Africa Leads Stablecoin Adoption, Bitcoin Holds $100K as Chainlink Shines with 20% Weekly Growth (Tawkwrap e3)

Market Price Action

The cryptocurrency market maintained its stable trajectory this week, with Bitcoin hovering around the $100,000 mark, registering a modest 1.1% growth over the past seven days. Ethereum followed a similar trend, staying steady at $3,800 with a slight 0.4% uptick. While most of the market mirrored this stability, Chainlink emerged as a standout performer, surging by an impressive 20% over the week. The global cryptocurrency market cap reached a new milestone of $3.7 trillion, underscoring the sector’s resilience amid broader economic uncertainties.

African Crypto News

• Tether Report Highlights African Adoption: A recent Tether report revealed that almost half of all USDT transactions in 2024 originated from emerging markets, with Africa playing a particularly significant role. This underscores the growing reliance on stablecoins across the continent, driven by the need for accessible financial solutions amidst volatile local currencies.
• BIT Mining Expands to Ethiopia: In a significant move, BIT Mining acquired Bitcoin mining facilities and machines in Ethiopia for $14.3 million. This marks a bold step toward positioning Africa as a key player in the global Bitcoin mining ecosystem.
• Kenya National Fire Brigades Association Adds Bitcoin to Balance Sheet: Bitcoin adoption in Africa saw another landmark moment as Kenya’s National Fire Brigades Association announced the inclusion of Bitcoin on its balance sheet. This move highlights Bitcoin’s increasing appeal as a reserve asset in Africa.

Global Developments

• US Inflation Rises to 2.7%: The U.S. reported a 2.7% increase in inflation year-over-year, with the core CPI rising by 3.3%. While relatively moderate, these numbers reflect persistent economic pressures, potentially influencing crypto as a hedge against inflation.
• Ethena’s $USDe Becomes Third-Largest Stablecoin: Ethena’s $USDe surpassed $DAI this week, becoming the third-largest stablecoin globally with a circulating supply exceeding $5 billion. This milestone underscores the growing demand for decentralized stablecoins in a rapidly evolving market.
• Total Crypto Market Cap Outpaces GDP of the UK and France: The combined cryptocurrency market cap surpassed the GDP of the United Kingdom and France, a testament to the sector’s explosive growth and its increasing influence on the global financial landscape.

Industry Milestones and Partnerships

• Binance Records $21.6B in Deposits: Binance saw a staggering $21.6 billion in user fund deposits this week, surpassing the next 10 largest exchanges combined. This highlights Binance’s dominance in the crypto exchange space.
• Circle and Binance Partner for Stablecoin Expansion: Circle and Binance announced a strategic partnership aimed at expanding the global reach of stablecoins. Binance plans to make USDC more accessible across its platform, while Circle will provide liquidity and technology, fostering collaboration in the stablecoin ecosystem.

Adoption and Regulation

• Texas Proposes Strategic Bitcoin Reserve: State Rep. Giovanni Capriglione filed a proposal for Texas to establish a strategic Bitcoin reserve, potentially positioning the state as a Bitcoin hub in the U.S.
• Vancouver Passes Bitcoin-Friendly Motion: Vancouver made headlines this week by passing a motion to become a Bitcoin-friendly city, a move aimed at fostering adoption and innovation in the local blockchain ecosystem.
• Ukraine to Legalize Cryptocurrency by 2025: Ukraine is set to legalize cryptocurrency by early 2025, a development that could unlock significant opportunities for blockchain innovation and investment in Eastern Europe.

Corporate and Tech Updates

• Microsoft Shareholders Reject Bitcoin Reserve Proposal: Microsoft shareholders voted against a proposal to include Bitcoin as part of the company’s reserves, reflecting continued caution from major corporations toward cryptocurrency adoption.
• Grayscale Launches New Trusts: Grayscale announced the launch of new investment trusts focused on Lido and Optimism, signaling increased institutional interest in emerging blockchain ecosystems.
• Google Introduces Willow Quantum Chip: Google unveiled its Willow quantum chip, sparking debates over whether quantum computing could pose a threat to blockchain security. While experts agree the technology remains in its infancy, the implications for cryptography are being closely watched.

Other Notable News

• $DOGE Network Faces Major Scare: Dogecoin suffered a critical security breach after a hacker disabled 69% of its nodes. While the network survived, the event highlighted significant vulnerabilities that require urgent attention.
• Pump.fun Banned in the UK: The UK banned the social trading platform Pump.fun, citing concerns over market manipulation and lack of regulatory compliance. This serves as a stark reminder of the need for robust oversight in the crypto industry.

Stay tuned to TawkCrypto for the latest insights, news, and deep dives into the world of cryptocurrency. The industry is evolving rapidly, and we’re here to keep you informed every step of the way!