As per Cryptonews.com, economist Timothy Peterson thinks there’s a good chance Bitcoin could make a strong comeback this week, possibly jumping as much as 21%.

    Looking at historical data going back to 2013, he notes that October has actually been Bitcoin’s second-best month, averaging a gain of 20.1%, just behind November.

    Big drops in October are pretty rare; they’ve only happened four times in the past ten years, and three of those were followed by sharp recoveries.

    Even though Bitcoin recently dipped below $102,000 after President Donald Trump announced new tariffs, Peterson stays optimistic.

    He points out that about half of October’s usual gains might already be in the books, but the rest of the month still looks favorable for a solid rebound.

    Based on Bitcoin’s typical cycles of liquidity and market sentiment, analysts are hopeful that the month could end with Bitcoin regaining momentum and possibly breaking through some key resistance levels in the weeks ahead.

    Why the latest crash is not unusual

    Volatility is just part of life in the crypto world. Digital assets don’t just react to economic headlines; they are also highly sensitive to social media chatter, regulatory news, and tech developments.

    Experts say that while these ups-and-downs can be risky, they also open the door for traders and investors who know how to ride the waves.

    Historically, October tends to be a bumpy month for crypto, but these dips are often followed by strong rebounds as the market finds its balance.

    Bottom line: the crypto space is fast-moving and unpredictable, with big risks, but potentially big rewards too.

    Several factors drive this heightened volatility. For one, the market is still relatively young, so price discovery is ongoing, new investors and speculative trades can swing prices dramatically.

    Unlike traditional financial markets, crypto isn’t heavily regulated, so announcements of new policies or legal actions can spark sharp reactions.

    The fact that crypto markets run 24/7 only adds fuel to the fire, with no breaks or circuit breakers to cool things down.

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  • Bitcoin and Ethereum ETFs record $3.6B inflows this week

    Bitcoin and Ethereum ETFs record $3.6B inflows this week

    Bitcoin and Ethereum

    • Bitcoin ETFs saw $2.7 billion in weekly inflows, pushing BTC to an all-time high near $119,000.
    • Ethereum ETFs added $908 million, helping ETH climb 17% to a multi-month peak above $3,000.
    • BlackRock’s IBIT and ETHA dominated fund inflows, reflecting strong institutional demand for crypto exposure.

    Investor appetite for cryptocurrency exposure through exchange-traded funds (ETFs) reached a new high last week, with Bitcoin ETFs alone drawing in more than $2.7 billion in net inflows over five trading days.

    The surge in capital marked one of the strongest weekly performances for these financial vehicles, reflecting growing institutional demand on Wall Street.

    According to data from FarSide Investors, the standout activity occurred on Thursday and Friday.

    Thursday saw the second-largest daily inflow in the 18-month history of US-listed Bitcoin ETFs, totaling $1.18 billion.

    The inflows were spread across major funds: BlackRock’s IBIT received $448.5 million, Fidelity’s FBTC took in $324.3 million, and ARK Invest’s ARKB attracted $268.7 million.

    On Friday, the momentum continued with another $1.03 billion in inflows.

    BlackRock’s IBIT led decisively, drawing $953.5 million—far ahead of ARKB, which was second with just $23.5 million.

    Earlier in the week, inflows remained positive each day: $216.5 million on Monday, $80.1 million on Tuesday, and $215.7 million on Wednesday.

    The total net inflow for the week amounted to $2.72 billion, further highlighting the accelerating pace of institutional crypto adoption.

    Notably, the funds have seen only one day of net outflows (July 1) since June 9.

    Ethereum ETFs see record weekly gains

    Ethereum-based ETFs also recorded significant inflows last week, benefiting from increasing investor confidence ahead of their one-year anniversary.

    The funds brought in $908.1 million in net inflows for the week, according to FarSide data.

    Thursday was a standout day, setting a record for Ethereum ETFs with $383.1 million in inflows.

    BlackRock’s ETHA led the way, accounting for over $300 million of that figure.

    On Friday, ETHA continued to dominate, capturing $137.1 million of the total $204.9 million inflow.

    Wednesday added $211.3 million, while Monday and Tuesday contributed $62.1 million and $46.7 million, respectively.

    This sustained inflow into Ethereum funds helped propel ETH’s price higher.

    Starting the week around $2,500, Ethereum climbed past $3,000 on Friday. Although it has since pulled back slightly below $3,000, the asset remains up more than 17% for the week.

    Crypto prices react to institutional momentum

    The robust ETF inflows had a direct impact on the underlying asset prices.

    Bitcoin surged by more than $10,000 during the week, reaching an all-time high of nearly $119,000 on Friday.

    Ethereum similarly saw its best performance in months, fueled by increased capital inflows and renewed optimism among investors.

    In total, both Bitcoin and Ethereum ETFs drew more than $3.6 billion in capital last week, underscoring the expanding role of crypto assets in mainstream investment portfolios.

    With consistent inflows and new highs in asset prices, institutional interest in cryptocurrencies appears far from waning.
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  • BTC trades stably near $105.5K; institutional ETF inflows reached $2.2B last week

    BTC trades stably near $105.5K; institutional ETF inflows reached $2.2B last week

    BTC trades stably near $105.5K; institutional ETF inflows reached $2.2B last week

    Bitcoin (BTC) is trading steadily above the $105,500 mark as the Asian trading day gets underway on Wednesday.

    This comes after a slight correction from the $107,000 level it held during US business hours.

    Despite the significant geopolitical upheaval of the past few weeks, including a US strike on Iran that surprised both geopolitical experts and prediction market bettors, Bitcoin has once again demonstrated its resilience as a store of value.

    CoinDesk market data shows that the asset class has remained remarkably stable over the last month, up a modest 1%.

    A disciplined climb: HODLers stand firm

    However, this return to a price point that is within striking distance of Bitcoin’s all-time high of nearly $111,000 (hit in May) feels different this time, according to market observers.

    It’s characterized by a sense of discipline rather than the euphoria that often accompanies bull runs.

    Unlike the breakout above $100,000 in December 2024, which triggered a significant wave of profit-taking, long-term investors now appear content to sit on their unrealized gains.

    This observation is supported by analysis from Glassnode in their weekly note.

    “HODLing appears to be the dominant market mechanic,” the Glassnode analysts wrote.

    They pointed to a surge in the supply held by long-term holders, which has now reached 14.7 million BTC, coupled with historically low levels of realized profits.

    This on-chain activity strongly indicates a limited desire to sell, even as Bitcoin trades just below its record highs.

    Further reinforcing this narrative of restraint, metrics such as the adjusted Spent Output Profit Ratio (aSOPR) are hovering just above the breakeven point, according to Glassnode.

    This suggests that the coins currently being spent are, for the most part, recent acquisitions involved in tactical trades rather than representing a broad distribution or sell-off by long-term holders.

    Meanwhile, Glassnode data also shows that the “Liveliness” metric continues to decline, a clear sign that older, long-held coins remain dormant in their wallets.

    The institutional undercurrent: steady demand meets rising leverage

    This patience from seasoned investors is being met with persistent institutional demand.

    In its daily markets update, trading firm QCP highlighted this trend, noting that market data indicates a substantial $2.2 billion in net inflows into spot Bitcoin ETFs just last week.

    QCP described the overall tone of these flows as “constructive” and pointed out that dedicated crypto treasury companies such as Strategy and Metaplanet continue to accumulate Bitcoin.

    These steady institutional inflows are quietly but fundamentally reshaping the market’s structure.

    Bitcoin’s realized cap—a metric that measures the price at which coins last moved on-chain—has grown to an impressive $955 billion.

    This growth is widely seen as a sign that real, committed capital, not just fleeting speculation, is flowing into the asset.

    A fragile equilibrium: the standoff in the market

    However, not everything is calm beneath the surface. QCP’s report also noted that leveraged long positions have been on the rise, with funding rates turning positive across major perpetual futures markets.

    This indicates that short-term traders are increasingly using leverage to bet on further price increases.

    Glassnode, in its analysis, warns that this situation may not be sustainable indefinitely. “The market may need to move higher, or lower, to unlock additional supply,” the firm wrote, suggesting that the current equilibrium between the unwavering conviction of long-term holders and the increasing leverage of short-term traders won’t hold forever.

    Even major political news, such as the US Senate’s approval of the White House’s “Big Beautiful Bill,” has failed to produce a significant price reaction from Bitcoin.

    This has led to a market that feels less like a stampeding bull run and more like a tense standoff. On one side are the long-term holders who are refusing to sell, and on the other are the short-term traders piling into leveraged positions.

    This fragile equilibrium has market observers on the edge of their seats, wondering where the next major catalyst will come from and whether it will make Bitcoin’s next move an explosive one.
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  • Crypto recorded $1.3B in investment product inflows this past week

    Crypto recorded $1.3B in investment product inflows this past week

    Bitcoin (BTC) price breaks above $62K as crypto market awakens after Fed rate cut
    • Crypto investment products registered $1.3 billion in inflows last week
    • Ethereum outpaced Bitcoin with $793 million compared to $407 million

    Digital asset investment products notched $1.3 billion in inflows in the past week.

    It’s the fifth consecutive week of positive net flows for crypto exchange-traded products despite recent price declines. According to latest weekly flows report from digital asset manager CoinShares, the scenario outlines strong interest in buying amid market weakness.

    Ethereum outpaces Bitcoin in weekly net inflows

    Per a Coinshares report on February 10, the net inflows is almost double from the $747.4 million recorded the week before. The increase comes despite US President Donald Trump’s tariff impositions that saw prices dip amid investor reaction.

    Bitcoin and Ethereum dominated the inflows. However, the latter outpaced the former this week, registering $793 million inflows compared to Bitcoin’s $407 million.

    Overall, Bitcoin ETPs represent 7.1% of total market capitalization, making digital asset investment products the largest holder compared to other investments.

    “Digital asset investment products saw inflows for the 5th consecutive week totalling US$1.3bn. Bitcoin’s BTC saw inflows of US$407m, with ETPs globally now representing 7.1% of the current market capitalisation. It was Ethereum who stole the show this week, with the price falling recently close to US$2,100 leading to significant buying-on-weakness, with inflows of US$793m,” CoinShares posted on X.

    Investors see decline as a buying opportunity particularly after the rise in investment interest followed Ethereum’s price dip.

    In the meantime, XRP and Solana secured third and fourth positions respectively with $21 million and $11million. Meanwhile, $1 billion in overall net inflows by the US was the highest regionally, followed by Germany, Switzerland, and Canada with $61 million, $54 million, and $37 million, respectively.

    Bitcoin’s price has struggled with downside pressure below $100k in recent weeks. ETH has also experienced a tough month or so, with prices helmed below $3,000 and hitting lows of $2,100 at one time.

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  • What happened in crypto this week

    What happened in crypto this week

    We’ve had another busy week in the crypto market: Bitcoin hits $109,000, Trump and Melania launch memecoins, Elon Musk’s DOGE agency sued, Circle acquires Hashnote, Trump pardons Silk Road creator Ross Ulbricht, Taiwan is considering allowing banks to issue stablecoins, banks will embrace crypto with clearer regulations, and Trump signs executive order for crypto working group.

    Bitcoin hits $109,000

    Bitcoin hit a new all-time high of over $109,000 ahead of Donald Trump’s inauguration on Monday.

    On January 20, Bitcoin reached a new high as market sentiment remains optimistic about Trump’s plans for the crypto industry. The latest high surpasses its previous record of over $108,000, which it achieved in December.

    Trump also mentioned Bitcoin in a Sunday speech, highlighting its record performance since the US election.

    “Since the election, the stock market has surged and small business optimism has soared a record 41 points to a 39-year high,” Trump said. “Bitcoin has shattered one record high after another.”

    Over the past 90 days, Bitcoin is up nearly 60% and has a market cap value of $2.09 trillion.

    Trump and Melania launch memecoins

    Ahead of Trump’s inauguration on Monday, January 20, he announced the launch of his $TRUMP memecoin on his Truth Social platform.

    Within 24 hours of launching, the meme token rose 580% in value, topping $75, with a market cap of nearly $6 billion.

    Following Trump, Melania Trump launched her memecoin, $MELANIA, last Sunday, which saw the token reaching a high of over $13.

    At the time of publishing, $TRUMP and $MELANIA are trading at more than $33 and $2.60, according to data from CoinMarketCap.

    Elon Musk’s DOGE agency sued

    Elon Musk’s Department of Government Efficiency (DOGE) agency reportedly had three lawsuits filed against it within minutes of Trump’s inauguration on Monday.

    In a 30-page lawsuit from the National Security Counselors, a public interest law firm, it questions the legality of the agency Trump said he’d create to “dismantle government bureaucracy.”

    According to the complaint, DOGE violates the Federal Advisory Committee Act (FACA), which requires advisory committees to follow certain rules, including allowing public involvement.

    National Security Counselors state that DOGE meets the requirements to be considered a “federal advisory committee.” Yet, while similar agencies follow a “fairly balanced” representation, keep meeting records, and allow public involvement, as required by law, DOGE doesn’t.

    The two other lawsuits were filed by a group that includes the American Federation of Government Employees and the State Democracy Defenders Fund. In another case, the plaintiffs are the Citizens for Responsibility and Ethics in Washington and the American Federation of Teachers.

    Despite this, the US government launched the DOGE agency website the following day.

    Circle acquires Hashnote

    Stablecoin issuer Circle acquired Hashnote for an undisclosed amount earlier this week. As part of the acquisition, Circle is planning to integrate USYC as collateral on crypto exchanges.

    In a post on X, Circle said that the move, alongside a strategic partnership with DRW, a global trading firm, “is set to redefine the landscape of digital asset capital markets.”

    By integrating USDC, Circle’s stablecoin, and USYC, the platform is enabling interconvertibility between both assets, allowing USYC to be used as preferred collateral on exchanges and brokers.

    Trump pardons Silk Road creator Ross Ulbricht

    Donald Trump signed an order, giving Ross Ulbricht, the founder of darknet marketplace Silk Road, a full pardon this week.

    In a post on his Truth Social platform, Trump wrote:

    “I just called the mother of Ross William Ulbricht to let her know that in honor of her and the Libertarian Movement, which supported me so strongly, it was my pleasure to have just signed a full and unconditional pardon of her son, Ross.”

    The pardon comes after Ulbricht spent 12 years in prison following his arrest in 2013. Ulbricht created Silk Road in 2011; however, he was given two life sentences plus 40 years in 2015. Upon pardoning Ulbricht, Trump called Ulbricht’s sentence “ridiculous.”

    Taiwan is considering allowing banks to issue stablecoins

    Taiwan’s financial regulator is to propose legislation enabling local banks to issue stablecoins pegged to the New Taiwan Dollar (NTD).

    The draft law from the Financial Supervisory Commission (FSC) is expected to be introduced in June 2025. It aims to bridge the divide between fiat and digital currencies, enhancing investor access to the burgeoning crypto market.

    The proposal for banks to issue stablecoins is seen as a pivotal step in this regulatory evolution, providing a more secure and regulated environment for cryptocurrency transactions.

    The FSC emphasizes that all stablecoins issued within Taiwan will be under the joint management of the central bank, ensuring their stability and legitimacy.

    Zhuang Xiuyuan, director of a Taiwanese bank, has voiced concerns over existing stablecoins like Tether and USDC, criticizing their backing by non-government recognized assets.

    To address these issues, any new stablecoin in Taiwan will require explicit approval from the FSC, ensuring they meet specific qualifications regarding issuer credibility and reserve allocations.

    Banks will embrace crypto with clearer regulations

    Bank of America’s CEO has said that US banks will embrace crypto payments if clearer rules are in place from regulators.

    Speaking at the World Economic Forum, Brian Moynihan said that if rules come in and crypto payments are made “real,” then “the banking system will come in hard on the transactional side of it.”

    So far, US banks have been cautious about offering retail crypto services, instead focusing on providing institutional products such as US spot Bitcoin exchange-traded funds (ETFs).

    Trump signs executive order for crypto working group

    Less than a week into entering the White House, Trump has signed an executive order for a crypto working group designed to provide regulatory clarity.

    When signing the order, Trump appeared with his AI and crypto czar David Sacks who spoke about the order to the president. Sacks, who will be leading the working group if it’s implemented, said: “we’re going to be forming an internal working group to make America the world capital under your leadership.”

    In addition to providing regulatory clarity, the working group seeks to protect the US dollar through the development of lawful dollar-backed stablecoins worldwide. The working group also wants to prohibit “the establishment, issuance, circulation, and use of a [central bank digital currency] within the jurisdiction of the United States.”

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  • Binance to list Solv Protocol’s native token SOLV next week

    Binance to list Solv Protocol’s native token SOLV next week

    Binance to list Solv Protocol’s native token SOLV next week
    • SOLV token to be listed on Binance on January 17, 2025, with four trading pairs.
    • Solv Protocol focuses on Bitcoin staking to boost DeFi integration and liquidity.
    • Besides listing, Binance has also invested in Solv Protocol.

    Binance, one of the world’s leading cryptocurrency exchanges, has announced its plan to list Solv Protocol’s native token, SOLV, next week.

    This move is set to amplify SOLV’s visibility and utility within the burgeoning sector of Bitcoin-focused decentralized finance (DeFi).

    SOLV to be listed on Binance on January 17

    The listing of SOLV on Binance is scheduled for January 17, 2025, at 10:00 UTC, with trading pairs including SOLV/USDT, SOLV/BNB, SOLV/FDUSD, and SOLV/TRY.

    Notably, SOLV will enter the market with the “Seed” label, which Binance uses to signify tokens that are in their early stages, potentially indicating higher risk but also higher growth opportunities.

    The anticipation around the SOLV listing is palpable, with posts on social media platforms like X highlighting the community’s excitement and speculation about the token’s future market performance. Discussions point towards an initial market cap expectation ranging from $400 million to $600 million, reflecting both optimism and caution given the token’s nascent stage.

    The rise of the Solv Protocol

    Solv Protocol has carved a niche for itself by focusing on Bitcoin staking, aiming to integrate Bitcoin more deeply into the DeFi ecosystem. The protocol’s mission is to unlock the potential of over $1 trillion in Bitcoin assets by providing yield opportunities while preserving liquidity.

    With this listing, Binance endorses Solv Protocol’s vision and opens up new avenues for its users to engage with high-potential DeFi projects centred around Bitcoin.

    This listing comes on the heels of a significant strategic investment by Binance Labs in Solv Protocol, underscoring a strong belief in its potential to revolutionize Bitcoin’s role in DeFi. Solv Protocol has raised substantial funding, with a total of $22 million, to further its development and adoption.

    In addition to listing on Binance, SOLV will also be integrated into Binance’s Megadrop platform, where users can earn SOLV tokens by locking BNB or participating in Web3 quests, adding another layer of engagement for the crypto community.

    As we approach the listing date, all eyes will be on how SOLV performs and how effectively Solv Protocol can leverage this opportunity to expand its ecosystem and user base.

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  • What happened in crypto this week

    What happened in crypto this week

    Bitcoin all-time high

    It’s been another busy week in the crypto market: Bitcoin tops $107,000, FTX is to begin customer repayments in early 2025, CyberKongz receives “concerning rhetoric” in Wells notice from the SEC, US lawmakers cancel vote to renominate SEC Commissioner Caroline Crenshaw, and Injective and Sonic partner to build first cross-chain AI agent hub.

    Bitcoin tops $107,000 for the first time

    Earlier this week, Bitcoin reached new heights, topping above $107,000. At the same time, the defunct crypto exchange Mt. Gox moved around 1,620 Bitcoin to an unknown wallet. The value of the Bitcoin transfer stood at over $172.5 million.

    The Bitcoin movement followed a transfer made two weeks ago by Mt. Gox. Then, the platform moved 24,000 Bitcoin to unknown wallets. According to Arkham, the bankrupt exchange transferred 1,619.6 Bitcoin in two transfers: one of 1,427.9 and the other of 191.7 to two new addresses.

    Before hitting $107,000, Bitcoin reached $106,000 following news that President-elect Donald Trump is considering plans to create a US Bitcoin strategic reserve. Investors believe Bitcoin reaching $120,000 by the end of 2024 is achievable.

    FTX to begin crypto repayments in early 2025

    Collapsed crypto exchange FTX has announced that it will start its customer distribution in early January. Its court-approved Chapter 11 bankruptcy reorganization will be effective on January 3, 2025.

    FTX is to work with crypto custodian BitGo and crypto exchange Kraken to distribute assets to retail and institutional investors. In November, it was reported that FTX was to start distributions by March 2025.

    FTX collapsed in November 2022, with five of the top executives jailed or sentenced to time served. This includes former CEO Sam Bankman-Fried who was sentenced to 25 years in prison in March.

    CyberKongz receives Wells notice from the SEC

    CyberKongz, a non-fungible token (NFT) platform, received a Wells notice from the US Securities and Exchange Commission (SEC).

    In a post on X, CyberKongz said that they have “been suffering in silence for the last two years, ever since we first received contact from the SEC,” adding that it had received some “concerning rhetoric” that an ERC-20 token can’t be issued with a blockchain game without being registered as a security.

    By issuing a Wells notice, the SEC believes there may be securities law violations and is preparing to take action against the platform. One of the issues the SEC has with CyberKongz is the “sale” of its Genesis Kongz NFTs in April 2021; however, CyberKongz said this was a contract migration and not a sale.

    Earlier this year, crypto exchange Coinbase received a Wells notice from the SEC followed by OpenSea, an NFT marketplace, and blockchain gaming platform Immutable.

    US lawmakers cancel vote to renominate SEC Commissioner Caroline Crenshaw

    A US Senate vote to renominate Democrat Caroline Crenshaw for a second term at the US Securities and Exchange Commission (SEC) was canceled this week.

    The original vote was scheduled for December 11; however, Sherrod Brown, the Senate Banking Committee Chair, postponed it within minutes of starting, due to issues between the Democrats and Republicans.

    Brown later released a statement saying that corporate special interests are running a “disgusting smear campaign against Caroline Crenshaw.”

    Yet, with Congress stopping on December 20 for the holidays, Crenshaw was not renominated before President-elect Donald Trump’s administration re-enters the White House in January.

    Following the news of Crenshaw’s reappointment, Brian Armstrong, CEO of Coinbase, took to X to say: “She tried to block the Bitcoin ETFs, and was worse than Gensler on some issues (which I didn’t think was possible).”

    Injective and Sonic partner to build the first cross-chain AI agent hub

    Injective and Sonic are working together to create the first cross-chain artificial intelligence (AI) agent platform.

    The two crypto platforms said the new AI agent hub will leverage Sonic’s HyperGrid technology to integrate Solana and Injective ecosystems. The Smart Agent Hub will also leverage the Inter-Blockchain Communication Protocol (IBC), an open-source protocol enabling blockchain interoperability.

    According to Injective Labs, the AI agent hub will offer developers the tools to create, deploy, and monetize AI agents across the decentralized ecosystem.

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  • What happened in crypto this week

    What happened in crypto this week

    rocket

    It’s been another busy week in the crypto market: Virgin Voyages accepts Bitcoin, Donald Trump selects Paul Atkins as next US SEC chair, Coinbase won’t work with anti-crypto law firms, Michael Saylor urges Microsoft to accept Bitcoin, and Bitcoin hits over $100,000 for the first time.

    Let’s look at these and recap what happened this week in crypto.

    Virgin Voyages accepts Bitcoin

    Sir Richard Branson’s cruise line, Virgin Voyages, now accepts Bitcoin as a payment option for bookings.

    In an announcement, Virgin Voyages said passengers can use Bitcoin to pay for cruises across its fleet, including its highly anticipated Annual Pass. Virgin Voyages’ Annual Pass, which provides various exclusive benefits to frequent travelers, is also the first cruise product to accept cryptocurrency payments.

    The company’s move comes as the crypto industry experiences heightened interest from retail and institutional investors, pushing prices to all-time highs. Virgin Voyages is also hoping to attract younger, tech-savvy travelers and digital asset enthusiasts who increasingly use crypto in their everyday lives.

    Donald Trump selects Paul Atkins as next US SEC chair

    US President-elect Donald Trump has nominated pro-crypto Paul Atkins to become the next chair of the US Securities and Exchange Commission (SEC).

    Gary Gensler, the current SEC chair, will step down on January 20 when Trump re-enters the White House. News of Atkins filling the role marks a significant step in fulfilling Trump’s campaign promises to bring regulatory clarity to the crypto industry.

    Atkins, who served as an SEC commissioner under President George W. Bush, has been an outspoken supporter of the crypto industry. The selection of Atkins signals a strong push toward crypto-friendly regulations, something the industry has been lacking under Gensler’s leadership.

    Coinbase won’t work with anti-crypto law firms

    Brian Armstrong, CEO of Coinbase, has said the crypto exchange won’t work with law firms if they hire people who worked against the crypto industry during their time in government.

    In a post on X, Armstrong said it was an “ethics violation” to “try and unlawfully kill an industry while refusing to publish clear rules.”

    Armstrong made his comments after Milbank, an international law firm, recently hired Gurbir S. Grewal as a partner in its New York office’s litigation and arbitration practice. Before, Grewal was the US Securities and Exchange Commission’s (SEC) enforcement head.

    As director of the SEC’s enforcement division, Grewal was responsible for overseeing investigations, enforcement action, and litigation conducted by the SEC. During his time at the SEC, the agency brought over 100 enforcement actions targeting non-compliance in the crypto space.

    Armstrong added: “I don’t believe in permanently cancelling people, but we as an industry should not be putting money in their pocket after the abuse.”

    Michael Saylor urges Microsoft to accept Bitcoin

    The CEO of MicroStrategy has told Microsoft that Bitcoin is the best asset a company should own, claiming it represents the “greatest digital transformation of the 21st century.”

    In a three-minute video on X, Saylor tagged Satya Nadella, Microsoft’s chair and CEO, and its board of directors, saying:

    “Microsoft can’t afford to miss the next technology wave, and Bitcoin is the next wave. Bitcoin represents the greatest digital transformation of the 21st century; it represents digital capital.”

    Saylor added that if Microsoft wants to outperform, it’s going to “need Bitcoin,” adding:

    “You’ve surrendered hundreds of billions of dollars of capital over the past five years, and you’ve just amplified the risks that your own shareholders face. If you want to escape that vicious cycle, you’re going to need an asset without counterparty risk.”

    In Saylor’s opinion, that lies with Bitcoin.

    Bitcoin hits over $100,000 for the first time

    On December 5, Bitcoin reached the psychological level of $100,000 for the first time, continuing its bull run since the beginning of November.

    The last time it got within touching distance of the landmark level was on November 22 when it topped more than $99,000. Data from CoinMarketCap showed it reached a high of $103,500.

    Factors pushing Bitcoin to new heights included President-elect Donald Trump nominating pro-crypto Paul Atkins as the next US SEC chair.

    At the same time, Ethereum broke past $3,900. Crypto analyst Miles Deutscher says Ethereum will lead utility coins up. He also sees Bitcoin’s rally as great news for altcoins.

    “The higher #Bitcoin goes, the bigger the altcoin run will be,” the analyst noted.

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  • What happened in crypto this week

    What happened in crypto this week

    Solv Protocol introduces Bitcoin staking on Base with cbBTC token

    It’s been another busy week in the crypto market: MicroStrategy buys another $4.6 billion of Bitcoin, BlackRock’s Bitcoin ETF options brings in $2 billion on day one, Donald Trump’s transition team considers first White House crypto office, Justin Sun buys a banana for $6.2 million, SEC chair Gensler to step down on January 20, Bitcoin nears $100k as rally continues, and US spot Bitcoin ETFs hit $30 billion in total net flows.

    Let’s look at these and recap what happened this week in crypto.

    MicroStrategy buys another $4.6 billion of Bitcoin

    MicroStrategy is going long on Bitcoin as it adds more of the asset to its already impressive haul.

    On November 18, the company announced that it had bought an extra 51,780 BTC. This latest addition pushes MicroStrategy’s total Bitcoin holdings to 331,200. The news follows after the company’s founder, Michael Saylor, announced the purchase of more than $2 billion worth of Bitcoin.

    The publicly-listed company, whose stock MSTR has surged amid Bitcoin’s price spike, has acquired $16.5 billion worth of BTC. The average purchase price is $49,874, putting the company billions of dollars in profit as the benchmark cryptocurrency trades near its all-time high.

    BlackRock’s Bitcoin ETF options brings in $2 billion on day one

    The launch of options contracts on BlackRock’s iShares Bitcoin Trust (IBIT) nearly reached $2 billion on day one of trading.

    Taking to X, Bloomberg exchange-traded fund (ETF) analyst James Seyffart, said:

    “Final tally of $IBIT’s 1st day of options is just shy of $1.9 billion in notional exposure traded via 354k contracts. 289k were Calls & 65k were Puts. That’s a ratio of 4.4:1.”

    Bloomberg’s senior ETF analyst Eric Balchunas, said “$1.9b is unheard of for Day One.”

    As a result, BlackRock’s options may have helped push Bitcoin to a record of over $94,000.

    The launch of BlackRock’s options contracts comes as institutional interest in Bitcoin rises. With the IBIT options, investors can gain exposure to new avenues of investment while managing their risk through the call and put options without owning the underlying asset.

    At the end of October, BlackRock’s IBIT reached $30 billion in net assets in 293 days. Two weeks later, it reached $40 billion in net assets in 211 days, showcasing rising interest in crypto investments.

    Donald Trump’s transition team considers first White House crypto office

    As Donald Trump prepares to enter the White House, reports are underway that his transition team are appointing a senior figure to oversee the growing digital assets industry. By doing so, the figure will oversea regulation at the highest level of government.

    While no final decision has been made, Trump’s team has reportedly consulted with several crypto leaders, including Brian Brooks, the former CEO of Binance.US, and Brian Armstrong, the CEO of Coinbase.

    Whoever gets the job, industry advocates are pushing for the role to be one with significant access to Trump, By doing so, industry concerns are heard at the highest level of power.

    Justin Sun buys a banana for $6.2 million

    Justin Sun, the founder of Tron, bought a banana taped to a wall for $6.24 million earlier this week.

    Sotheby’s, who hosted the auction, started bidding at $800,000 before jumping into the millions.

    Taking to X, Sun, the founder of Tron, said: “I believe this piece will inspire more thought and discussion in the future and will become a part of history. I am honored to be the proud owner of the banana and look forward to it sparking further inspiration and impact for art enthusiasts around the world.”

    Before the auction, Sotheby’s estimated it would sell between $1 million and $1.5 million.

    SEC chair Gensler to step down on January 20

    Gary Gensler, chair of the US Securities and Exchange Commission (SEC), announced that he will step down effective January 20, 2025.

    Gensler took over as SEC chair in 2021, following the appointment of Joe Biden as President of the United States. Since filling the role, the SEC has filed several lawsuits against crypto companies, including Binance, Coinbase, Kraken, and Ripple.

    His departure from the crypto market will no doubt be seen as a breath of fresh air, given that the SEC – under his leadership – has become known for its regulation-by-enforcement approach toward crypto.

    Bitcoin nears $100k as rally continues

    On November 22, Bitcoin came within touching distance of hitting $100,000 for the first time, continuing its bull run since the start of November.

    According to data from CoinMarketCap, Bitcoin reached $99,500, pushed along by the launch of ETF options earlier in the week. A day previously, Bitcoin topped $98,000.

    Joe Constori, head of growth at Theya and institutional lead at the Bitcoin Layer, said on X that Bitcoin at $100,000 is going to happen.

    “Its properties have always destined it to be a multi-trillion dollar base layer monetary asset. It just took the price 15 years to catch up,” he added.

    At the start of the week, Bitcoin was trading around $93,000.

    US spot Bitcoin ETFs hit $30 billion in total net flows

    US spot Bitcoin ETFs took in $1 billion in daily total net inflows on Friday as Bitcoin inched closer to $100,000.

    BlackRock’s iShares Bitcoin Trust (IBIT) saw the most inflows, attracting $608.41 million, according to SoSoValue data. Fidelity’s FBTC followed with $300.95 million. Bitwise’s Bitcoin ETF brought in $68 million and Ark and 21Shares’ ARKB attracted $17.18 million.

    The only ETF to experience negative outflows was Grayscale’s GBTC AT $7.8 million.

    Since launching in January – following approval from the US Securities and Exchange Commission (SEC) – the 12 spot Bitcoin ETFs have earned a combined $30.35 billion.

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