Weekly Crypto Recap: Jupiter’s Major Updates, Elon Musk’s Blockchain Plans, and MicroStrategy’s Bitcoin Accumulation

This week in the crypto world, major developments emerged, ranging from Jupiter DEX’s significant platform update to Elon Musk exploring blockchain solutions for government efficiency. Meanwhile, MicroStrategy continued its Bitcoin accumulation strategy, and Ledger’s co-founder was rescued from a kidnapping incident in France.

Bitcoin Hits Record High of $109,114

Bitcoin reached a new all-time high on January 20, surging to $109,114 before settling at around $105,000 as of press time. Despite President Trump’s crypto-friendly reputation, cryptocurrency was notably absent from his inauguration speech. Meanwhile, meme coins experienced a downturn, as some lost significant value over the weekend.

Jupiter DEX Unveils Major Platform Updates at ‘Catstanbul 2025’

Jupiter, the decentralized exchange (DEX) aggregator on Solana, made waves at its ‘Catstanbul 2025’ event in Turkey, unveiling significant updates to its platform. These changes followed a recent $600 million community airdrop and an agreement with Moonshot. The platform introduced a new ‘V2’ redesign, returning to beta status as it implements additional features.

David Sacks Calls NFTs and Meme Coins ‘Collectibles’

David Sacks, the new White House crypto advisor, defined non-fungible tokens (NFTs) and meme coins as “collectibles,” rather than securities or commodities, in a Fox Business interview. Drawing a comparison to baseball cards and stamps, Sacks specifically mentioned the Official Trump meme coin. The value of the Trump coin fell further over the weekend as market interest waned.

Elon Musk Explores Blockchain for Government Efficiency

Elon Musk, now head of Trump’s Department of Government Efficiency (DOGE), is reportedly looking into using blockchain technology to improve transparency and track government expenditures. The DOGE website, which initially featured the Doge meme logo, removed the image, causing fluctuations in the price of Dogecoin. Musk’s potential blockchain implementation could have a significant impact on government efficiency.

Trump Meme Coin Faces Investigation Amid Profit Disparities

A Chainalysis report revealed that a small group of whale investors had realized substantial profits from the TRUMP token, with around 60 whale wallets each profiting over $10 million. In contrast, many retail investors remain at break-even. Senators Elizabeth Warren and Jake Auchincloss have since called for an investigation into the Trump meme coin, citing concerns about consumer protection and national security.

Vitalik Buterin Criticizes ‘Politician Coins’

Ethereum founder Vitalik Buterin condemned cryptocurrencies issued by politicians, calling them “a perfect bribery vehicle.” He explained that buying and holding these coins effectively increases the value of politicians’ holdings, while people can claim to be speculating rather than directly donating to the politicians behind the coins.

Ivanka Trump Warns About Fraudulent Cryptocurrency Using Her Name

Ivanka Trump issued a public warning regarding an unauthorized cryptocurrency token using her name and likeness. Branded as ‘$IVANKA,’ the token was being used for potential fraud, with Ivanka making it clear that she had no involvement with the project and urging consumers to be cautious.

MicroStrategy Continues Bitcoin Accumulation Amid Debt Management

MicroStrategy, under CEO Michael Saylor, announced plans to manage its $1.05 billion in corporate debt tied to its Bitcoin holdings. The firm has amassed 461,000 Bitcoin, valued at nearly $49 billion, and remains committed to its Bitcoin strategy, recently adding $1 billion worth of Bitcoin to its portfolio.

ANIME Coin Reaches $350 Million Market Cap After Launch

ANIME, the token supporting the Azuki NFT ecosystem, skyrocketed to a market cap of over $350 million within 24 hours of launch. The token has a total supply of 10 billion, with 37.5% allocated to the Azuki community and 13% set aside for future DAO management.

Ledger Co-Founder Rescued After Kidnapping in France

David Balland, co-founder of cryptocurrency wallet company Ledger, was successfully rescued following a kidnapping incident in central France. Balland and his wife were taken from their home and held at separate locations by kidnappers demanding a cryptocurrency ransom from another Ledger co-founder. The rescue operation was reported by Paris Prosecutor Laure Beccuau.

Ross Ulbricht Thanks Trump for Presidential Pardon

Ross Ulbricht, the founder of the Silk Road darknet marketplace, expressed gratitude to President Trump for his full pardon, which came after Ulbricht had been sentenced to two life sentences plus 40 years for his role in operating the illegal marketplace. Ulbricht thanked Trump for giving him back his “life and future” in a video posted to X.

Bitcoin Whales Resume Accumulation After January Lull

Large Bitcoin holders have resumed their accumulation strategies after a period of profit-taking earlier in January. According to CryptoQuant data, the monthly growth of holdings increased from -0.25% on January 14 to +2% by January 17, signaling renewed institutional confidence in Bitcoin.

North Korean Hackers Suspected in $70M Phemex Breach

Phemex, a Singapore-based cryptocurrency exchange, suffered a $70 million breach, with blockchain security experts suspecting North Korean state-sponsored hackers were behind the attack. The exchange temporarily halted withdrawals after detecting suspicious activity, with losses initially reported at $30 million before escalating.

WazirX Wins Singapore Court Approval for Restructuring

The Singapore High Court granted approval for cryptocurrency exchange WazirX to proceed with its restructuring plans following a $230 million hack in 2023. The exchange intends to distribute funds to creditors within 10 business days once the restructuring plan receives final approval.

Binance’s CZ Plans Return to Investment Role

Changpeng “CZ” Zhao, former CEO of Binance, plans to take on an active role at YZi Labs (formerly Binance Labs), a family office investment vehicle. YZi Labs, which will expand its investment scope beyond crypto into AI and biotech, marks a new chapter for CZ following his release from prison on money laundering charges.

SEC Forms Crypto Task Force Under New Leadership

The SEC, under the leadership of Acting Chair Mark Uyeda, has created a new crypto task force aimed at developing a comprehensive regulatory framework for the digital asset market. Commissioner Hester Peirce, a vocal advocate for crypto-friendly policies, will lead the initiative.

As the week comes to a close, the crypto industry continues to experience significant developments, with regulatory pressures, new blockchain initiatives, and ongoing accumulation by institutional investors shaping the landscape. Keep an eye on these evolving stories as they could have far-reaching implications for the market in the months ahead.