Weekly Crypto Recap: Bitcoin Eyes 2025, Key Updates from Around the Globe

As 2024 draws to a close, the cryptocurrency market sets its sights on 2025 with major headlines dominating the space. Here’s the latest from the week.
Bitcoin’s Santa Rally Fizzles, Price Drops to $94,830
Bitcoin failed to deliver a year-end rally, retreating to $94,830, a 12% decline from its December peak. Trading volumes also fell sharply, with CoinGecko reporting a drop from $41 billion on Dec. 28 to $22 billion on Dec. 29.
Historical trends reveal Bitcoin’s performance in January has been mixed, with gains in only six of the last ten years. However, February has historically fared better, showing losses only twice in the same period.
Terraform Founder Do Kwon to Be Extradited to the U.S.
Montenegro’s Justice Ministry has signed off on the extradition of Terraform Labs founder Do Kwon to the United States. The decision follows a lengthy legal battle involving South Korea, which also sought Kwon’s extradition.
Separately, FTX’s former executive Ryan Salame had his prison term reduced. Initially sentenced to 7.5 years for his role in the exchange’s collapse, Salame’s revised release date is now March 2031.
Cambodia Embraces Stablecoins, Japan Rejects Bitcoin in Reserves
Cambodia’s central bank has approved the use of stablecoins like USDC and USDT for licensed financial institutions, while maintaining restrictions on unbacked cryptocurrencies.
Meanwhile, Japan’s government clarified it will not include Bitcoin in its foreign exchange reserves, citing concerns over volatility and adoption.
MicroStrategy Buys More Bitcoin, Surpasses $561 Million
MicroStrategy, under Michael Saylor’s leadership, continued its Bitcoin buying spree, adding $561 million worth of BTC. The company remains the largest corporate Bitcoin holder and has emerged as the best-performing crypto stock of 2024, with shares up 402% this year.
Crypto Headlines: Solana Drama, NFT Declines, and Token Burns
- Legal Action at Solana Labs: Co-founder Stephen Akridge faces allegations from his ex-wife of withholding staking rewards worth millions of dollars.
- BONK’s Massive Token Burn: BONK holders celebrated “BURNmas” by destroying 1.69 trillion tokens, valued at $51 million, representing 1.8% of its total supply.
- NFT Market Slump: Weekly NFT sales volumes fell by 50%, reflecting waning enthusiasm in the digital collectibles space.
Russia to Ban Crypto Mining in 2025
Russian authorities announced a mining ban effective from Jan. 1, 2025, through March 15, 2031. Officials attribute the decision to energy shortages and subsidized electricity in certain regions.
Binance Leads $10 Million Investment in Stablecoin Project
Binance Labs and Kraken Ventures led a $10 million funding round for Usual, a decentralized stablecoin issuer focused on fiat-backed real-world assets.
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