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Top Stories of The Week
Coinbase CEO calls on countries to establish Bitcoin reserves
Brian Armstrong, CEO of US-based cryptocurrency exchange Coinbase, has endorsed plans for global leaders to create Bitcoin strategic reserves.
In a Jan. 17 blog post on “economic freedom,” Armstrong said cryptocurrencies were “the next chapter of capitalism,” offering suggestions for policymakers to integrate digital assets into their economies in 2025.
The Coinbase CEO’s ideas included crypto-friendly laws, government efficiency, special economic zones, and the establishment of a Bitcoin reserve as a hedge against inflation.
“The next global arms race will be in the digital economy, not space,” Armstrong speculated. “Bitcoin could be as foundational to the global economy as gold and will become central to national security in a world where holdings of Bitcoin can shift the balance of power among nation-states.”
SEC charges Digital Currency Group for misleading investors
The United States Securities and Exchange Commission has charged Digital Currency Group (DCG) and former Genesis Global Capital CEO Soichoro “Michael” Moro with misleading investors about the financial health of Genesis in the aftermath of the Three Arrows Capital (3AC) collapse.
According to the Jan. 17 filing, DCG and Moro have agreed to pay a combined $38.5 million in civil penalties, with DCG liable for $38 million and Moro liable for $500,000.
Moro and DCG agreed to the civil penalties without admitting to or denying any violations of the Securities Act of 1933.
The settlement is the latest chapter in the legal saga of Genesis, which filed for Chapter 11 bankruptcy protection in January 2023 due to a 2022 default by 3AC — a former borrower of Genesis.
Trump plans executive order making crypto a national priority: Report
US President-elect Donald Trump is reportedly expected to sign an executive order designating crypto as a national priority that could come as soon as he re-enters office on Jan. 20.
Bloomberg reported on Jan. 17, citing people familiar with the plans, that the order would mean regulatory agencies would be guided to work with the industry. It could also create a crypto council to advocate the industry’s policy wishes.
The order could be signed on Jan. 20 — Trump’s first day back as president — but it’s not final and could change before it’s made public, the report said.
Trump is widely speculated to be lining up a day-one crypto-related executive order as the local industry heavily backed his campaign, and the incoming president promised that the US would be a “crypto capital.”
The New York Times similarly reported on Jan. 16 that crypto executives had offered input to Trump’s crypto czar, David Sacks, on an executive order covering multiple areas of crypto policy.
US government says funds from 2016 hack should return to Bitfinex
Attorneys for the US government recently submitted a motion requesting that the Bitcoin forfeited as a result of the 2016 Bitfinex hack should be returned to the cryptocurrency exchange.
The Jan. 14 legal filing stipulated the return of approximately 94,643 BTC and unspecified amounts of Bitcoin Cash, Bitcoin Satoshi Vision and Bitcoin Gold generated through hard forks back to the exchange on an in-kind basis.
Ilya Lichtenstein and his wife Heather Morgan, aka Razzlekhan, were both arrested in 2022 and later convicted for the 2016 hack of the Bitfinex exchange, which resulted in the theft of 119,754 BTC.
At the time, the stolen Bitcoin amounted to only $72 million. Today, that same amount of BTC is worth over $11.8 billion — raising debate over Bitfinex’s compensation plan for victims of the hack at the time.
NFTs just had their worst performing year since 2020: DappRadar
The non-fungible token (NFT) market in 2024 had its worst year for trading volume and sales since 2020 — marred by volatility and rising token prices, a DappRadar report has found.
The blockchain analytics platform’s 2024 Dapp Industry Report, published on Jan. 14, said that NFT trading volumes over last year fell 19% from 2023 to $13.7 billion while sales counts dropped 18% to just under 50 million, “making 2024 one of the worst performing years since 2020.”
DappRadar added NFTs saw significant volatility as Q1 trading volumes rose 4% to $5.3 billion compared to Q1 2023. However, the “momentum was short-lived,” according to the report, as volumes dropped to $1.5 billion in Q3 and rebounded to $2.6 billion in Q4.
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $104,304, Ether (ETH) at $3,476 and XRP at $3.30. The total market cap is at $3.31 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Fartcoin (FARTCOIN) at 69.92%, XDC Network (XDC) at 48.40% and XRP (XRP) at 41.17%.
The top three altcoin losers of the week are Ai16z (AI16Z) at 16.25%, Bitcoin SV (BSV) at 7.34% and Sui (SUI) at 6.05%. For more info on crypto prices, make sure to read Cointelegraph’s market analysis.
Most Memorable Quotations
“For the moment, we need regulatory clarity and guidance. We need to see what the laws are looking like coming from the US, and then we will decide.”
Paolo Ardoino, CEO of Tether
“I don’t think anyone is going to lose money buying here at $90,000. If they’re trying to time this, maybe they get lucky, and it goes to $70,000.”
Tom Lee, chief investment officer at Fundstrat Capital
“Perhaps no other single entity bears as much responsibility as Huione Guarantee for the global cyber scam epidemic, which has ruined countless lives.”
Elliptic, blockchain analytics firm
“AI agents are expected to take on a more prominent role within decentralized communities.”
J.D. Seraphine, CEO of Raiinmaker
“2024 was likely a record year for inflows to illicit actors as these figures are lower-bound estimates based on inflows to the illicit addresses we’ve identified up to today.”
Chainalysis, blockchain analytics firm
“This news brought smiles to the faces of crypto investors, signaling a positive shift for risk-on markets. As the data painted a favorable macroeconomic picture, the crypto market experienced a strong rally.”
Burakkesmeci, CryptoQuant contributor
Top Prediction of The Week
Bitcoin price still on track for $180K in 2025: Interview with Filbfilb
Bitcoin hitting $130,000 would be a great result for the current bull market, pseudonymous longtime trader and analyst Filbfilb says.
In his latest interview with Cointelegraph, the co-founder of trading suite DecenTrader gave his predictions on where BTC price action may be headed this cycle.
Bitcoin is bouncing back after a trip to two-month lows and is holding well above $100,000 as of Jan. 17, per data from Cointelegraph Markets Pro and TradingView.
For Filbfilb, good things lie in wait — especially with the incoming US government administration under President-elect Donald Trump.
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Pro-Bitcoin and pro-crypto policies could well offer a short-term market impulse, but it may not all be smooth sailing — any talk of trade wars, for instance, could strike a punishing blow to the risk-asset bull run.
That said, BTC/USD should lead the pack, with Bitcoin even hitting new highs in crypto market dominance, Filbfilb said.
“I see no evidence based on previous cyclical data which would imply that Bitcoin has topped for now. Clearly, it might be different this time, but I think there’s a reasonable argument that Bitcoin could go on toward the $180,000 target I had been looking at in early 2023,” Filbfilb told Cointelegraph.
Top FUD of The Week
US consumer finance watchdog sued for treating digital wallets like banks
Two technology trade groups have filed a lawsuit against the US Consumer Financial Protection Bureau, challenging its push to treat payment apps and digital wallets like banks.
The complaint, filed on Jan. 16 by TechNet — a bipartisan network of technology CEOs and senior executives — and internet freedom activist group NetChoice, opposes a rule issued by the Consumer Financial Protection Bureau (CFPB) in December.
The rule expands CFPB’s supervisory authority over “general-use digital consumer payment applications,” targeting larger participants such as payment apps, digital wallets and other nonbank financial service providers.
The 259-page rule does not include crypto waller providers or decentralized wallets but aims to target large non-bank companies.
Upbit crypto exchange receives suspension notice in South Korea
Upbit, one of the largest cryptocurrency exchanges in South Korea, has reportedly received a suspension notice for alleged Know Your Customer violations.
The Financial Intelligence Unit (FIU) of South Korea’s Financial Services Commission has notified Upbit of possible punitive measures, according to a Jan. 16 report by Naver.
As part of the measures, the authorities seek to suspend new user registrations on Upbit for six months, with existing users unaffected.
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I spent a week working in VR. It was mostly terrible, however…
According to the report, Upbit can submit its feedback on the restrictions to the FIU by Jan. 20. The authority plans to make a final decision on the penalty on Jan. 21.
Yuga Labs faces backlash over CryptoPunks IP sale rumors
The CryptoPunks community is in turmoil over rumors that Yuga Labs may be considering selling the intellectual property (IP) rights of the CryptoPunks non-fungible token (NFT) collection.
The rumor, which stemmed from a Jan. 14 post on X by pseudonymous Azuki researcher Wale.moca, has stirred a backlash among fans and industry voices.
According to Wale.moca, “several sources close to the matter” suggested that Yuga Labs could be “in the process” of selling the CryptoPunks IP. Yuga Labs acquired the IP rights to 423 CryptoPunks NFTs from Larva Labs in March 2022.
Greg Solano, Yuga Labs’ co-founder, addressed the rumors on X. He said:
“A lot of people have approached us, esp[ecially] in the last few months. […] Doesn’t mean we are doing anything.”
Top Magazine Stories of The Week
Stablecoin for cyber-scammers launches, Sony L2 drama: Asia Express
Alleged marketplace for cyber scammers launches USDH stablecoin, Sony’s new blockchain freezes memecoin contracts, and more.
Sex robots, agent contracts a hitman, artificial vaginas: AI Eye goes wild
Six bizarre stories of AI gone wild, from sex robots to agents contracting a hitman, plus a couple of serious ones: AI Eye
Bitcoin vs. the quantum computer threat: Timeline and solutions (2025–2035)
Quantum computers aren’t an imminent threat to Bitcoin, and it won’t affect all wallets — but it is a real problem and there are solutions.
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Editorial Staff
Cointelegraph Magazine writers and reporters contributed to this article.
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