By Kapil Rajyaguru
Crypto Market Adds $300bn as Altcoins Shine and Bitcoin Stabilizes at $101K
This week saw significant volatility for Bitcoin, starting with a plunge from $96,000 to $89,250—its lowest since November. It rebounded to $97,000 by Tuesday and spiked to $101,000 after CPI announcements before settling at $99,000. Bitcoin’s market cap is $1.96 trillion, with dominance down to 54.3%.
Ethereum rebounded to $3,300, while DOGE hit $0.37, and AVAX, TRX, and LINK saw gains. Top performers included XRP, SOL, and HBAR, with VIRTUAL surging 28%. The crypto market cap rose to $3.6 trillion, adding $300 billion. Meme coins, led by DOGE and SHIB, surged, and Trump-themed tokens rallied ahead of political events.
MicroStrategy Buys Bitcoin Dip, Holdings Surpass 450K BTC
Moving on… MicroStrategy, the largest corporate Bitcoin holder added 2,530 BTC for $250M at $95,972 per coin, raising its total to 450,000 BTC at an average of $62,691. This purchase coincides with Bitcoin’s drop to $91,000—its lowest since November.
Meanwhile, MSTR shares fell 20% monthly, impacted by the company’s NASDAQ 100 inclusion, reflecting broader market challenges amidst volatile crypto prices.
Italy’s Largest Bank Makes History with €1mn BTC Purchase
In another news… Italy’s largest banking institution, Intesa Sanpaolo, has reportedly bought Bitcoin worth €1 million. The transaction marks the first direct cryptocurrency purchase by a bank in the country, potentially reshaping its cautious approach to digital assets.
Donald Trump to Consider XRP, Solana, USDC for Strategic Reserves
Meanwhile… Donald Trump plans to include cryptocurrencies like XRP, Solana, and USDC in a proposed “America-first” strategic reserve, building on discussions of a Bitcoin reserve.
His team is set to issue pro-crypto executive orders after his January 20 inauguration, including repealing SAB 21. Trump recently met Ripple CEO Brad Garlinghouse and other crypto leaders at Mar-a-Lago to discuss these initiatives.
US Court Demands Answers from SEC Over Coinbase Regulation Decision
Elsewhere… The U.S. Court of Appeal for the Third Circuit has ruled that the Securities and Exchange Commission (SEC) must provide a detailed explanation of why it denied a petition by Coinbase for crypto-specific regulations. This decision follows years of tension between the regulator and the crypto sector over the lack of clear guidelines.
In its ruling, delivered on January 13, the court criticized the SEC’s approach, calling it “arbitrary and capricious” and demanding the agency clarify its stance on regulations for digital assets.
Tether to Relocate Business to El Salvador Following Acquisition of DASP License
Moving on… The largest stablecoin issuer has announced that it is relocating its business to the Bitcoin-friendly El Salvador after acquiring a Digital Asset Service Provider (DASP) license in the country.
According to an official release, Tether and its subsidiaries will be located in El Salvador after the company completes all formalities for the move. The stablecoin issuer will also establish its headquarters in the Central American country.
Ripple Donates $100K in XRP for California Wildfire Relief Efforts
Meanwhile… Ripple has stepped forward to aid victims of the California wildfire tragedy, donating $100,000 in its native XRP token. The contribution, made through The Giving Block, will support on-the-ground relief efforts by nonprofit organizations World Central Kitchen (WCK) and GiveDirectly.
Ripple is the first major corporate donor to support the effort, with its gift coming only days after it partnered with MoonPay to contribute another $50,000 to the Los Angeles Fire Department Foundation
Indian Exchange Mudrex Pauses Crypto Withdrawals Until January 28
In another development… Indian cryptocurrency exchange Mudrex has announced that it has temporarily halted crypto withdrawals. It says this pause is part of efforts to upgrade its compliance suite, which aims to maintain its security standards and prevent misuse by bad actors.
Mudrex also reassured users that INR withdrawals remain unaffected, crypto deposits are fully functional, and all funds are completely safe and secure. Despite these promises, the announcement has received backlash within the crypto community.
Reliance Launches Jiocoin Under Blockchain Reward Program
And lastly…. Reliance Jio has launched Jiocoin, a blockchain-based rewards program for its 450M+ users, currently in beta. Indian users over 18 can earn JioCoins by engaging with Jio apps, with rewards redeemable for discounts and exclusive content.
Powered by Polygon Labs’ Web3 technology, Jiocoin ensures secure, transparent transactions and user privacy. The program fosters deeper user engagement, offering innovative benefits while empowering users to manage their data securely within Jio’s ecosystem.
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