The crypto market has been buzzing with activity in the last 24 hours, from institutional moves to regulatory shifts and technological advancements. Here’s a detailed look at the most significant events shaping the industry right now.

Stablecoins and Market Share Shifts

Among stablecoins on Binance, USDT’s market share surged to 75%, while FDUSD saw a contraction. At the same time, USDC’s market share increased to 7%, following compliance with the EU’s MiCA regulations. These shifts highlight the changing dynamics of stablecoin preferences in the global market.

Institutional Investment in Bitcoin and Ethereum Dominates 2024

The year 2024 ended with record-breaking inflows of $44.2 billion globally, nearly four times the previous record set in 2021. Bitcoin dominated the scene, attracting $38 billion in inflows, which accounted for 29% of total assets under management (AuM). Ethereum followed with $4.8 billion in inflows, showing renewed interest in the asset.

MicroStrategy’s Bitcoin Strategy Expands

MicroStrategy continues to double down on Bitcoin. It recently acquired 1,070 BTC for $101 million at an average price of $94,004 per Bitcoin. Furthermore, the company announced a $2 billion preferred stock offering as part of its ’21/21 plan’ to purchase even more Bitcoin.

Regulatory and Legal Updates

  1. Coinbase Scores Legal Victory:
    A New York judge granted Coinbase the ability to file an interlocutory appeal, pausing the SEC lawsuit. The SEC had accused Coinbase of operating as an unregistered exchange and broker.
  2. Gemini Settles with the CFTC:
    The Winklevoss-led Gemini Trust Co. agreed to pay $5 million to settle charges with the CFTC related to alleged misrepresentations about its Bitcoin futures contract.
  3. South Korea Seeks Crypto Trading Reform:
    South Korea is reportedly planning to lift its ban on institutional trading of cryptocurrencies, signaling a shift in its regulatory approach.
  4. Czech Central Bank Eyes Bitcoin:
    The Czech National Bank is weighing the inclusion of Bitcoin in its reserves as part of a diversification strategy.

Technological Innovations and Ecosystem Growth

  1. ZKsync Allocates $300M for DeFi Incentives:
    ZKsync’s total value locked (TVL) continues to rise after the protocol announced 300 million tokens for incentivizing DeFi adoption on its platform.
  2. Solana Upgrades Firedancer:
    Solana has pushed validators to begin testing its Firedancer upgrade, designed to enhance performance and reliability across its blockchain network.
  3. Starknet Launches SN Stack:
    Starknet unveiled its SN Stack, a toolkit for developers building appchains, aimed at fostering growth in Ethereum’s Layer 2 ecosystem.

Notable Funding Rounds and Partnerships

  1. Movement Labs Closes $100M Funding Round:
    Movement Labs, a rising player in DeFi infrastructure, closed a $100 million Series B funding round, led by CoinFund and Brevan Howard.
  2. Framework Ventures Invests in DePIN Startup:
    Framework Ventures led a $2.5 million funding round for Starpower, a DePIN-focused startup exploring decentralized infrastructure solutions.
  3. Revolut Joins Pyth Network:
    Revolut became the first banking data publisher to join the Pyth Network, enhancing data accuracy and transparency in DeFi.

Adoption and Global Trends

  1. Bhutan SAR Adopts Crypto for Reserves:
    Bhutan’s government announced plans to adopt BTC, ETH, and BNB as part of its strategic reserves, showcasing confidence in blockchain-based assets.
  2. Microsoft Invests $3B in India’s AI Ecosystem:
    Microsoft is committing $3 billion to expand its cloud computing and AI capabilities in India, providing training to 500,000 individuals.

Market Insights and Key Metrics

  • Bitcoin ETFs Absorb 4.3% of Supply:
    Bitcoin ETFs and public companies purchased 859,454 BTC in 2024, accounting for 4.3% of the circulating supply. This represents eight years of BTC issuance absorbed in just one year.
  • Binance Hits 250M Users:
    Binance released its 2024 end-of-year report, highlighting significant growth. The exchange surpassed 250 million registered users last year, cementing its dominance in the crypto ecosystem.

Conclusion

The past 24 hours reflect the dynamism of the crypto space, with major developments in regulation, institutional investment, and technology. As adoption grows and innovation continues, the market remains poised for both opportunities and challenges. Stay tuned for more updates as these stories evolve.

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