What were the most discussed crypto stories in the past seven days? You could be wondering. Well, stick around! This article takes a look at the hottest crypto-related topics of the week.
On January 17th, Coinbase CEO Brian Armstrong published a blog post titled ‘Economic Freedom,’ in which he urged countries worldwide to establish Bitcoin reserves, arguing that BTC could act as a hedge against rising inflation. Furthermore, he called on policymakers to prioritize formulating crypto-friendly regulations to promote blockchain innovations.
Digital Currency Group Charged for Misleading Investors
Last Thursday, the US Securities and Exchange Commission (SEC) brought a lawsuit against Digital Currency Group, accusing the crypto company of misleading investors in regard to the financial health of its subsidiary Genesis Global Capital following the collapse of Three Arrows Capital.
According to SEC’s filings, Digital Currency Group has agreed to pay $38 million to settle the charges. Moreover, ex-CEO of Genesis Global Capital, Michael Moro, who was mentioned in the lawsuit, will pay $500,000 in penalty fees.
The two parties have agreed to settle charges brought against them without denying or admitting any violations of the SEC Securities policies.
Report: Trump to Sign an Executive Order Prioritizing Crypto
According to various reports, the incoming US President, Donald Trump, could sign an executive order making the crypto industry a national priority. Bloomberg said on Friday that the order could be signed on the inauguration day. If signed, US regulators would be required to work with crypto players, and a crypto council would be created to champion policies that promote the industry.
The New York Times also reported on Saturday that several crypto gurus met with Trump’s crypto advisor, David Sacks, early last week and discussed matters that should be covered by the executive order.
Many are now optimistic that the executive order will be signed, considering that Trump promised to make the United States a ‘Crypto Capital’ during his campaigns.
US Government Wants Funds From Bitfinex Hack Returned to Affected Users
On Tuesday, US government attorneys submitted a court filing, proposing that the seized 94,643 Bitcoin from the 2016 Bitfinex hack should be returned to the exchange and distributed to affected users.
The stolen coins, worth $72 million at the time of the attack, have seen their value jump to $9.5 billion as of this writing. This has raised debate on how Bitfinex will compensate the victims. Whether the exchange will distribute $72 million or $9.5 billion worth of BTC to victims remains to be seen.
But who executed the 2016 hack? It was conducted by Ilya Lichtenstein and his partner Heather Morgan. The two were arrested two years ago, with US prosecutors successfully proving their involvement in the Bitfinex attack.
DappRadar Report: NFT Performed Poorly in 2024
Blockchain analytics firm DappRadar reported last week that 2024 was the worst year for NFTs in terms of trading volume since 2020. The company said the total NFT trading volume dropped by 19% to $13.7 last year compared to $16.3 billion in 2023. Additionally, NFT sales plummeted 17.8% to under 50 million.
DappRadar also noted significant volatility in 2024. Its report showed that NFT trading volume in quarter 1 increased by 4.1% to $5.2 billion compared to the same period in 2023. However, the volume dropped to $1.6 billion in quarter three and jumped to $2.7 billion in the fourth quarter.
Winners and Losers
Top cryptocurrencies have posted mixed performances in the last seven days. For example, while Bitcoin has rallied 17% to $109,000, setting a new all-time high, Toncoin, on the other hand, has shed 0.7% of its value to trade at $5.07 as of this writing.
Regarding the top winners, TRUMP leads the pack, with a 7-day rally of 1,114%. Also, MELANIA has jumped 46% since launching on Sunday. Other noticeable gainers include Solana, which is up 44%; XRP, which has rallied 36%; and Chainlink, which has risen 37%.
On the other hand, MAGA is the biggest loser this week, following a 39.2% drop. Zerebro and AIXBT take the second and third positions after falling 24% and 19%, respectively.
