Crypto Scoop: Bitcoin ETFs Surpass $20 Billion Market Cap, Tether Reaches $120 Billion, Amid Global Surge in Crypto Initiatives

This week in crypto: Record market caps, SEC hacker arrest and more. In this week’s Crypto Scoop, we explore:

• Price moves of top cryptocurrencies
• Tether and TON Coin Attain Major Milestones
• Blockchain Innovation and Global Crypto Adoption Shifts
• Telegram Introduces NFT Conversions for Gifts

Price Moves of Top Cryptocurrencies

Bitcoin (BTC) briefly surged to $68,000 this week, while Ethereum (ETH) remained steady at around $2,637 as anticipation for the upcoming 'Surge' upgrade grew and Solana (SOL) dropped to $152.

Bitcoin Exchange Traded Funds (ETFs) reached a milestone by crossing the $20 billion mark in total net inflows despite the coin's downward trend since March of this year when it reached its yearly all-time high of around $73,000. This, accompanied by the continuous accumulation of BTC by crypto whale wallets, showcases the sentiment that investors may foresee Bitcoin to make a bull run. 

Meanwhile, the United States Securities and Exchange Commission (SEC) recently approved applications to list options for Bitcoin ETFs, which will be traded in the same category as other commodity-based ETFs.

Separately, the FBI arrested a man accused of hacking the official X account of the SEC in January, posting a misleading message with claims of SEC Bitcoin ETFs approval, leading to a spike in the coin’s price.

Tether and TON Coin Attain Major Milestones

According to Tether, the world’s largest stablecoin, the USDT, hit a record $120 billion in net circulation. This news follows a US Federal Reserve Bank Governor stating that stablecoins (like the USDT) have the potential to reduce payment costs worldwide if appropriate guardrails to minimise run risk and mitigate other risks are in place. 

Meanwhile, analysts say TONCoin has hit a major milestone by surpassing 100 million unique holders after its Hamster Kombat airdrop, which attracted over 300 million participants. This has been driven by the token's integration with Telegram’s blockchain features, which has shown the rising role of blockchain within social media and gaming.

Stripe is also making a major return to crypto, reportedly in talks to acquire stablecoin platform Bridge. This news follows its integration of Circle’s USDC. Meanwhile, Ethereum’s Layer-2 network Base, developed by Coinbase, has surpassed Arbitrum in total value locked (TVL).

Blockchain Innovation and Global Crypto Adoption Shifts

According to a Chainalysis report, the Central and Southern Asia and Oceania (CSAO) region processed $750 billion in cryptocurrency inflows between July 2023 and July 2024, ranking third globally. India, Indonesia, and Singapore lead the way, with India still topping global rankings.

Concurrently, HUMBL has made headlines by securing a U.S. patent for its blockchain-based payment technology. The patented system aims to facilitate digital-to-fiat transactions globally without intermediaries, which has the potential to transform blockchain-based payment systems. In a statement, HUMBL CEO Brian Foote highlighted the company's ambitions after overcoming a four-year regulatory process.

Additionally, with the U.S. seeing record Bitcoin ETF activity, stablecoin adoption has since slowed in 2024. The share of stablecoin transactions on U.S.-regulated exchanges dropped below 40%, while non-U.S. platforms now handle over 60% of stablecoin activity. This should come as no surprise as it reflects a growing demand for U.S. dollar-backed stablecoins in emerging markets facing inflation and currency volatility along with regulatory uncertainty in the U.S. 

In the meantime, this has enabled Europe and the UAE to attract more stablecoin projects due to their more favourable regulatory environments. For example, countries like Ireland have had their central banks approve 15 virtual asset companies like Gemini, Ripple, and Coinbase. With Coinbase agreeing to remove non-compliant stablecoins from its platform in the region to comply with European regulations.

Telegram Introduces NFT Conversions for Gifts

Telegram is making strides into the NFT space by introducing a new feature that allows customers to convert Gifts into NFTs. Telegram's CEO, Pavel Durov, announced that the platform's recently launched Gifts can be used within Telegram and will soon support NFT conversions. These limited-edition Gifts can then be tokenised on the blockchain, which would allow customers to trade and auction them outside of Telegram, with games like Hamster Kombat planning to integrate NFTs in Season 2, have enhanced engagement on the platform by offering immersive experiences and using NFTs as in-game assets. Simultaneously, Mysten Labs exec has stated that gaming can be a playground for developers and technologists alike to explore Web3.