Welcome to this week’s Crypto Weekly Roundup, where we dive into the latest highs, lows, and everything in between. From Bitcoin’s record-breaking milestones to ongoing legal challenges and innovations in the blockchain world, this week has been full of action. Let’s break it down.
🚀 1. JP Morgan CEO Says Africa Will Shape the Next Generation’s Global Business Landscape
JP Morgan CEO highlighted Africa as a key player in shaping the future global economy. With rapid technological adoption, including blockchain and cryptocurrencies, Africa is poised to lead financial inclusion and innovation, unlocking new markets and economic opportunities for global businesses. The rise of crypto in the region is a major driver of this transformation.
⚖️ 2. 18 U.S. States Sue SEC for Unconstitutional Overreach and Targeting of Crypto
In a bold legal move, 18 U.S. states have filed a lawsuit against the SEC, accusing the agency of unconstitutional overreach and targeting the crypto industry under Gary Gensler’s leadership. The case reflects growing frustration within the industry as crypto businesses seek clearer regulations and fewer enforcement actions that could harm innovation and market growth.
📈 3. VALR Surpasses 1 Million Users, Solidifying Position as Africa’s Leading Crypto Exchange
South Africa’s leading exchange, VALR, celebrated a huge milestone, surpassing 1 million users in 2024. The platform, which added 500,000 new users this year alone, is expanding rapidly across the African continent, with 1 in 4 users now coming from outside South Africa. This growth underscores the increasing demand for crypto services in Africa as the continent embraces digital assets.
💼 4. Institutional Investors Plan to Increase Crypto Exposure: Sygnum Bank Survey
A recent survey by Sygnum Bank revealed that 57% of institutional investors and finance professionals plan to increase their exposure to crypto assets in the coming months. The survey indicates that more traditional investors are recognizing the long-term potential of cryptocurrencies as part of a diversified investment portfolio. Bitcoin and Ethereum continue to lead this growing interest.
💥 5. FTX Legal Troubles Escalate: 3AC Liquidators Raise Claim to $1.53 Billion
The FTX scandal deepens as the liquidators for Three Arrows Capital (3AC) have significantly increased their claim against the bankrupt exchange from $120 million to a staggering $1.53 billion. The legal battle continues to unfold, with creditors trying to recover funds from the massive collapse of FTX, underlining the ongoing complexity of the crypto sector’s legal landscape.
📊 6. U.S. CPI Inflation Rises to 2.6%, Aligning with Forecasts
U.S. inflation hit 2.6%, up slightly from 2.4%, but in line with analysts’ expectations. This figure continues to put pressure on traditional financial systems, fueling the argument for Bitcoin as a hedge against inflation. As inflation persists, crypto assets, especially Bitcoin, are increasingly being seen as a safe haven for wealth preservation.
💰 7. Bitcoin Surpasses Silver’s Market Cap
In a historic moment, Bitcoin’s market cap reached $1.74 trillion, surpassing silver’s $1.735 trillion market cap. This achievement further cements Bitcoin’s role as a major asset in the global financial system, with its growing dominance overshadowing traditional commodities.
📈 8. Bitcoin Hits New All-Time High, Saylor Expands MicroStrategy Holdings
Bitcoin continues to impress, reaching an all-time high of over $93,000, marking a significant milestone in its bullish trajectory. This rise represents a 32.3% increase this month alone and 122% since the beginning of the year. MicroStrategy’s Michael Saylor took advantage of the surge, adding 27,200 Bitcoins to his company’s holdings, bringing the total to nearly 280,000 Bitcoins. This move reflects growing confidence in Bitcoin’s future as a store of value.
🔄 9. Ethereum 3.0 Unveiled, Enhancing Scalability and Security
At Devcon, Ethereum’s researcher Justin Drake revealed Ethereum 3.0, a major upgrade focusing on scalability and security. This upgrade aims to build on Ethereum 2.0’s proof-of-stake mechanism and address network congestion, promising faster transaction speeds and lower fees. Additionally, Ethereum Name Service (ENS) Labs launched Name Chain, a layer-2 solution for decentralized identity, which further expands Ethereum’s capabilities.
📍 10. Other Crypto Highlights
- Peanut Meme Coin Surpasses $1 Billion: The meme coin “Peanut” saw its market value soar past $1 billion, highlighting the ongoing popularity of meme coins despite the volatility in the market.
- Coinbase Launches the Coinbase 50 Index: Coinbase launched the Coinbase 50 Index to track the top 50 digital assets by market cap, providing investors with an easy way to diversify their portfolios.
- Bhutan’s Bitcoin Reserves Hit $1 Billion: Bhutan reached a significant milestone with over $1 billion in Bitcoin holdings, further demonstrating the rise of sovereign nations adopting Bitcoin as part of their financial strategy.
- BlackRock Expands Tokenized Asset Fund: BlackRock broadened its tokenized real-world asset fund, now supporting five additional blockchains, including Aptos, Arbitrum, and Polygon, as it continues its push into the digital asset space.
- Poly Market CEO’s Home Raided by FBI: The FBI raided the Manhattan home of Poly Market CEO Shane Copeland amid investigations into potential insider trading, bringing attention to the regulatory pressures facing crypto prediction markets.
- Gemini’s False Bitcoin Alert: Gemini issued a false alert claiming Bitcoin had reached $110,000, sparking confusion in the market. The incident highlights the importance of reliable information in the fast-moving world of crypto.
💬 What’s Next for the Crypto Market?
Looking ahead, the crypto market is filled with anticipation as Bitcoin continues its upward trajectory, Ethereum prepares for its next upgrade, and institutional interest in digital assets grows. However, challenges remain, particularly in terms of regulation and the legal landscape. As the industry matures, it will be crucial for innovators and investors to stay agile and ready for both opportunities and obstacles.
That’s all for this week’s roundup! Which story caught your attention? Join the conversation on TawkCrypto’s Telegram channel and stay up to date with the latest in the crypto world. 🚀
