- The valuation of the cryptocurrency sector crossed $3.4 trillion on Friday, increasing by $253 billion in the first 3 days of 2025.
- The recovery of the crypto market is associated with positive speculation about Trump’s upcoming inauguration.
- Bullish moves by Michael Saylor and Elon Musk also boosted the market.
Bitcoin Market Updates: Michael Saylor’s buying spree sparks 8% rally.
Microstrategy’s CEO, Michael Saylor, announced another BTC purchase worth $209 million. Since then, the price of Bitcoin has increased by 8% and reached the $98,000 mark on Friday.
- Bitcoin ETFs saw outflows of $242 million on Thursday.
- Total Bitcoin liquidations reached $222 million on Friday, with $114 million of short-selling traders accounting for x percent of losses.
Altcoin Market Update: Solana, Cardano, Ethereum Dominate As Investors Turn To L1 Tokens
Recent developments in the crypto market highlight increasing investor interest in Tier 1 tokens amid a positive start to 2025.
- Solana (SOL): After a brief drop to $175 in late December 2024, Solana recovered above $200 on Friday, currently trading around $216.
- Cardano (ADA): Cardano’s price rose over 30% in early January 2025, crossing the $1 mark to reach approximately $1.11
- Ethereum (ETH): Ethereum’s price rally has been relatively muted, currently trading around $3,604, up 4.7% from its previous close.
Chart of the Day: Elon Musk’s Profile Pics Spark the Memecoin Market
Elon Musk’s recent activity on X (formerly Twitter) has once again caused volatility in the memecoin markets this week.
On December 31, 2024, Musk changed his profile name to “Kekius Maximus” and updated his avatar to show PEPE’s ‘Pepe the Frog’ meme in gladiator armor.
Memecoin sector performance | Source: Coingecko
According to Coingeck, this triggered a dramatic 900% rise in the price of the “Kekius Maximus” memecoin, while PEPE’s 20% gain also saw it appear in the top 30 best performing crypto assets this week.
The impact of Musk’s profile update extended beyond the “Kekius Maximus” memecoin.
Other mega cap memecoins such as Dogecoin (DOGE), BONK and a16z also saw significant gains.
Crypto News Updates:
- Telegram launches NFT conversion for digital gifts
Telegram has introduced a revolutionary feature that allows users to convert digital gifts into non-fungible tokens (NFTs).
These NFTs can be stored on the blockchain and traded on popular NFT markets, offering a new layer of interactivity and monetization for the platform’s user base.
With this feature, Telegram users can customize features for each NFT, adding uniqueness and rarity, making digital gifting more interesting and personalized.
By integrating NFTs, Telegram not only capitalizes on the popularity of digital collectibles, but also positions itself at the forefront of Web3 innovation.
The move could potentially accelerate the adoption of blockchain technology within mainstream platforms as companies explore innovative ways to improve user experience and expand monetization opportunities.
- Binance receives regulatory approval in Brazil
Binance has achieved a significant milestone by securing regulatory approval in Brazil, reinforcing its commitment to global compliance and market expansion.
This approval allows Binance to further strengthen its presence in one of the largest crypto markets in Latin America, increasing accessibility for Brazilian users and businesses.
The move aligns with the exchange’s broader strategy to establish operations in regions with growing crypto adoption, following similar successes in Argentina, India, Kazakhstan and Indonesia.
With a growing global footprint, Binance continues to emphasize its strong compliance measures, including Anti-Money Laundering (AML) and Counter-Finance of Terrorism (CFT) protocols.
The exchange has also created a specialized unit to help law enforcement agencies fight crypto-related crimes, demonstrating its proactive approach to regulation.
- MARA CEO Predicts $200k Bitcoin by 2025, Emphasizes Institutional Growth
Fred Thiel, CEO of MARA Holdings, expressed confidence in Bitcoin’s long-term growth trajectory, predicting it could reach $200,000 by 2025.
Speaking in a recent interview with FOX Business, Thiel emphasized the importance of consistent investment strategies for retail investors, citing Bitcoin’s historical annual appreciation rates of between 29% and 50%.
He also highlighted the growing role of institutional players in strengthening Bitcoin’s market resilience and legitimacy, pointing to its growing integration into traditional financial systems.
Thiel further noted that favorable regulatory developments under a potentially more crypto-friendly US administration could catalyze Bitcoin’s growth.
In addition, he described MARA’s strategic initiatives to expand Bitcoin holdings and mining operations, reinforcing the company’s commitment to harnessing Bitcoin’s long-term potential.
According to Thiel, these factors collectively position Bitcoin as a transformative asset class capable of delivering significant returns in the coming years.
- FTX begins the process of repaying creditors in the amount of 16 billion dollars
The FTX estate has officially launched its repayment plan, more than two years after the November 2022 stock market collapse.
Eligible class creditors with claims of less than $50,000 are given priority, receiving 119% of their allowable claims within 60 days, amounting to $1.2 billion.
Larger claims exceeding $50,000 will be distributed over time from the $10.5 billion fund.
BitGo and Kraken have been designated as platforms to facilitate initial withdrawals for qualified users.
According to the court order, creditors must complete KYC verification, submit tax forms and join distribution platforms to qualify for initial payouts.
Analysts predict that approximately $2.4 billion could re-enter the crypto market from these repayments, although restrictions on certain applicants and entities may limit reinvestment.
This development is a critical step in resolving FTX’s financial obligations and closing one of the largest crypto-firm collapses in history.
