Market Price Action
This week saw significant market activity, with Bitcoin reaching a historic all-time high of $98,340 before pulling back to $95,200, driven by strong institutional buying and macroeconomic factors like rising global inflation. Ethereum also continued its upward trend, posting an 8% weekly gain to trade at $3,500, bolstered by network upgrades and growing interest in Ethereum-based DeFi platforms. In contrast, Solana faced a 6% decline, dropping to $233, as concerns about network reliability and competition impacted sentiment despite robust DEX activity. Meanwhile, XRP and Cardano (ADA) outperformed, gaining 30% and 25%, respectively, with XRP buoyed by optimism over legal clarity and Cardano benefiting from network upgrades and strategic partnerships.
African Crypto News
Kenya’s Monthly Remittances Hit Historic $437 Million
Kenya’s remittance inflows reached an all-time high of $437 million in October 2024, reflecting a 17.7% year-on-year growth. This milestone highlights the growing reliance on digital platforms for cross-border payments, driven by a thriving diaspora and rising awareness of crypto solutions like stablecoins to send money faster and cheaper.
Coinbase Eyes Kenya Through M-Pesa Integration
Coinbase is reportedly in discussions with Safaricom to integrate the M-Pesa mobile money platform into its ecosystem. If successful, this could revolutionize crypto adoption in Kenya by enabling seamless on-ramp and off-ramp services, connecting millions of users to Coinbase’s global crypto offerings.
Rwanda Plans 2025 Crypto Regulations
Rwanda’s central bank governor reaffirmed that crypto is here to stay, announcing plans to regulate cryptocurrencies by 2025. In collaboration with the Capital Markets Authority, the government aims to develop a legal framework that promotes innovation while safeguarding consumer interests.
Nigeria’s Blockchain in Aviation Portal
The Nigerian Civil Aviation Authority (CAA) has proposed a blockchain-powered portal to transform its aviation sector. The portal aims to enhance efficiency in ticketing, passenger data management, and regulatory compliance, further showcasing blockchain’s transformative potential across traditional industries in Africa.
AZA Finance Secures Payment Services Provider License
Formerly known as BitPesa, AZA Finance received a Payment Services Provider (PSSP) license from the Central Bank of Nigeria. This milestone enables AZA Finance to provide direct, cost-effective payment and collection solutions in Nigeria, deepening its role as a fintech pioneer leveraging blockchain to facilitate cross-border transactions.
Morocco to Legalize Crypto
Morocco’s central bank governor confirmed plans to legalize Bitcoin and cryptocurrencies, signaling a progressive shift in the nation’s financial policies. This development positions Morocco as a regional leader in crypto adoption.
Global Crypto Headlines
MicroStrategy Doubles Down on Bitcoin
Michael Saylor’s MicroStrategy made another significant investment, acquiring 55,000 BTC, bringing its total holdings to over 386,000 BTC. The company’s aggressive strategy highlights continued institutional belief in Bitcoin as a hedge against inflation and economic uncertainty.
Tornado Cash Sanctions Overturned
In a landmark ruling, a U.S. court deemed the sanctions on Tornado Cash smart contracts unlawful, leading to a surge in the price of Tornado Cash-related assets. The court ruled that open-source, immutable smart contracts cannot be considered “property” and are therefore not subject to sanctions. This decision is a major win for privacy advocates in the crypto space.
Stablecoins Could Reshape U.S. Money Supply
A report by Standard Chartered and Zodia Markets predicts that stablecoins could account for 10% of the U.S. money supply and foreign exchange transactions if legalized. Despite regulatory challenges, the report highlights the transformative potential of stablecoins in global finance.
Kraken Exits NFT Market
Kraken announced the closure of its NFT marketplace, citing the need to refocus on other strategic priorities. This decision reflects a broader slowdown in NFT activity amid bearish market conditions.
Hyperliquid’s Massive Airdrop
Hyperliquid made waves with a massive $1.2 billion airdrop, rewarding its early adopters. Its native token, HYPE, now boasts a fully diluted valuation (FDV) of $4 billion, cementing its position as a key player in decentralized trading.
DeFi, Community, and Industry Trends
Solana’s DEX Volume Overtakes Ethereum
Solana’s decentralized exchange volume reached $100 billion in November, surpassing Ethereum’s. This milestone is a testament to Solana’s scalability and low transaction costs, making it an attractive option for traders.
Justin Sun’s Strategic Investments
Justin Sun donated $30 million to Trump’s World Liberty Financial initiative and was appointed as a strategic advisor. His continued investments underline his ambitions to shape global crypto policy and adoption.
Trump’s Pro-Crypto Appointment
Donald Trump nominated Scott Binet, a pro-crypto hedge fund manager, as Treasury Secretary. This move signals the potential for more crypto-friendly policies under his administration.
Mining and Adoption Developments
Bitcoin Miners Thrive in Texas, Struggle in Russia
Texas remains a hub for Bitcoin miners, thanks to its supportive regulatory framework and affordable energy prices. Meanwhile, Russian miners are grappling with 13-15% revenue taxes, which could stifle profitability and operational growth.
Vancouver’s Bitcoin Treasury Initiative
Vancouver is exploring adding Bitcoin to its city treasury, aiming to position itself as a Bitcoin-friendly city. If successful, this could set a precedent for other cities worldwide.
Community and Ecosystem Highlights
Pump.fun Controversy
Meme coin platform Pump.fun faced backlash after a user threatened self-harm due to losses. In response, the platform suspended live streaming to ensure community safety, reigniting conversations around responsible investing and mental health in crypto.
WalletConnect Airdrop Launch
WalletConnect kicked off its first-ever airdrop season, allocating 50 million tokens to its community. This initiative rewards loyal users and incentivizes new adopters, reinforcing WalletConnect’s role as a leading crypto wallet connector.
Stay tuned for more updates on TawkCrypto, your go-to platform for crypto insights, news, and analysis. 🌍 Follow us for next week’s roundup!
