Weekly Recap: What Happened in the Crypto Market?
It’s been another eventful week in the world of cryptocurrency. From major purchases to regulatory changes, here’s a summary of the top news from the past week.
MicroStrategy Adds $4.6 Billion in Bitcoin
- MicroStrategy announced the purchase of an additional 51,780 BTC.
- This brings their total Bitcoin holdings to 331,200, valued at $16.5 billion.
- The average purchase price for MicroStrategy is $49,874.
BlackRock’s Bitcoin ETF Options Gain $2 Billion on Day One
- Options contracts on BlackRock’s iShares Bitcoin Trust (IBIT) saw nearly $2 billion in trading on the first day.
- This massive volume contributed to Bitcoin reaching a record high of over $94,000.
- Investors can now access new investment avenues through IBIT options.
Trump’s Transition Team Considers White House Crypto Office
- Reports suggest that Donald Trump’s transition team is looking to appoint a senior figure to oversee the digital assets industry.
- Industry advocates want this role to have direct access to Trump for effective regulation.
Justin Sun’s $6.2 Million Banana Purchase
- Justin Sun, founder of Tron, bought a banana artwork for $6.2 million at an auction.
- The auction started with a bid of $800,000 and quickly escalated.
- Sun believes the piece will become a part of art history.
SEC Chair Gensler to Step Down
- Gary Gensler, chair of the SEC, will resign on January 20, 2025.
- During his tenure, the SEC took a strict approach to regulating crypto companies.
- Gensler’s departure may bring changes to crypto regulation.
Bitcoin Nears $100k Amid Rally
- Bitcoin approached the $100,000 mark, fueled by the launch of ETF options.
- Industry experts predict Bitcoin’s value will continue to rise.
- At the start of the week, Bitcoin was trading around $93,000.
US Spot Bitcoin ETFs See $30 Billion in Inflows
- US spot Bitcoin ETFs recorded $1 billion in daily net inflows, with a total of $30.35 billion since launch.
- BlackRock’s IBIT attracted the most inflows, followed by Fidelity’s FBTC.
- Grayscale’s GBTC was the only ETF with negative outflows.
