Illicit Transactions Drop, Malaysia Considers Regulation: The Biggest Stories in Crypto This Week!
The world of crypto never sleeps, and this week was no exception! From Bitcoin nearing the $100,000 mark to groundbreaking developments in Africa’s crypto adoption, the headlines are buzzing with excitement. We also saw major moves in regulation, new product launches, jaw-dropping hacks, and even more innovation pushing the industry forward.
Whether you’re tracking market price action, exploring Africa’s crypto trends, or curious about the latest breakthroughs in blockchain tech, we’ve got it all covered. Let’s dive into the stories shaping the future of crypto this week!
📈 Market Price Action: A Week of Wild Swings
- Bitcoin ($BTC) soared 7%, touching a high just under $100,000—a milestone within reach as bullish sentiment continues to dominate the market. Despite this surge, a Sunday night pullback led to $420 million liquidated, dragging Bitcoin momentarily to $89,000.
- Ethereum ($ETH) saw modest growth, up 1.5% to $3,300, while XRP skyrocketed by 45% to $3.36, fueled by renewed optimism in its ongoing SEC legal battle.
- Altcoins had an impressive week: Solana ($SOL) surged by 133%, Dogecoin ($DOGE) jumped 20%, and Cardano ($ADA) gained 22%.
- Meanwhile, MicroStrategy bolstered its Bitcoin holdings, purchasing 2,530 BTC for $243 million, bringing its total stash to 145,000 BTC.
🌍 African Crypto News: A Region Defying the Odds
- Kenyans Ignore Central Bank Warnings: Despite regulatory concerns, Kenyans continue to embrace cryptocurrencies, according to an IMF report. Crypto has become a financial lifeline, particularly for remittances and informal trade.
- North Africa Leads Web3 Funding: In December 2024, Web3 became the most funded sector in the MENA region, signaling a surge in interest across North Africa as investors back innovative blockchain projects.
🛠️ Industry Highlights & Regulation
- Phantom Wallet Raises $150M: The Solana-focused wallet hit a $3 billion valuation, reflecting increasing demand for secure, user-friendly tools in the crypto space.
- Illicit Blockchain Transactions Drop: Blockchain analytics firm TRM Labs reported that only 0.4% of transactions were linked to illicit activity in 2024, reinforcing crypto’s growing legitimacy.
- Malaysia Eyes Crypto Legislation: Malaysia is considering introducing new laws to regulate cryptocurrency and blockchain, further legitimizing digital assets in the region.
- South Korea’s Upbit Penalized: South Korea cracked down on its largest exchange, Upbit, issuing a business suspension penalty for regulatory violations, raising questions about market transparency.
- Tether Relocates to El Salvador: Tether moves to El Salvador, a nation pioneering Bitcoin adoption, is a significant development for the crypto ecosystem, signaling greater opportunities for stablecoin adoption.
📢 Noteworthy Announcements
- Litecoin ETF Filing Amended: Canary Capital’s updated S-1 for a Litecoin ETF hints at possible approval, fueling optimism for broader altcoin ETF adoption in the US.
- US Govt Wants Bitfinex Bitcoin Returned: The US government proposed returning the stolen 120,000 BTC from the 2016 Bitfinex hack to the exchange “in-kind,” sparking debate over restitution methods.
- Sony’s Blockchain Backlash: Sony’s Soneium blockchain faced criticism after blacklisting memecoins on launch day, alienating parts of the crypto community.
🚀 Innovations & Ecosystem Growth
- $SUI’s Breakout Year: $SUI outperformed other Layer 1 tokens with a 542% return, 7.5 billion transactions, and a $2 billion Total Value Locked (TVL).
- Orbiter Finance’s $OBT Token Launch: The platform revealed $OBT token details ahead of its inauguration day launch, exciting the DeFi community.
- Crypto.com Buys Helio: In a $175 million deal, Crypto.com acquired Helio, a crypto checkout app serving 6,000 merchants, boosting its payment solutions portfolio.
💡 Trends & Predictions
- Trump’s Expected Crypto Orders: Speculation is rife that Donald Trump will target crypto de-banking policies through executive orders on his first day back in office.
- US Prioritizing Domestic Cryptos: Reports suggest the US Reserve may prioritize USDC, XRP, and Solana for its digital asset reserve strategy, potentially sidelining Bitcoin.
- State Bitcoin Reserves: US states like New Hampshire, North Dakota, and Texas are proposing Bitcoin reserve legislation, underscoring Bitcoin’s role as a strategic asset.
⚠️ Security Breaches
- North Korea’s Crypto Heists: North Korean hackers stole $659 million in 2024, highlighting the continued need for robust blockchain security measures.
- Chainalysis Acquires AI Startup: Chainalysis purchased Alaria, an AI fraud detection startup, for $150 million, aiming to combat crypto-related fraud.
This week’s stories highlight just how dynamic and transformative the crypto world continues to be. From Bitcoin inching closer to the coveted $100K mark to Africa’s defiance of regulatory uncertainty, the momentum is undeniable. The rise of altcoins like Solana and XRP, coupled with game-changing developments like Phantom Wallet’s funding and Tether’s relocation to El Salvador, showcases a thriving ecosystem ready to break new ground.
