Cryptoday Weekly Dispatch | Crypto Market Updates & Highlights | December 28, 2024 – January 3, 2025
Crypto Weekly Market UpdateTable of ContentsMarket Movements and TrendsCrypto Weekly RecapMicroStrategy Leads New Bitcoin AcquisitionsGlobal Crypto Regulation Trends in Early 2025Ethereum ETFs Outperform Bitcoin Counterparts in 2024Do Kwon Faces Major Legal ChallengesToken and Blockchain DevelopmentsGrayscale Adds Tokens, Focuses on AI and SolanaUniswap v4 Launch Scheduled for 2025Legal and Financial DisputesCelsius Appeals Dismissed $444M Claim Against FTXNFT Market InsightsNFT Market Recovers in Q4 2024Crypto Platform InnovationsTelegram Updates Integrate NFTs and Verification New Beta Version RolloutStep into the future of crypto tracking with Cryptoday Beta! Experience lightning-fast, customizable dashboards, interactive widgets, and effortless portfolio tracking—all designed to make your crypto game smarter and sharper.Try our new Beta version and share your feedback.Not sure where to start? Watch this tutorial to know.Thank you for your support!Crypto Weekly RecapBitcoin:Weekly performance: +1.68%US Spot BTC ETFs: -$663.11MBTC faced another volatile week as volume dropped during the holiday season.It briefly hit $91,500 on Dec. 30 due to thin liquidity and year-end selling pressure.On Dec. 31, it failed to break $96,000, falling back to $93,500. The Coinbase Premium Index hit -0.237, its lowest in 12 months.BTC closed 2024 at $93,670, missing $100,000 but achieving a 119.04% yearly gain and 47.73% Q4 gain. Still a successful year.Long-term BTC holders dropped from 70% in January to 62% by year-end, signaling a potential shift in interest to ETH, with further expectations of altcoin rotation.BTC is trading around $98,000, on its 16th birthday (Jan. 3), as traders remained cautious ahead of key events like Donald Trump's Jan. 20 inauguration.FTX creditors were set to receive repayments within 60 days of Jan. 3, 2025, with hopes the funds would reenter the market.Despite price dips and worse ETF performance, institutional interest persisted, with firms like MicroStrategy and Tether continuing accumulation, and regulatory changes being made.Galaxy Research predicted BTC could reach $150,000 in H1 2025 and $185,000 by Q4, while CoinShares forecast a price range of $80K–$150K with a long-term potential of $250K.Franklin Templeton projected U.S. leadership in crypto by 2025 through clearer regulations, shifting focus from speculation to utility.Top January events included Donald Trump’s inauguration, the Federal Reserve decision, major token unlocks, and the Solana ETF approval deadline.Ethereum:Weekly performance: +7.42%US Spot ETH ETFs: -$96.99METH still left investors disappointed as it failed to break $3,800, let alone $4,000, by the end of 2024.However, US Spot ETH ETFs recorded consistent positive inflows, occasionally surpassing BTC, signaling a potential trend shift.Long-term Ether holders grew from 59% in January to 75% by year-end, helping Ethereum reclaim its position as Tether's (USDT) leading blockchain with a $60.3 billion supply.Tether has faced legal uncertainty in Europe due to MiCA regulations implemented on December 30, 2024, but concerns were alleviated for investors for specific reasons.Still, stats remind us that the stablecoin market reached $205 billion, with Tether earning $532.10 million and Circle $132.77 million in December 2024, dominating nearly 90% of the market.Historical data suggested ETH might rally significantly in Q1 2025, following U.S. elections and Bitcoin halvings.AI Agent projects like VIRTUAL, GRIFFAIN, and ZEREBRO hit new ATHs, with Messari predicting further growth of AI Agents’ total market cap akin to DeFi's past bull market rise.Solana saw $500 million in stablecoin inflows by late 2024, outperforming Ethereum, with VanEck research head and Polymarket bettors estimating over 77% and 78% chances, respectively, of Solana ETF approval in 2025.Altcoins:XRP overtook USDT to become the 3rd-largest crypto by market cap.Coinbase expanded in Europe by acquiring BUX Cyprus subsidiary.Solana’s co-founder was sued by ex-wife over millions in staked SOL.Decentralized exchange volume reached a record $462B in December.Malaysia’s securities regulator ordered Bybit to cease operations.A16z Crypto backed legal action challenging IRS DeFi rules.HYPE token staking launched on the HyperLiquid mainnet.TON Foundation partnered with Jupiter to incubate a DEX aggregator.Ai16z aimed to enhance AI agents with strategic tokenomics reforms.Sky Protocol reported $22M December revenue amid DeFi recovery.NYDIG explored Bitcoin-backed loans using insurance float.Avalanche unveiled AvalancheAI to integrate AI into the AVAX ecosystem.MIRA DadSiqi Chen launched ZERO token, citing a rug pull mistake.MoonPay obtained a MiCA license for crypto payments in the Netherlands.Binance Labs planned a 2025 rebrand with increased involvement from CZ.Tron network revenue hit $329.57M in 30 days, surging 115.73% YoY to $2.12B.Vitalik Buterin donated $170K to Tornado Cash developers’ legal fund.CFTC vs. Gemini trial was postponed to January 21.Binance Labs invested in THENA.Floki DAO approved liquidity allocation for Floki ETP creation.Sonic S tokens prepared to launch on 13 exchanges in January 2025.Kekius Maximus memecoin crashed after Elon Musk reverted X profile name.Binance secured its 21st global crypto license in Brazil.Pump.fun began 2025 with $14M in daily revenue, Kraken deposits reached $300 million.BlackRock’s crypto fund BUIDL paid $17M+ in dividends since launch.Odds of a 2025 US Solana ETF listing reached 77%, per VanEck research.KuCoin introduced a crypto payment system for seamless transactions.BlackRock’s BUIDL token was approved to back Frax Finance’s frxUSD.Crypto.com launched zero-commission stock and ETF trading in the US.Bio Protocol revealed a roadmap with multichain expansion for Jan-Feb.Virtuals Protocol fixed a critical bug and rewarded a security researcher.Ethena announced its 2025 roadmap, planning iUSDe launch next month.MicroStrategy Leads New Bitcoin AcquisitionsThis week, MicroStrategy acquired an additional 2,138 Bitcoin, increasing its total to 446,400 BTC, valued at $41.5 billion. Tether transferred 7,629 BTC to its reserve, now holding over $7.6 billion in Bitcoin. Genius Group invested $10 million in Bitcoin, aiming for a total of $120 million and achieving a 25% goal in just six weeks. Real estate platform Janover began accepting Bitcoin and other cryptocurrencies, boosting its stock by over 683%. Meanwhile, Yuxing Technology purchased 78.2 BTC for $6.3 million, reflecting confidence amid proposals for Bitcoin inclusion in Hong Kong's financial reserves.Global Crypto Regulation Trends in Early 2025In the first week of 2025, significant changes in cryptocurrency regulation emerged. The IRS implemented temporary tax relief for centralized exchange users, allowing specific asset unit selection for tax purposes. The EU's MiCA regulation took effect, imposing strict reserve requirements on stablecoin issuers like Tether. China intensified crypto oversight with new forex rules, while Switzerland proposed a "Bitcoin Initiative" to include BTC in national reserves. Singapore enhanced its crypto licensing, doubling to 13 in 2024, while Syria considered Bitcoin legalization to revive its economy. The UK's FCA intensified regulation, addressing misleading crypto ads amid growing challenges.Ethereum ETFs Outperform Bitcoin Counterparts in 2024The cryptocurrency ETF market ended 2024 with contrasting results, as Ethereum ETFs significantly outperformed Bitcoin counterparts. Institutional investors injected $36 million into Ethereum ETFs, while Bitcoin ETFs saw only $5.3 million in inflows, totaling cumulative net inflows of $35.24 billion and net assets of $105.4 billion. Fidelity thrived, attracting $31.8 million into its Ethereum ETF, while BlackRock faced $23.5 million in outflows from its Bitcoin ETF. Despite the divergence, Bitcoin ETFs stabilized overall, indicating a trend of diversification among institutional investors. Analysts foresee intensified competition and growth in the ETF landscape as it matures in 2025.Do Kwon Faces Major Legal ChallengesDo Kwon, co-founder of Terraform Labs, pleaded not guilty to multiple criminal charges in Manhattan after his extradition from Montenegro. Facing accusations of securities and wire fraud, market manipulation, and money laundering conspiracy, Kwon could face up to 130 years in prison if convicted. His crypto ecosystem's collapse in 2022 erased billions in value, raising concerns about algorithmic stablecoins' viability. Additionally, Kwon contends with civil litigation from the SEC, which found him liable for misleading investors. Kwon's next court appearance is scheduled for January 8, 2025, amid heightened scrutiny of cryptocurrency regulations and accountability.Grayscale Adds Tokens, Focuses on AI and SolanaGrayscale Research has added six new tokens to its Top 20 list for Q1 2025, focusing on decentralized AI technologies and the growing Solana ecosystem. The newcomers include Hyperliquid (HYPE), Ethena (ENA), Virtual Protocol (VIRTUAL), Jupiter (JUP), Jito (JTO), and Grass (GRASS). Virtual Protocol achieved a $3.4 billion market cap with functionalities for AI agent monetization. Grass allows users to monetize unused bandwidth for AI training. Hyperliquid saw a 300% surge since launch. Grayscale also removed six assets like Toncoin (TON) and noted increased competition in smart contracts, with Ethereum remaining a dominant player.Uniswap v4 Launch Scheduled for 2025Uniswap Labs has announced the upcoming launch of Uniswap v4 in 2025, following delays from an expected Q3 2024 release. Key features include "hooks" for custom code execution, dynamic fee adjustments, and enhanced liquidity management. A $15.5 million bug bounty program emphasizes security, while the DeFi-focused Layer 2 solution, Unichain, is in testing with over 50 million transactions and a 99% reliability rate. In December 2024, Uniswap achieved a record $462 billion DEX trading volume, with UNI tokens increasing 6% to $14, and its DAO managing a $5.4 billion treasury, reflecting strong community engagement and governance.Celsius Appeals Dismissed $444M Claim Against FTXCelsius Network has appealed a court ruling that dismissed its $444 million claim against FTX, previously revised from an initial $2 billion for alleged damages. Judge John Dorsey cited insufficient evidence and criticized Celsius for improperly amending claims without court approval. Despite these challenges, Celsius compensated over 250,000 creditors with $2.53 billion in payouts and an additional $127 million from recovery funds. The value of its native token, CEL, surged 350% to $0.56 before dropping to $0.1960. Founder Alex Mashinsky pleaded guilty to fraud, impacting Celsius's reputation and financial stability as the appeal continues. Top Weekly Altcoin Gainers and LosersGainers:Fartcoin FARTCOIN (+61.00%)Ethena ENA (+42.39%)Virtuals Protocol VIRTUAL (+29.42%)Stellar XLM (+26.53%)Algorand ALGO (+25.78%)Losers:Bitget Token BGB (-22.14%)Hyperliquid HYPE (-11.16%)Movement MOVE (-10.01%)Fantom FTM (-5.29%) NFT Market MapNFT Market Recovers in Q4 2024According to CryptoSlam, in 2024, NFT sales reached $8.83 billion, surpassing 2023 by over $100 million, reflecting a 1.1% year-on-year increase. Ethereum and Bitcoin each generated $3.1 billion in sales, with Solana at $1.4 billion. December was particularly strong, achieving $877 million in sales, bolstered by Ethereum collections totaling $482 million. Despite a challenging year marked by a seven-month downturn, momentum built in Q4, with notable sales increases: October saw $353 million, and November reached $562 million. Pudgy Penguins led in December with $115 million, demonstrating a noteworthy recovery in the NFT market towards year-end.Telegram Updates Integrate NFTs and VerificationTelegram has launched significant updates for 2025, introducing a third-party verification system and NFT-enabled gifts, aimed at enhancing blockchain integration. This new verification system enables trusted organizations to authenticate accounts with unique icons, enhancing transparency and combating misinformation. Users can now convert digital gifts into tradable NFTs, accessible via Telegram Stars or the Fragment platform, with a nominal blockchain transaction fee. Telegram’s market-endorsed innovation is evidenced by a 5% rise in Toncoin (TON) to $5.60, amidst a market cap of $14.45 billion. The platform also offers over 130 crypto channels for trading insights, promoting user engagement in the digital economy.This article has been refined and enhanced by ChatGPT.