By Shikha Singh
NFTs Just Had Their Worst Performing Year Since 2020.
The NFT market in 2024 saw a significant decline, experiencing its worst trading volume and sales since 2020, according to DappRadar’s report.
NFT trading volumes dropped 19% to $13.7 billion, while sales counts fell 18% to just under 50 million.
The market showed volatility, with Q1 trading volumes rising to $5.3 billion before dropping sharply in Q3 to $1.5 billion, then recovering to $2.6 billion in Q4.
Despite these challenges, the NFT market faced rising token prices, particularly for Ethereum, which contributed to fewer sales as NFTs became more expensive.
In contrast to the struggles of NFTs, the broader crypto market, driven by Bitcoin’s 125% rise in 2024, showed strong growth.
Chainlink Launches Cross-Chain Token (CCT) Standard.
On January 15, Chainlink launched the Cross-Chain Interoperability Protocol (CCIP) v1.5, now live on the mainnet, allowing developers to deploy Cross-Chain Tokens (CCTs) across more than 20 blockchains easily and securely.
The upgrade introduces a new CCT standard, offering enhanced controls, zero-slippage transfers, and simplified token integration without requiring a specific CCIP code.
To assist developers in managing CCTs and ensuring secure transactions, we added a CCIP Token Manager and Smart Accounts.
The upgrade aims to increase liquidity access and drive DeFi adoption across the multi-chain ecosystem. In early January, Chainlink partnered with Ripple to promote its stablecoin, RLUSD.
Following the announcement, Chainlink’s native token, LINK, saw a 6% price increase, reaching $20.60, bolstered by whale activity.
FTX Plans $32.35 mn Solana Liquidation Redemption in January.
FTX/Alameda completed its January 2025 Solana (SOL) redemption, withdrawing 182,421 SOL worth $32.35 million from its staking address.
This is part of a consistent monthly redemption pattern that started in November 2024. The redemptions typically occur between the 12th and 15th of each month, with the amount fluctuating based on SOL’s price.
For instance, December’s redemption was worth $41.46 million, while October’s was the highest at $128 million due to higher SOL prices.
Over the past few months, FTX has redeemed 4.445 million SOL, totaling over $516 million. The tokens are distributed across multiple addresses to avoid significant market disruption. Major exchanges like Binance and Coinbase receive many of the redeemed tokens.
Mosaic Exchange CEO Fined $1.1 mn by CFTC Over Alleged Investor Fraud.
Mosaic Exchange Ltd. and its CEO, Sean Michael, have been fined over $1.1 million and banned for life from CFTC-regulated markets after being accused of defrauding investors.
Between February 2019 and June 2021, they misled 18 investors, falsely claiming to control tens of millions in assets, guarantee steady profits through advanced trading algorithms, and have partnerships with exchanges.
The court found these claims were fraudulent and that investors’ funds were misused for personal expenses.
Mosaic and Michael must pay restitution, cover fraud proceeds, and face a civil penalty. The case serves as a warning for the crypto industry about the need for transparency and accountability.
USDC and FDUSD Outpace USDT Growth And Activity Levels In Post-MiCA Trading.
Tether’s USDT, historically the dominant stablecoin in the cryptocurrency market, is facing increasing competition from Circle’s USDC and Binance’s FDUSD.
In the past month, USDC’s supply grew by $954 million, outpacing USDT’s growth of $792 million. The MiCA regulations in Europe, in effect since December 2024, contribute to USDC’s rise, benefiting stablecoins that comply with them.
FDUSD, in particular, has seen rapid adoption, now accounting for 48% of the trading volume in BTC pairs on Binance, surpassing USDT’s 42% share.
Trump’s Family Crypto Venture World Liberty Financial Exchanges, More WBTC for ETH and USDT.
Blockchain analytics firm Arkham Intelligence has identified several significant transactions involving a wallet believed to be associated with Donald Trump’s family crypto venture, World Liberty Financial. The wallet exchanged over $9.9 million worth of WBTC for ETH and USDT and transferred nearly $40 million in ETH to Coinbase Prime. Trump established World Liberty Financial in September, alongside his sons, to promote a decentralized finance initiative centered around the WLFI token.
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