In a whirlwind week for the cryptocurrency world, Bitcoin has overtaken silver in terms of assets held in ETFs, Solana is set to launch its second smartphone, and Elon Musk has revealed his personal crypto holdings. The news comes amidst a backdrop of market volatility and regulatory scrutiny.
The introduction of U.S. spot ETFs has caused Bitcoin’s price to plummet by more than 15%, with investors flocking to the new investment vehicles and causing significant outflows from existing funds. Despite the price drop, Bitcoin now holds nearly $30 billion in assets, surpassing silver ETFs which have combined assets of about $11 billion.
In a surprising turn of events, BlackRock has emerged as the largest holder of Bitcoins among ETFs, amassing over 28,000 BTC for its iShares fund. Meanwhile, Solana is gearing up to launch its second crypto smartphone, following the success of its first phone Saga, which sold out in a week after traders discovered it included BONK tokens.
At the World Economic Forum in Davos, AI has taken center stage, overshadowing cryptocurrencies as the dominant topic of conversation. JPMorgan Chase CEO Jamie Dimon used the opportunity to once again dismiss Bitcoin, emphasizing blockchain’s potential while downplaying the leading cryptocurrency.
In a closely watched court battle, Coinbase is facing off against the SEC over conflicting definitions of securities. The outcome of the case could have far-reaching implications for the crypto industry as a whole.
Despite a surge in ransomware incidents and cybercriminals receiving crypto payments, new research shows that illicit cryptocurrency activity is actually on the decline. Chainalysis released its 2024 Crypto Crime Trends report, highlighting a decrease in funds sent to illicit cryptocurrency addresses.
And finally, Elon Musk has revealed his personal crypto holdings, confirming that he still owns Dogecoin, SpaceX holds Bitcoin, and Tesla has just over 10,000 bitcoins worth nearly $500 million. With his social media platform X receiving another money-transmitter license, Musk is poised to revolutionize the world of payments.
That’s a wrap on this week in crypto, stay tuned for more updates in the ever-evolving world of digital currencies.
