By Kapil Rajyaguru
Bitcoin Battles Volatility: Rebounds to $96K After a Rocky Start.
Bitcoin experienced a turbulent start to the year, dropping to $93,000 but rebounding to nearly $96,000, with its market cap reaching $1.9 trillion. BTC dominance slipped to 53.8% as altcoins outperformed. Ethereum surged 2.5% to reclaim $3,400, while XRP soared 12% to $2.38. Stellar (XLM) led gains, jumping 22% to $0.42.
The total crypto market cap grew by $130 billion overnight, hitting $3.53 trillion. Despite the recovery, BTC faced resistance at $96,000 and retraced slightly, reflecting ongoing volatility. Key altcoins like SOL and ADA also showed mixed performance amid the broader market rally.
MicroStrategy’s Latest Bitcoin Purchase Takes Total Holdings to 446,400 BTC
Meanwhile, the world’s biggest corporate holder of bitcoin continues with its accumulation phase by allocating another $209 million to purchase 2,136 BTC. With this eight consecutive Monday purchase, the company’s stash has skyrocketed to over 446,000 BTC.
Although bitcoin’s price stands around 15% away from its all-time high registered last week, MicroStrategy’s holdings have a current value of $41.5 billion. This means that the firm now stands on an unrealized profit of more than $13 billion.
Switzerland Federal Chancellery Registers Bitcoin Proposal for Public Vote.
In another interesting development, the Swiss Federal Chancellery registered a new initiative on December 31, proposing that the Swiss National Bank hold Bitcoin as part of its reserves, potentially setting the stage for a public referendum.
According to the official document, the process to secure a referendum requires the collection of 100,000 valid signatures from Swiss citizens by June 30, 2026. This represents approximately 1.12% of Switzerland’s population of 8.92 million. If the threshold is met, Swiss citizens will vote on the proposal through the country’s direct democratic process.
Hong Kong Lawmaker Proposes Incorporating BTC Into Region’s Fiscal Reserves.
Moving on… Hong Kong may soon join the list of countries leveraging bitcoin (BTC) as a store of value and a hedge against inflation by establishing the cryptocurrency as a fiscal reserve asset.
According to a report from local media, Wu Jiexhuang, a member of the Hong Kong legislative council, has proposed incorporating BTC into the region’s fiscal reserves to enhance financial security. He said Hong Kong could use foreign exchange funds to acquire and hold BTC in the long term.
Morgan Stanley Mulls Adding Crypto To E-Trade.
Meanwhile… Morgan Stanley, one of the world’s largest asset managers, is considering adding cryptocurrency trading to its E-Trade online brokerage platform, according to a Jan. 2 report by The Information. The wealth manager reportedly cited expectations of a friendlier crypto regulatory environment under United States President-elect Donald Trump as a key consideration.
The plans would make E-Trade one of the biggest traditional retail brokerages to add support for crypto trading, potentially creating meaningful competition for incumbent platforms, such as Coinbase. Morgan Stanley bought E-Trade in 2020. The brokerage’s 5.2 million accounts collectively hold approximately $360 billion, The Information said.
SCER Proposes Bitcoin Adoption in Post-War Syria to Attract Global Investment.
Elsewhere…. the Syrian Center for Economic Research (SCER) has presented a proposal for the transitional government to legalize Bitcoin and digitize the Syrian pound in a bold strategy to address the country’s economic crisis.
If implemented, the initiative would mark a crucial shift in Syria’s monetary policy, aiming to curb inflation, stabilize the local currency, and attract foreign investment in a war-torn economy struggling with hyperinflation and currency devaluation.
Tron’s Revenue Reaches $2.12bn in 2024: Ethereum, Solana Trail Behind.
Moving on…Tron (TRX) hit an all-time high of $0.44 in December 2024, fueled by a crypto-wide rally post-Trump’s presidential win. Despite dropping 43% to $0.25, Tron’s network revenue surged 39.7% in 30 days, reaching $330 million, with a total 2024 revenue of $2.12 billion—a 115% YoY increase.
Meanwhile, Solana, despite its impressive 3,028% growth trend and $90.9 billion market cap, remains far behind Tron in revenue generation. Similarly, Base and other emerging blockchains, such as Arbitrum, with $44.7 million, and Optimism, with $37.9 million, lag significantly behind.
Montenegro Extradites Terraform Labs CEO Do Kwon to the US for Fraud Charges.
In another news…. Montenegro finally extradited Do Kwon, the former CEO of Terraform Labs, to the United States on December 31st, in a crucial development. Kwon, a South Korean national, was turned over to US law enforcement, including FBI agents, at Podgorica airport.
He faces charges of conspiracy to commit fraud tied to the collapse of Terraform Labs’ cryptocurrencies, TerraUSD and Luna, which caused an estimated $40 billion in investor losses and destabilized global crypto markets in May 2022.
Father Pledges $1mn to Cancer Research After Charity Meme Coin Skyrockets to $80mn Market Cap.
And lastly… Siqi Chen, CEO of Runway, pledged $1 million to brain tumor research after a cryptocurrency inspired by his daughter Mira, battling a rare condition, reached an $80 million market cap.
The MIRA token, created by a Pump.fun user after Chen’s plea for donations on X, gained rapid traction. A supporter, “Waddles,” transferred 50% of the token supply to Chen, making his stake worth millions.
The funds will benefit the Hankinson Lab at the University of Colorado, specializing in rare brain tumors. Waddles expressed hope that the donation would support meaningful advancements in treatment.
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