What happened this week in the world of blockchain and cryptocurrencies? The most relevant local and international events, along with engaging background reports, concisely summarized in the weekly review.
Selected articles of the week:
Last week, the victory of presidential candidate Donald Trump gave the crypto markets a significant boost. On the day of the election result, the Bitcoin price shot up to a new all-time high of USD 75,000. The future president’s crypto-friendly agenda promises a much friendlier environment for digital assets over the next four years. However, the price increase following the election has by no means slowed down – on the contrary. Last week, Bitcoin rose further to USD 93,000. And for the first time, alternative cryptocurrencies (‘altcoins’) also caught up.
After a period of consolidation, the Bitcoin price is back above the USD 63,000 mark and thus the 200-day average.
Dogecoin marching towards one dollar
Under Trump’s new administration, Elon Musk will head the ‘Department of Government Efficiency’ – or ‘DOGE’ for short. The name alludes to the internet meme behind the cryptocurrency Dogecoin, which has given the largest memecoin a significant boost of over 100% over the past week. Inspired by the popular dog meme ‘Doge’, the currency was initially created as a joke, but quickly gained traction due to its playful community and low barriers to entry. Its success triggered a wave of other meme-based cryptocurrencies. If Dogecoin follows the largest digital asset to new all-time highs, memecoin could soon march towards the 1-dollar mark that investors have been longing for.
Under Trump’s new administration, Elon Musk will lead the DOGE department, which gave the Dogecoin price a significant boost.
Ripple case continues in 2025
Ripple and the US regulatory authority SEC have been involved in a legal dispute over the cryptocurrency XRP since 2020. After three years, US District Judge Analisa Torres issued a landmark ruling in July 2023 that XRP is not inherently a security when sold to retail investors on public exchanges. However, she also found that the institutional sales of Ripple constituted unregistered securities offerings. For this, Torres imposed a fine of $125 million, far less than the $1.3 billion the SEC had originally sought. However, both parties appealed, delaying the judgement until 2025.
Ripple and the SEC are both appealing parts of a recent ruling on XRP’s classification, with Ripple seeking clarity on security definitions.
Emerging markets at the forefront
Emerging markets such as Africa, Asia and Eastern Europe are experiencing strong growth in the cryptocurrency space. The research arm of global crypto exchange Bitget published a comprehensive study showing the correlation between increasing crypto-related Telegram activity and the global adoption of cryptocurrencies. The data suggests that emerging markets are key regions for attracting crypto users due to the increasing use of Telegram. The study also highlights the importance of Telegram data for understanding the behaviour of crypto communities, identifying trends and predicting changes in emerging markets.
Emerging markets, particularly Africa, Asia, and Eastern Europe, show substantial potential for cryptocurrency adoption, driven by Telegram.
14.5 million USD for Zurich-based infrastructure provider
In addition: Wyden, a provider of institutional infrastructure for the digital asset trading lifecycle, announces the successful completion of its latest funding round. The company raised 14.5 million Swiss francs at an undisclosed valuation. The Series B funding round was led by Truffle Capital, a Paris-based global fintech investment firm. New investors PostFinance, SBI-Sygnum-Azimut Digital Asset Opportunity Fund and FiveT Fintech as well as existing investor C3 Venture Capital also participated.
Wyden, a Swiss provider of institutional infrastructure for digital asset trading, closes a Series B financing round.
