Tag: Cryptocurrency

Trump Eyes XRP, Solana, and USDC for America’s Crypto Reserves

Donald Trump reportedly is considering adding cryptos like XRP, Solana, and USDC to America’s strategic reserves. Certainly a bold move, which is in line with his team’s chatter of creating a Bitcoin reserve to back up the U.S. economy.

With the inauguration on January 20, the crypto world is abuzz with speculation about what pro-crypto executive orders Trump will issue. According to the New York Post, his team intends to junk anachronistic rules such as the contentious SAB 121 accounting policy and may focus on an “America-first” reserve of U.S.-based cryptos.

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Rumor has it Trump recently hosted Ripple CEO Brad Garlinghouse and other big-name crypto leaders at Mar-a-Lago to hash out these ideas. Some Bitcoin purists, though, are worried that focusing on altcoins like XRP and Solana might sideline BTC. Still, many see this as the start of a “crypto golden age.”

The vibes are strong for 2025, with hopes of resolving the Ripple lawsuit, green-lighting an XRP ETF, and giving U.S. banks the green light to work with crypto firms. Frank Chaparro, a crypto OG, said, “This is huge. Banks have been sitting on the sidelines for years. Now they can finally dive in.”

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To kick things off, Crypto Czar David Sacks is throwing a “Crypto Ball” in D.C. during inauguration weekend. Get ready for a whole new era of crypto hype!

Solana Eyes $300 as Bitcoin Rallies to $100K

Solana surges with a similar momentum seen by Bitcoin to shake off several losses it incurred in the market last week. Specifically, SOL lost momentarily to the $169 level a few hours this week before moving up above $180 within hours of trading. Solana changes hands at approximately $215, changing hands 15% in the last 24 hours and up about 27% from its weekly lows, according to CoinMarketCap.

On January 13, SOL’s price dropped over 11%, mirroring Bitcoin’s volatile movements, and briefly fell below the key $170 support level. However, the swift recovery signals renewed bullish momentum in the market.

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With Bitcoin reclaiming $100,000 after dipping below $90,000 earlier this month, analysts are optimistic about the crypto market’s trajectory. SOL’s all-time high (ATH) of $263.83, achieved in November 2024 when Bitcoin first crossed $90,000, is back in focus.

If the bullish feeling continues, inflows of new capital could see SOL reach for a new ATH well beyond $300. This type of growth can be supported by growing investors’ appetites and high expectations of key regulatory and institutional changes by the upcoming Trump administration, considered crypto-friendly.

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For the time being, all eyes are on Bitcoin’s momentum and how that will contour up the altcoin market.

Arkansas Proposes Ban on Crypto Mining Near Military Bases

The lawmakers of Arkansas have filed Senate Bill 60, which prohibits the setup of cryptocurrency mining operations within 30 miles of any U.S. military facility in the state. Co-sponsored by Senator Ricky Hill and House Speaker Brian Evans, the bill is presented as an amendment to the Arkansas Data Centers Act of 2023, on matters touching on national security and noise pollution.

The bill targets a crypto mining operation near Cabot that is just five miles away from the Little Rock Air Force Base. This comes weeks after a similar 2024 federal order brought to a halt the operations of a China-linked mining firm that was operating near a military facility in Wyoming.

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Cabot Mayor Ken Kincade and Lonoke County officials don’t want the local mine because of concerns about noise and security. However, that is not the opinion of Dustin Curtis, the vice president of Interstate, behind the project. He said the mine is in compliance with all federal and state regulations, and it generates less noise than that on highways nearby.

Crypto mining operations have been under fire nationwide. For instance, last July, US Senator Elizabeth Warren expressed concern that foreign-owned crypto mines were operating on American soil.

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The proposed bill will now go to committee and may position Arkansas as the only state that will impose restrictions. A very intense debate between innovation and security presses on.

Trump Inauguration Sparks Crypto Volatility Warnings

With the inauguration of Donald Trump mere days away, crypto investors are being warned to expect sharp price swings. Analysts at Singapore-based QCP Capital say they expect “heightened volatility” in the crypto market both in the lead-up to, and following the Jan. 20 ceremony. They liken current market jitters to turbulence seen during the first term of Trump in 2017.

Inflation in the U.S. economy remains a concern. Whereas job growth has been strong-non-farm payrolls were up 256,000 against an expected 165,000-inflation fears have lingered.The consensus for December is for a hotter CPI number than previous readings; something that will keep markets on their toes.

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At the same time, this uncertainty is heightened by the prospect of proposed tariffs on China by Trump, which might also add inflation. Again, these might be introduced piecemeal, not all at once. Also improving bond yields are shifting the market’s expectations, pricing in fewer rate cuts in 2025 and 2026.

Expect higher volatility in the lead-up to and after the inauguration as markets chew and adjust to a new Trump term,” warned QCP Capital.

There is, however, a silver lining: rumors of the Trump administration packed with crypto-friendly officials and, of course, whispers of executive orders that give digital assets relief. This might relieve the market temporarily.

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Still, caution prevails. Bitcoin has repeatedly tested the $90,000 mark, and with rising bond yields, the coming weeks could be anything but predictable for crypto investors.

Dubai Plans 17-Story Crypto Tower to Boost Web3 Innovation

In yet another leap into the future, a 17-story Crypto Tower is to be constructed in Jumeirah Lakes Towers, Dubai. This ultra-modern building, by DMCC and REIT Development, will house the innovation of blockchain, DeFi, and AI.

Measuring at 150,000 square feet, Crypto Tower is reportedly set to host offices of crypto startups, blockchain firms, and even AI innovators. It comprises nine floors housing offices, three of blockchain incubators and venture capital firms, and one special hub of AI innovation tstered by Chatoshi.ai.

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What really sets this tower apart, however, is the inclusion of blockchain-powered tenant services, ranging from on-chain voting to smart contracts; the building will make use of advanced tech to bring in more transparency and efficiency.

Other highlights include a 10,000-square-foot event space, an NFT art gallery, a gold bullion shop, and a swanky three-floor crypto club. Secure vault storage will also be made available for high-value assets.

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Set for completion by early 2027, the Crypto Tower reflects Dubai’s commitment to becoming a global leader in Web3 innovation. Ahmed Bin Sulayem, CEO of DMCC, stated, “This tower embodies our vision for the future of Web3 and strengthens Dubai’s position as a world-class innovation hub.”

Court Sides with Coinbase in SEC Crypto Regulation Dispute

Coinbase scored a major legal victory yesterday in its ongoing fight with the U.S. Securities and Exchange Commission over crypto regulations. The U.S. Court of Appeals for the Third Circuit sided with Coinbase, rebuking the SEC’s denial of Coinbase’s request for clear digital asset rules as “arbitrary and capricious.”.

It was a part of the increasing list of court losses that the agency has faced regarding crypto-related cases, ordering the SEC to give a more detailed explanation for its denial. Coinbase initially sought guidance from the regulator in 2022, requesting clarification on when digital assets were considered securities—a fundamental question for the crypto industry.

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In 2023, the SEC rejected Coinbase’s petition on the basis of no need for specific rules. However, the court disagreed, labeling the SEC’s reasoning as insufficient and lacking detail. Judge Thomas Ambro called the SEC’s response “conclusory,” while SEC Judge Stephanos Bibas warned that the agency’s approach of strict enforcement without clear guidelines could harm the entire crypto sector.

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Although the ruling does not force the SEC to write new rules, it does force the agency to be more specific. Coinbase’s Chief Legal Officer, Paul Grewal, hailed the decision as a move toward ending the regulatory uncertainty that has dogged the crypto industry.

BlackRock Unveils Bitcoin ETF for Canadian Investors

BlackRock has introduced the iShares Bitcoin ETF in Canada and is now available to trade on Cboe Canada. The fund will be listed under the ticker IBIT for CAD and IBIT.U for USD, which provides an easy and regulated manner in which Canadians can invest in Bitcoin.

The fund employs a “fund-of-funds” approach by holding shares of the U.S.-listed iShares Bitcoin Trust ETF, which physically holds Bitcoin. Coinbase Prime, a trusted digital asset custodian, provides the ETF with secure and cutting-edge technology to manage Bitcoin holdings safely.

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As such, Helen Hayes, Head of iShares Canada at BlackRock, said, “The iShares Bitcoin ETF provides a cost-effective way for Canadian investors to gain exposure to Bitcoin without the complexities of direct ownership.”

Trading on Cboe Canada, which handles about 15% of securities traded on Canadian exchanges, is also in keeping with the exchange’s reputation for introducing innovative financial products.

As of January 10, 2025, the ETF has net assets of approximately $701,338 with 25,000 outstanding units. The management fee is 0.32%.

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In short, by offering the Bitcoin ETF, BlackRock commits itself to make it easier and more convenient for resident Canadians to invest in Bitcoin, thus further fortifying its commitment to leading financial innovation.

North Korean Hackers Stole $659 Million in Crypto Last Year

In a rare joint statement, South Korea, the U.S., and Japan blamed North Korean hackers for stealing a record $659 million in cryptocurrency previous year. The stolen funds are believed to be going toward North Korea’s illegal weapons programs.

This marks the first time any three nations have blamed North Korea and that also directly for such insane large scale crypto robbery. Among the major targets were India’s WazirX exchange, losing $235 million, and Radiant Capital, which suffered a $50 million hack. An additional $374 million was stolen from platforms like DMM Bitcoin, Upbit, and Rain Management, according to industry reports.

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Hacking groups like Lazarus, linked to North Korea, are behind these thefts. They executed sophisticated cyberattacks, often employing malware to breach systems. “The DPRK’s cyber program poses a serious threat to global financial stability,” the statement warned.

The statement urged blockchain firms and crypto exchanges to bolster their defenses and avoid unknowingly hiring North Korean IT workers. “Our governments are committed to preventing thefts by the DPRK and recovering stolen funds,” it added.

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North Korea has a long history of using cybercrime to fund its missile and weapons programs. As these attacks grow in frequency and scale, the three nations pledged to work together to counter these rising cyber threats.

Singapore Blocks Polymarket: A Tough Stand on Crypto Betting

Singapore has banned Polymarket, a decentralized crypto prediction platform, due to strict gambling laws. Allowing users to create and bet on real-world events using cryptocurrency, it failed to obtain a license from the government to legally operate in the city-state.

Singapore’s Remote Gambling Act, since 2014, has only permitted certain state-approved betting activities: things like lotteries and sports gambling. Sites like Polymarket, operating outside the ambit of such regulation, are banned without hesitation. The government has now officially blocked access to the site, effective January 11.

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This is not the first time such regulatory hurdles have had to be faced by Polymarket. Recently, it settled with the Commodity Futures Trading Commission in the United States that had been clamping down on several unregulated DeFi platforms. CFTC Chair Rostin Behnam said that they were very much focused on digital asset platforms falling within the legal ambit.

Its struggles are not singular, however. China, along with several European and Asian countries, has come down hard on online gambling or crypto gaming platforms. Without centralized regulation, such sites sometimes find it tough to call the legal line in jurisdictions where strict controls are in place.

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As governments around the world continue to turn the screws on DeFi, sites like Polymarket are increasingly finding it tough to expand.

Bitcoin Crash Wipes $138B, $520M Liquidated in 24 Hours

It came with huge selling, along with liquidations, when Bitcoin-the king of cryptocurrencies-plunged about 3% within four hours on the second day in a row. The result is being witnessed in the falling price of Bitcoin to $91,644.04, washing away about $138 billion of valuation from the market within a few hours.

Combined liquidations over the last 24 hours have reached an eye-watering $520 million, with long positions taking the brunt of this at $450 million and shorts at $66.06 million. In the last 12 hours alone, total liquidation amounts to $420 million. The single biggest loss occurred on Binance, where a BTC/USDT position worth $8.21 million was liquidated.

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This drop follows Bitcoin’s recent gains and reflects a sharp market correction, catching many traders off guard. With nearly 197,007 traders across exchanges liquidated, the turbulence serves as a stark reminder of the crypto market’s notorious volatility, where fortunes can evaporate in the blink of an eye.

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While the market struggles to stabilize, most investors are now stepping back, trying to figure out whether this is just a temporary correction or the start of a greater decline. All eyes, for the time being, rest on the next move of Bitcoin, as the entire market holds its breath.

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