Crypto Scoop: Bitcoin Reaches New ATH of $90,000 as Ethereum Climbs to $3,200

This week, Bitcoin shattered even more records, soaring to an unprecedented $90,000, while Ethereum, Solana, and other altcoins experienced major price gains as well. In this edition of Crypto Scoop, we review the following:

• Price moves of top cryptocurrencies
• Stablecoin adoption growth 
• Global regulatory developments and adoption
• Institutional adoption and strategic partnerships

Price moves of top cryptocurrencies

This week, Bitcoin continued its impressive momentum by reaching a historic all-time high of o $93,000. This bullish run skyrocketed its market cap to $1.81 trillion, lifting the entire cryptocurrency market cap to a whopping $3.12 trillion, surpassing the GDP of France. Notably, Bitcoin climbed to the 7th spot among the world’s top assets, surpassing Saudi Aramco in market value, further solidifying its position as a leading global financial asset.

MicroStrategy, a major advocate of Bitcoin, announced that it raised $2.03 billion through its ATM program and purchased 27,200 BTC, increasing its holdings to a massive 279,420 BTC. Bitcoin’s price surge also brought Wall Street banks billions in paper gains from Bitcoin futures contracts, highlighting the deepening connection between traditional finance and digital assets.

In a recent X post, Onramp Bitcoin co-founder Jesse Myers attributed this rally to factors like institutional interest and post-halving supply shock, with over $2.6 billion in Bitcoin ETF inflows occurring in a single week. BlackRock’s iShares Bitcoin Trust led the pack, announcing $2 billion in inflows, underscoring how institutional investors are increasingly viewing Bitcoin as a viable store of value and portfolio asset. BlackRock also expanded its BUIDL fund to include networks such as Arbitrum, Avalanche, and Polygon, improving accessibility and transaction efficiency for investors.

Ethereum has also been in the spotlight, hitting $3,200 and pushing its market cap to $383 billion. This made Ethereum surpass Bank of America’s market cap while boosting it back into the top 30 most valuable assets in the world at number 29. Investor optimism around Ethereum continues to grow, with record inflows into U.S.-based Ether ETFs reaching $650 million this month. ConsenSys CEO Joe Lubin shared that the recent political shift could lead to friendlier regulatory landscapes, benefiting Ethereum and broader DeFi applications.

Solana has also made headlines, not only for its recent surge to $220 but also for a recent report claiming that Solana surpassed Ethereum’s Real Economic Value (REV) in October—a milestone that was unimaginable just a year ago. With Solana’s DEX platforms handling daily trading volumes over $5 billion, the blockchain is emerging as a serious competitor in the DeFi space, driven by its instant transaction speeds and low fees. Solana’s Total Value Locked has reached a two-year high of 42 million SOL, further strengthening its position as a leading blockchain.

Stablecoin Adoption Grows as Solana Leverages DeFi Potential

Tether recently launched an open-source Wallet Development Kit (WDK), allowing businesses to integrate non-custodial wallets for Tether (USDT) and Bitcoin with ease. Tether CEO Paolo Ardoino stated, "This WDK empowers developers to bring financial autonomy directly to users without relying on third-party custody." This move is expected to boost USDT adoption in applications, websites, and even IoT devices.

Meanwhile, PayPal's USD-pegged stablecoin, PYUSD, has integrated with LayerZero's cross-chain bridging protocol, enabling seamless transfers between Ethereum and Solana. This development allows customers to move PYUSD across these networks without relying on centralised platforms, enhancing the stablecoin's utility in decentralised finance applications.

Adding to the momentum, DeFi Technologies announced SolFi, a Solana-focused investment platform aimed at institutional investors. Through proprietary staking and a Maximum Extractable Value (MEV) engine, SolFi is set to provide higher returns for Solana assets. This mirrors MicroStrategy’s pioneering Bitcoin strategy, and according to DeFi Technologies CEO Olivier Roussy Newton, “SolFi aims to capitalise on Solana’s unique ecosystem and deliver consistent value to investors.”

Global Regulatory Developments and Adoption

Cardano's cofounder recently confirmed he would be undertaking a crypto advisory role under President-elect Donald Trump’s administration. Donald also nominated Bitcoin advocate Matt Gaetz as Attorney General. “This is the best opportunity for regulatory clarity we’ve seen in years,” commented Hoskinson, who plans to establish a policy office focused on crypto advocacy. 

In Latin America and Asia, governments are reaping the rewards of Bitcoin’s price surge. The first country to accept Bitcoin as a federal reserve, El Salvador, saw its Bitcoin holdings climb to $523 million. Reflecting his longstanding confidence in Bitcoin, President Nayib Bukele highlighted the success on X, underscoring his vision of Bitcoin as a tool for financial inclusion, tourism, and foreign investment. 

Bhutan, a country in South Asia, also saw its assets more than double to $1.03 billion. The kingdom’s Bitcoin was revealed to have been accumulated through mining operations when the cryptocurrency traded around $5,000. These early adopters are not only seeing substantial financial gains but are also setting influential examples for other nations exploring crypto as a means to strengthen their nation’s sovereign wealth portfolio.

Meanwhile, Hive Digital has announced a major expansion of its Bitcoin mining capabilities with a new 100-megawatt facility in Paraguay. Powered by Paraguay’s Itaipu hydroelectric dam, this project more than doubles Hive’s mining capacity, showcasing how mining companies are increasingly turning to renewable energy sources to power operations. This move marks Hive’s fourth country of operation, emphasising the global expansion of crypto mining infrastructure and the industry's commitment to sustainable energy sources.

In Europe, Italy recently reconsidered its proposed tax increase on cryptocurrency, reducing it from a planned 42% to a more moderate 28% after strong industry pushback. Economy Minister Giancarlo Giorgetti remarked that the compromise aims to balance revenue generation with supporting investment. This change mirrors a trend across Europe as countries aim to foster innovation while ensuring tax compliance.

Across the world, in Australia, Coinbase has extended its “Stand With Crypto” initiative, which advocates for clearer, more crypto-friendly regulations. Tom Duff Gordon, Coinbase’s VP of International Policy, emphasised the importance of fostering sensible legislation to support the crypto industry. Australian lawmakers, including House Representative Simon Kennedy, have voiced support, signalling potential bipartisan backing for crypto policy reform. This expansion aligns with similar Coinbase initiatives launched in the UK and Canada earlier this year.

Institutional Adoption and Strategic Blockchain Partnerships

AI firm Genius Group made news, as it is looking to adopt a “Bitcoin-first” treasury strategy. The company’s ambitious goal is to keep over 90% of its reserves in Bitcoin, as they have announced an initial purchase goal of $120 million. In a recent press release, Director Thomas Power voiced the firm’s strategy to align itself with crypto powerhouse MicroStrategy by delivering long-term value for its shareholders. Genius Group will also enable Bitcoin payments for its services, like allowing students to learn about Bitcoin and other cryptocurrencies.

In a move that bridges traditional finance and blockchain, Libeara and FundBridge Capital have introduced a tokenised U.S. Treasury bill fund on the Avalanche network. According to Avalanche, this fund enables efficient access to U.S. Treasuries on-chain and is structured to support subscriptions, transfers and redemptions of tokenised US Treasuries. This partnership highlights the expanding integration of decentralised finance with conventional financial assets like Treasury bills.

Meanwhile, Japanese cryptocurrency exchange Coincheck has received approval to list on Nasdaq, making it the first Japanese exchange to go public in the U.S. Through a merger with Thunder Bridge Capital Partners, Coincheck aims to expand its reach and set a precedent for other Japanese exchanges eyeing global markets.