Ethereum developers finalize Pectra update timeline for March launch. New features promise to enhance transaction speeds and security. Continue Reading: Ethereum Developers Set Stage for Exciting Pectra Update in March The post Ethereum Developers Set Stage for Exciting Pectra Update in March appeared first on COINTURK NEWS .
Approximately 21,600 Bitcoin options contracts will expire on Friday, Jan. 17, and they have a notional value of around $2.2 billion. This week’s expiry event is slightly larger than last week’s , so it is unlikely to have any major impact on crypto markets. Bitcoin has bounced back from its dip to $90,000 and is trading back in six-figure territory again. Bitcoin Options Expiry This week’s batch of Bitcoin options contracts has a put/call ratio of 0.94, which means that bulls and bears are evenly matched with similar numbers of long (call) and short (put) contracts expiring. Open interest, or the value or number of BTC options contracts yet to expire, is highest at the $120,000 strike price, which is increasing by $1.8 billion in OI, according to Deribit. There is also over $1.3 billion in OI at the $110,000 and $1.2 billion at $110,000 strike prices, with derivatives speculators remaining bullish. On Jan. 16, the team at crypto derivatives provider Greeks Live said they were “predominantly bullish,” with most traders expecting continuation toward $110,000, but there was some caution about overextension. Key levels were major resistance at the all-time high of $108,000 and $99,000 as support, “with some disagreement on whether a pullback to $90,000 is possible in the near term.” It added that multiple traders were holding $108K short calls for the January 24 expiry while acknowledging significant upside risk. BTC OI by expiry. Source: Deribit In a separate post, Greeks said that “the implied volatility (IV) differential between January and March has declined, with the market given to anticipating greater uncertainty as Trump nears his inauguration.” Meanwhile, Deribit commented that the US PPI and CPI inflation data helped BTC spot markets climb higher on the macro front, adding that “the March $120,000 calls, bought when BTC was trading at $95,000, pushed IV higher as they were accumulated.” In addition to today’s Bitcoin options, around 182,000 Ethereum contracts are expiring as well. These have a notional value of $617 million and a put/call ratio of 0.35. This brings Friday’s combined crypto options expiry notional value to around $2.8 billion. Crypto Markets March Higher Crypto market capitalization reached $3.73 trillion this Friday, primarily driven by Bitcoin, which gained 2% on the day. BTC hit an intraday high of $102,000 during early trading in Asia on Friday morning, bringing its weekly gains to just under 10%. Ethereum remained lackluster, failing to make any progress above $3,400 as the ETH/BTC ratio widened again. Ripple’s XRP came within a whisker of its all-time high at $3.38, while Solana (SOL), Cardano (ADA), Hedera (HBAR), and Chainlink (LINK) were also performing well today. The post How Will Markets React to $2.8B Crypto Options Expiring Today? appeared first on CryptoPotato .
Malaysia’s prime minister, after discussions with Binance’s CZ, is urging swift action on blockchain regulations and collaborations to modernize the nation’s financial systems. Malaysia Won’t Be Left Behind: PM Anwar Discusses Crypto and Blockchain With Binance’s CZ Malaysian Prime Minister Datuk Seri Anwar Ibrahim has unveiled his country’s intention to adopt a progressive stance on
A recent report by crypto index fund management firm Bitwise outlines varying price projections for Solana (SOL) based on its adoption and scalability improvements. According to the report, the ‘bull case’ scenario could see SOL’s price soar to $6,636 by 2030. What Sets Solana Apart? Solana, currently the sixth-largest cryptocurrency by market capitalization, has experienced a volatile few years. The digital asset was heavily impacted by the FTX collapse, plummeting from its previous all-time high (ATH) of $250 in November 2021 to a low of $9 in November 2022. Related Reading: Solana Market Cap Surpasses $100 Billion, Setting Up SOL For Potential ATH Rally However, despite the bear market triggered by the FTX debacle, SOL staged an impressive recovery, achieving a new ATH of $263 in November 2024. Bitwise’s report suggests that SOL’s growth potential remains significant in the coming years. The report identifies three core pillars supporting Solana’s investment case: sustainable economics, developer attraction, and consistent execution. It highlights Solana’s remarkable outperformance compared to other major smart contract platforms in terms of price growth in 2024. Dubbed the “iPhone moment for blockchain” by the report, Solana’s standout features include its ability to process 65,000 transactions per second (TPS) and its low transaction costs. This high throughput positions it as an ideal platform for building decentralized, high-volume, low-latency applications, such as decentralized exchanges (DEXs). The chart below demonstrates that Solana’s TPS rivals that of Visa and far surpasses competing smart contract platforms like BNB Chain and Ethereum. Additionally, Solana experienced a parabolic increase in daily active addresses (DAA) in 2024, surpassing the combined DAA of Bitcoin (BTC) and Ethereum (ETH), indicating growing adoption. In terms of tokenomics, the report notes that 80.7% of SOL’s total supply is currently in circulation, with the remaining 19.3% classified as non-circulating supply. While concerns about potential token inflation persist, Solana’s inflation rate decreases annually and is projected to drop to 1.85% by 2030. The SOL Bull Case The report applies Metcalfe’s Law to estimate Solana’s network value. For those unfamiliar, Metcalfe’s Law posits that a network’s utility increases proportionally to the square of its user base. The report states: For the sake of simplicity, we assume the Daily Active Addresses (DAA) to be the number of users and the market capitalization to represent the utility of the network represented in monetary terms. Accordingly, the report shares the bear case, the base case, and the bull case for Solana. The bear case for SOL foresees a cumulative annual growth rate of 35.1%, yielding a target price of $2,318 by 2030. Related Reading: Solana Targets $209 Mark With A Recovery Above The 4-hour SMA Similarly, the base case assumes a CAGR of 47.2%, resulting in a price of $4,025 by 2030. On the contrary, the bull case for SOL projects a price target of $6,636 by 2030, propelled by a CAGR of 59.1%. The report adds that the aforementioned forecasts take into account the natural deceleration that occurs as networks mature and achieve significant scale. At press time, SOL trades at $214.86, up 8% in the past 24 hours. Featured image from Unsplash, Charts from Bitwise and TradingView.com
Bitwise Europe’s bullish forecast for Solana highlights its potential to capture 11% of global blockchain users, driving its price up 30x by 2030. According to a January 2025 Bitwise report , Bitwise Europe has set forth a positive projection for Solana SOL , suggesting a colossal price uptick from the current price of $212 as of Jan. 17 to $6,636 by 2030, marking a growth of over 3,000%, primarily based on what researchers are calling “the iPhone moment”. Bitwise Europe compared Solana’s debut to that of the iPhone in 2007. Solana has built fast, cost-effective, and user-friendly platforms so non-blockchain people can thrive, much like the iPhone introduced mobile technology to the masses, discusses Bitwise Europe. You might also like: MakersPlace announces market exit, ends six years of digital art operations Solana’s real-world use cases driving adoption The report states that Solana’s current market share is at 2.84%, and it is expected to capture 11.36% of global blockchain users, which means 113.6 million daily active addresses. Higher allocations of Solana have historically delivered stronger performance compared to Ethereum and Bitcoin portfolios, as shown in this comparative analysis. Source: Bitwise Europe With expanding mainstream partnerships with key players like Shopify and Stripe, and a thriving developer ecosystem, Solana’s network could see significant expansion, according to Bitwise Europe. This optimism is rooted in the network’s growth, which includes a 239% increase in daily active accounts in 2023 despite challenging market conditions, and an explosive 2,800% growth in early 2024. You might also like: Jito flips Ethereum, Uniswap, and Solana on a crucial metric Solana outperformed all competitors in 2024: Solana achieved a 325% price increase, showcasing its dominance over other top smart contract platforms like Ethereum, BNB Chain, and Cardano. Source: Bitwise Europe According to the report, this level of efficiency beats nearly every Layer-2 in the Ethereum ( ETH ) chain. SOL is able to attract developers who are building decentralized applications on its chain. This is because developers cannot only deploy faster but can serve a wider audience. SOL’s technical architecture allows high-volume, low-latency applications from decentralized exchanges, real-time trading, large-scale gaming, and high-frequency trading to real-time data streaming, says the report. For instance, Serum, a decentralized exchange running on Solana, revealed in their roadmap 2.0 that the platform would bring DeFi to the masses. Further, Raydium, an automated market maker on the Solana blockchain, had the highest monthly volume in November 2024 at 83.6 billion, as per DeFiLlama . Bitwise Europe credits Solana for supporting a theoretical maximum of 65,000 transactions per second–a measure of how many individual operations a network can process in one second– with transaction costs averaging just $0.08, making these applications economically viable. Earlier this week, on Jan. 15, Franklin Templeton published a report showcasing how seven out of the top ten AI agents run on the Solana blockchain, largely attributed to Solana’s ability to handle large volumes of transactions efficiently and at lower costs. Read more: Trump open to adding XRP, Solana to U.S. crypto reserve: report
Spot Bitcoin exchange-traded funds in the United States returned to an inflow streak on Jan. 16 as Bitcoin cemented its position above $100K ahead of President-elect Donald Trump’s inauguration ceremony. According to data from SoSoValue, the 12 spot Bitcoin ETFs recorded $626.15 million in inflows on Thursday, extending their inflow streak for the second consecutive day, with over $1.3 billion entering the funds during this period. BlackRock’s IBIT attracted the lion’s share of inflows yesterday, drawing in $527.87 million from investors following a day of relatively weak inflows experienced by the fund. The asset manager’s spot Bitcoin ETF currently holds $56.22 billion worth of Bitcoin, representing approximately 2.64% of the asset’s total supply. ARK and 21Shares’ ARKB followed next with an inflow of $155.44 million, while more modest inflows came from VanEck’s HODL, Fidelity’s FBTC, and Bitwise’s BITB funds, which saw $5.68 million, $4.39 million, and $2.74 million enter the funds, respectively. You might also like: Over 50% of Americans sold gold and stocks to buy Bitcoin, survey shows Grayscale’s GBTC was the only Bitcoin ETF to buck the trend, with the fund experiencing an outflow of $69.97 million on the day, partially offsetting the inflows recorded by other funds. The remaining six Bitcoin ETFs saw no movement during the day. The total trading volume for the 12 Bitcoin ETFs was $2.74 billion on Jan. 16 significantly lower than the $3.18 billion recorded the previous trading day. Meanwhile, the inflows were recorded as Bitcoin briefly surged past $102,000, solidifying its position above $100,000 on Jan. 17. This occurred amid a broader market bull run fueled by expectations that, following U.S. President-elect Donald Trump’s inauguration to the Oval Office, the incoming administration would drop non-fraud-related crypto cases and adopt a more favorable regulatory stance toward digital assets. Moreover, the self-proclaimed crypto-friendly President has also announced plans to make cryptocurrencies a national priority and has considered creating a government strategic stockpile of Bitcoin , similar to the U.S.’s existing gold and oil reserves to strengthen the U.S. financial landscape. At press time, Bitcoin ( BTC ) was still up 2%, exchanging hands at $101,408 per coin. Read more: A nation is considering Bitcoin ETFs for foreign reserves, says Bitwise CEO
Tesla CEO Elon Musk, who will be leading the Department of Government Efficiency (DOGE) in the Donald Trump administration, has taken a fresh Bitcoin jibe at US Treasury Secretary Janet Yellen over the recent incident of a Chinese hack. His comments come as the investigation proceeds into the alleged Chinese hack of the US Treasury Department earlier this month. DOGE Chief Elon Musk Takes A Bitcoin Jibe At Janet Yellen Late Thursday, fresh reports into the investigation suggested that Chinese hackers gained access to the computer of US Treasury Secretary Janet Yellen in the latest breach. Commenting on this, Elon Musk said: “Maybe she clicked on the “send me 1 btc, I send you 2btc” email”. Maybe she clicked on the “send me 1 btc, I send you 2btc” email https://t.co/mtIfZ4Cd4Z — Elon Musk (@elonmusk) January 17, 2025 The DOGE chief humorously suggested that Janet Yellen might have fallen for an email scam where the scammer asks for 1 Bitcoin (BTC) with the promise of returning 2 Bitcoin (BTC) in exchange. This is a very common type of advance fee scam wherein hackers trick the victim in the hope of sending a larger amount back, which usually never happens. It’s been a while since Elon Musk made a Bitcoin commentary and it comes at a time when the BTC price has managed to breach the $100K resistance convincingly. As of press time, the BTC price is trading 1.6% up at $101,183.41 while convincingly clinching the $2 trillion market cap. Chinese Hackers Breached US Treasury Secretary’s Computer Amid the ongoing investigation, a source familiar with the matter told Bloomberg that Chinese hackers managed to infiltrate Janet Yellen’s computer and thus managed to get access to unclassified files. One of the sources said that less than 50 files on Yellen’s computer were accessed. The attackers also breached the computers of two of Yellen’s top officials: Deputy Secretary Wally Adeyemo and Acting Under Secretary Brad Smith, according to sources. Moreover, the attackers primarily targeted the Treasury Department’s involvement in sanctions, intelligence, and international affairs but did not breach its email or classified systems, according to a prior Treasury report. On Wednesday and Thursday, the Treasury staff briefed congressional aides and lawmakers about the hack. These discussions coincided with the Senate Finance Committee’s confirmation hearing on Thursday for Scott Bessent , President-elect Donald Trump’s nominee for Treasury secretary. The post DOGE’s Elon Musk Makes Bitcoin Joke At Janet Yellen After US Treasury Breach appeared first on CoinGape .
In a Thursday Senate confirmation hearing, President-elect Donald Trump’s Treasury Secretary nominee, Scott Bessent, dismissed the idea of a U.S. central bank digital currency (CBDC), easing the concerns some crypto observers have held for a long time. Scott Bessent said at the Senate Finance Committee , “I see no reason for the U.S. to have a central bank digital currency.” According to Bessent, a central bank digital currency is for countries lacking other investment alternatives. However, Bessent’s statements differ from the current trend of various federal agencies investigating the feasibility of a central bank digital dollar. If Bessent is confirmed as Treasury Secretary on January 20, the federal government’s CBDC research initiatives can be turned around. Bessent is not alone in his criticism of CBDC Bessent’s statements at Trump’s Senate confirmation hearing are consistent with Trump’s vow a year ago that upon reelection, he would “never allow” a U.S. CBDC. Trump nominated Bessent in November 2023. Bessent is not alone in opposing central bank digital currencies; it also aligns with the broader criticism of many Republicans. Last May, the House approved the Anti-Surveillance State Act that would bar Federal Reserve banks from directly or indirectly issuing digital currencies. A central bank digital currency is a digital version of a country’s official currency. The U.S. has explored digital currencies for years. There are two main types of CBDCs: retail CBDCs targeted at normal consumers and wholesale versions between different financial institutions. According to Atlantic Council data, 134 countries, encompassing 98% of global GDP, are looking into central bank digital currencies. China has already tried out its digital yuan, testing during the 2022 Beijing Olympics. A Step-By-Step System To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.
The post Top Trending Topics Surging Across Social Media as BTC Hits $100K appeared first on Coinpedia Fintech News Bitcoin is back in the spotlight as it climbs above the $100,000 mark, recovering after a two-week decline. This major comeback has sparked conversations across the crypto community, with several hot topics trending on social media. Here are they! XRP’s 7-Year High Gains Attention XRP is one that is grabbing everyone’s attention as it hits a 7-year high in market value, reaching $3.1. In addition to this Ripple’s recent legal win has boosted confidence in XRP, and many believe the asset’s rally is far from over. With regulatory changes possibly on the horizon, XRP price could see a massive surge. As Bitcoin is back above the $100K support level once again, the top trending topics surging across social media are: Traders are discussing XRP's 7-year high market value, along with the bullish sentiment surrounding the asset's prior legal victories over the SEC, and the… pic.twitter.com/ucPcEkT5hc — Santiment (@santimentfeed) January 16, 2025 Litecoin ETF Could Be Next! The next big conversation centers on Litecoin over the potential approval of a Litecoin ETF by the SEC. Analysts suggest that if the SEC gives the green light, Litecoin’s price could soar to $250 or $300 in a month. “It’s Still Early” Sparks Hope The phrase “It’s still early” is becoming a common sentiment among crypto enthusiasts. It reflects the idea that the market is still young and full of opportunities. Many traders see the current phase as the perfect time to invest, anticipating more growth and innovation soon. SEC Legal Actions Stir Debate The SEC’s actions continue to make headlines, especially its case against Ripple to classify XRP as a security. Despite the challenges, the attention has only strengthened investor confidence in XRP, making it a standout in the market. With SEC Chair Gary Gensler stepping down by January 20, many hope a pro-crypto leader could help resolve the Ripple lawsuit Trump’s Crypto Influence Gains Speculation Former U.S. President Donald Trump is also a trending topic, discussing his potential impact on the crypto market. Rumors suggest he will introduce a strategic reserve for U.S.-based cryptocurrencies like XRP and Solana. If true, XRP & Solana ETF will sooner get their ETF Fillion approved. As Bitcoin stays strong above $100,000, these trending topics show how active and promising the crypto market remains.
Lummis also criticized the US Marshals Service's plans to sell seized Bitcoin, and advocated instead for a national Bitcoin reserve to boost strategic financial security. Meanwhile, President-elect Donald Trump is preparing to prioritize cryptocurrency through an executive order, with proposed measures to support the industry, ease regulatory pressures, and establish a government-held Bitcoin reserve. His anticipated Treasury secretary nominee, Scott Bessent, also recently rejected the need for a US central bank digital currency. Sen. Lummis Warns FDIC Over Alleged Document Destruction Wyoming Senator Cynthia Lummis raised some serious concerns regarding the Federal Deposit Insurance Corporation (FDIC), and alleged that the agency destroyed documents linked to Operation Chokepoint 2.0. According to whistleblower accounts shared with the senator, the FDIC may have eliminated key records related to its oversight of digital asset activities, including the supervision of Signature Bank and the liquidation of Silvergate Bank . In a letter to the FDIC, Lummis directed the agency to immediately stop any destruction of records and preserve all materials related to these activities. She also warned that any confirmed efforts to obstruct Senate oversight by knowingly destroying documents will result in criminal referrals to the Department of Justice. Operation Chokepoint 2.0 is reportedly a coordinated initiative to sever banking services for crypto-related firms. It caused widespread disruption across the digital asset industry and became a flashpoint for debate during the 2024 US elections as well. This initiative also shed some light in the longstanding concerns in the crypto community about financial targeting. Meanwhile, some well known crypto executives, including Andreessen Horowitz co-founder Marc Andreessen, Frax Finance founder Sam Kazemian, and Coinbase CEO Brian Armstrong, recently spoke out about their experiences with financial debanking . After an appearance by Andreessen on The Joe Rogan Experience, over 30 crypto founders took to social media to share their own challenges in maintaining access to banking services. Armstrong, in particular, pursued transparency by filing a Freedom of Information Act request to uncover communications sent by the FDIC in 2022 advising banks to pause crypto-related activities. The heavily redacted responses he received led US District Judge Ana Reyes to order the FDIC to provide more transparent records, and criticised the agency’s lack of good-faith effort. Despite intense regulatory scrutiny and financial hurdles, the crypto industry has shown resilience. Many firms pivoted to stablecoins as a means of keeping operations going, particularly after losing access to traditional banking services during the debanking initiative. Lummis Criticizes US Bitcoin Sale Plans Senator Lummis had quite a busy week as she also demanded answers from the United States Marshals Service about the potential sale of 69,370 Bitcoin that were seized during the Silk Road asset forfeiture. In a letter sent on Jan. 15, Lummis criticized the decision, and even called it an act of political spite due to its conflict with the incoming administration’s plans to establish a National Bitcoin Stockpile. She is particularly concerned about the timing of the sale during the presidential transition period, and argued that it contradicts stated policy objectives. The sale was approved after Judge Richard Seeborg denied a petition to block the forfeiture, though further approvals are required to finalize the process. The move to sell the seized Bitcoin stands at odds with the growing interest in creating a strategic Bitcoin reserve in the United States. Senator Lummis has been a very vocal proponent of this concept, and previously suggested that the US Treasury convert some gold holdings into Bitcoin to avoid short-term impacts on the government’s balance sheet. Proposals for these reserves gained a lot of traction globally, although cryptocurrencies as an asset class still face stiff political resistance. Fidelity Digital Assets analyst Matt Hogan recently predicted that central banks, sovereign wealth funds, and nation-states could begin diversifying into Bitcoin as its strategic importance becomes more evident. Hogan believes that the risk of not holding Bitcoin may soon outweigh its perceived volatility, which could lead to quiet accumulation by sovereign powers. This sentiment is echoed by a number of industry leaders, with analysts predicting that a US Bitcoin reserve could drive the cryptocurrency’s value to $1 million per coin. Legendary cypherpunk Adam Back suggested that a move like this during the current market cycle could push Bitcoin to seven-figure valuations, particularly after Donald Trump’s electoral victory and the renewed focus on US financial strategies. Trump Plans Crypto Executive Order on Day One? US President-elect Donald Trump is reportedly preparing to designate cryptocurrency as a national priority through an executive order that is expected to be signed as soon as his first day back in office on Jan. 20. According to Bloomberg , the order may direct regulatory agencies to collaborate with the crypto industry and establish a crypto council to advocate for the sector’s policy interests. While the executive order’s contents are not finalized, the plan delivers on Trump’s campaign promises to position the US as a “crypto capital.” Discussions surrounding the potential executive order included input from crypto executives, including conversations with Trump’s crypto czar, David Sacks. Reports from The Washington Post suggest that additional executive orders on Jan. 20 could address crypto de-banking issues and repeal policies requiring banks to classify digital assets as liabilities. Other measures under consideration include directing government agencies to review crypto policies, freezing crypto-related litigation, and establishing a government-held Bitcoin reserve using assets seized from criminal investigations. Reuters reported that Trump’s administration may direct the Securities and Exchange Commission (SEC) to pause or review its crypto-related cases to focus only on those with fraud allegations. This fueled speculation among industry lawyers that the SEC’s aggressive stance against crypto firms, including its lawsuit against Ripple Labs, could change under the new administration. Ripple’s chief legal officer, Stuart Alderoty , is very optimistic that the case might be abandoned. The concept of a national Bitcoin reserve also gained some traction among crypto advocates, who argue it could serve as an inflation hedge and alleviate national debt. Data from Arkham Intelligence reveals that the US currently holds approximately $20.3 billion worth of cryptocurrencies seized from criminal investigations, including $19.8 billion in Bitcoin. Senator Cynthia Lummis proposed legislation for the Treasury to buy 1 million BTC , which would cost at least $100 billion at current market prices. Treasury Nominee Scott Bessent Rejects US CBDC Scott Bessent, President-elect Donald Trump’s anticipated nominee for Treasury secretary, addressed the US Senate Committee on Finance on Jan. 16, and shared his stance on financial issues, including central bank digital currencies (CBDCs). When questioned by Senator Marsha Blackburn about the potential development of a digital dollar, Bessent dismissed the need for a US CBDC by arguing that such systems are more relevant for countries lacking diverse investment options. Scott Bessent (Source: US Senate Committee on Finance ) Bessent’s nomination is still unofficial, as Trump is set to take office on Jan. 20. As a former partner at Soros Fund Management and a Trump campaign donor, Bessent expressed his support for the US government’s efforts to encourage growth in the crypto industry, which aligns with Trump’s campaign promises to reject CBDCs. The issue of a digital dollar sparked debate in the past as well. In 2022, President Joe Biden directed the Treasury to explore CBDC development to promote financial inclusion, but Republicans criticized the initiative for its potential threats to financial privacy and national security. Trump also previously vowed to block the creation of a CBDC during his presidency, which was reinforced by the Republican-led House passing the CBDC Anti-Surveillance State Act in 2024.