Crypto Scoop: Bitcoin Soars to $97,000, Ethereum Trades at $3,200

Bitcoin shattered yet another record this week, soaring to an unprecedented $97,000, while Solana and Ethereum also posted significant gains. In this edition of Crypto Scoop, we cover the following:

• Price moves of top cryptocurrencies
• Stablecoin adoption and Memecoin trends
• Global regulatory developments
• Institutional breakthroughs in blockchain and finance
• NFT sales resurgence and exciting brand collaborations

Price moves of top cryptocurrencies

Bitcoin continued its historic rise this week, reaching a new ATH of $97,000. This rally has been fueled by significant institutional interest, with spot Bitcoin ETFs seeing $255 million in inflows. In fact, BlackRock’s iShares Bitcoin ETF alone accounted for $200 million of the inflows. This pushed Bitcoin’s market cap even higher to $1.89 trillion as it slowly approaches Amazon and Google for the top 5 on the world’s top asset list.

Spot Bitcoin ETFs recorded $1.67 billion in inflows last week, marking six consecutive weeks of positive momentum. The total assets under management for these ETFs now stand at $95.4 billion, representing 5.27% of Bitcoin’s market cap. BlackRock’s iShares Bitcoin ETF (IBIT) leads the way, with historic inflows totalling $29.3 billion. Institutional investors like Paul Tudor Jones have significantly increased their exposure to spot Bitcoin ETFs, further validating Bitcoin’s role as a valuable financial asset.

Ethereum also climbed higher, trading at $3,400 amid $646 million in Ether ETF inflows. Analysts attributed this to the recent Beam Chain upgrade proposal and other factors contributing to the crypto space's positive momentum. This upgrade is expected to enhance Ethereum's scalability and efficiency, all while addressing any of its long-standing concerns with network congestion and high gas fees.

Solana stole the spotlight among altcoins, with its price surging to $243 and achieving a new market cap record of $117 billion. A renewed memecoin frenzy within the network has largely fueled this growth. Notably, Solana-based protocols have dominated fee generation rankings, with several of its DApps reporting their highest or near-highest earnings in mid-November.

Stablecoin Innovations and Memecoin Trends

Sky, formerly known as Maker, launched the USDS stablecoin on the Solana blockchain. The announcement was made via a post on X, mentioning that this new feature will unlock new opportunities for lending, borrowing and trading across the ecosystem's top DeFi platforms. This initiative also aims to enhance Solana's DeFi liquidity and total value locked (TVL), offering $500,000 in USDS rewards to early adopters and liquidity providers.

In a notable transaction, a whale investor withdrew 12,744 SOL from Binance and allocated 11,650 SOL (approximately $2.8 million) to acquire AI tokens, including 10.5 million VVAIFU and 2.08 million AI16Z. This move also highlights the growing interest in AI-related tokens within the Solana ecosystem.

In other news, a trader turned a modest investment of 2 Solana (SOL), valued at around $460, into an impressive $988,000 profit within three hours by trading the newly launched Gen Z Quant (QUANT) memecoin. Although the project was not intended to sustain long-term value, strong community interest unexpectedly drove its price to remarkable heights. 

Contrastingly, a Shiba Inu (SHIB) whale amassed 10% of the total SHIB supply, currently valued at around $2.5 billion. The whale's initial investment of 38 ETH (approximately $10,000 at the time) appreciated remarkably, underscoring the potential for significant returns in the volatile crypto market. However, this concentration of SHIB tokens has sparked discussions within the community about market dynamics and the influence of large holders on price stability. 

At the same time, Wojak-inspired memecoins made a bold marketing move, with billboards promoting their brand appearing across major global cities, highlighting the creative approaches within the memecoin sector to attract wider attention and adoption.

Global Regulatory Developments and Adoption

In the United States, Charles Hoskinson, founder of Cardano, endorsed Coinbase CEO Brian Armstrong for the role of "Crypto-Czar" at the White House. The concept of this position emerged amid discussions around establishing a dedicated government role focusing on digital assets. Hoskinson highlighted Armstrong's extensive experience and resilience in navigating regulatory challenges, emphasising the need for informed leadership to bridge the gap between the government and the crypto industry. 

Meanwhile, a congressional commission proposed a Manhattan Project-style initiative to advance artificial intelligence and cryptocurrency technologies. The aim of this initiative is to foster public-private partnerships and position the U.S. as a leader in innovation. 

China made headlines as a Shanghai court affirmed the legal status of cryptocurrency as virtual property. While crypto trading and mining remain banned, this ruling clarifies individuals' rights to hold and own digital assets under Chinese law, reflecting a nuanced stance toward crypto.

In Japan, lawmakers approved a flat 20% tax on cryptocurrency gains, replacing the previous rate of up to 55%. This move aims to align crypto taxation with traditional financial instruments, signalling a progressive shift toward supporting investor participation.

South Korea also made moves in regulatory discussions, with proposals to implement a 20% crypto tax starting in 2025. Debates centred on exempting smaller investors by raising the taxable threshold, showcasing efforts to balance innovation with fair taxation.

Institutional Breakthroughs in Blockchain and Finance

In a major development, Mastercard and JPMorgan announced a collaboration to create a cross-border payment solution leveraging blockchain technology. By integrating JPMorgan’s Liink network with Mastercard’s Cross-Border Services, the initiative aims to simplify and enhance global payment systems.

Meanwhile, MicroStrategy’s market capitalisation surpassed $100 billion, potentially positioning it to overtake Intel’s current $102 billion market cap. Analysts also noted that the company’s stock briefly became America’s most-traded stock this week, a testament to its strategic focus on digital assets. Since adopting Bitcoin as a strategic reserve asset in August 2020, MicroStrategy's stock has surged by 2,295.74%, significantly outperforming Warren Buffet’s Berkshire Hathaway's 36.02% increase over the same period. These milestones reflect the growing integration of blockchain technology into both corporate and financial ecosystems.

NFT Sales Resurgence and Exciting Brand Collaborations

Recent data shows that the NFT market saw a big resurgence this week, with its weekly sales climbing by 94% to $181 million. Ethereum, Bitcoin, and Solana led the way in NFT trading volumes, with average transaction values increasing to $133. This surge in the NFT market comes amid bullish runs all across the crypto market.

McDonald’s also made headlines, announcing its collaboration with Doodles via an X post. The initiative introduced limited-edition McCafé cups featuring NFT-inspired artwork, bridging traditional consumer engagement with digital collectables. Customers purchasing these cups can access exclusive animated content and digital wearables via the McDonald’s app, marking a significant step in integrating NFTs into everyday consumer experiences.