Crypto Scoop: Bitcoin Trades at $97K as ETH Climbs to $3,600

This week in crypto, Bitcoin traded at $95,000, major global regulatory developments took shape, and exciting strategic partnerships emerged in gaming and blockchain. In this edition of Crypto Scoop, we talk about:

• Price moves of top cryptocurrencies
• Tether’s stablecoin initiatives
• Global regulatory updates and adoption highlights
• Institutional breakthroughs in blockchain and finance and more

Price Moves of Top Cryptocurrencies

After hitting an all-time high of $99,600 last week, Bitcoin dropped to $95,000 this week. Midweek, BTC briefly fell to $91,000, resulting in $470 million worth of liquidations across the market. Despite the drop, trading activity continues to thrive, showcasing the market’s resilience through and through.

MicroStrategy continued its aggressive Bitcoin acquisition strategy, purchasing $5.4 billion worth of BTC in its latest move. As the largest corporate holder of Bitcoin, MicroStrategy has positioned itself as a leader in institutional Bitcoin adoption, demonstrating unwavering confidence in the asset despite market volatility.

Ethereum also had a strong week, with prices climbing above $3,700 as whale activity reignited interest. According to an X post from Lookonchain, a major Ether holder sold off $1.3 billion worth of ETH that had been dormant in their wallet for over 8 years.

Meanwhile, Ethereum’s Layer-2 networks continue to thrive, with total value locked (TVL) across these networks surpassing $51 billion, growing by 205% year-over-year as they address Ethereum's congestion and scalability challenges.

Solana bounced back from a recent dip, surging to $237. The network’s decentralised exchanges (DEXs) recorded a remarkable $100 billion in trading volume throughout November, surpassing Ethereum’s activity for the month. Solana’s growing DeFi ecosystem and increasing adoption among developers and users underscore its continued momentum.

Tether Mints $3 Billion in USDT as Solana’s Memecoins Surge

Tether, the issuer of the world’s largest stablecoin (USDT), minted an additional $3 billion in USDT across Ethereum and Tron. This increased supply brought the total circulating USDT to over $134 billion, reflecting heightened demand as trading activity surged in the broader cryptocurrency market.

In other news, Tether has revealed plans to discontinue its euro-pegged stablecoin, EURt, by November 2025. This decision aligns with the EU’s forthcoming Markets in Crypto-Assets (MiCA) regulations as Tether shifts its focus to developing compliant and innovative stablecoin products.

Meanwhile, the Solana ecosystem has seen a surge in memecoin activity, capturing attention across the crypto community. ChillGuy, a Solana-based memecoin inspired by a viral TikTok trend, experienced an 80% rally, reaching an all-time high of $0.65. Its rapid rise, driven by social media buzz and key exchange listings, reflects the unpredictable yet vibrant nature of memecoin markets.

Dogecoin also made waves as it surpassed luxury automaker Porsche in market capitalisation. The token’s valuation reached $57.8 billion, sparked by the launch of a Dogecoin-based exchange-traded product (ETP) and Elon Musk’s continued endorsements.

Lastly, XRP also made waves as it recorded an impressive 30% in weekly gains.

Global Regulatory Developments and Adoption

In the United States, Gary Gensler announced he would be stepping down from his role as Chairperson of the U.S. Securities and Exchange Commission (SEC) effective January 20, 2025. His tenure was characterised by a rigorous approach to crypto regulation, resulting in over 100 regulatory actions against crypto companies. His resignation comes as the regulatory landscape in the U.S. continues to evolve, with ongoing efforts to address the complexities in the crypto industry.

Elsewhere in the U.S., Texas lawmakers are exploring the idea of establishing a Strategic Bitcoin Reserve, mirroring a similar proposal under consideration in Brazil.

Brazil made waves as Congress considered a proposal to establish a Sovereign Strategic Bitcoin Reserve. If passed, this initiative would position Bitcoin as a key part of the country’s financial strategy, acting as a hedge against global risks. With Bitcoin’s growing reputation as a store of value, Brazil’s move could make it a leader in crypto adoption across Latin America.

In Africa, Morocco’s Central Bank made headlines when it announced that it is drafting laws to legalise cryptocurrencies. This is a notable shift from its historically cautious approach to digital assets, with this legislation marking a significant step toward regulating and embracing blockchain technology in the region, potentially unlocking new economic opportunities.

In Europe, the United Kingdom’s crypto ownership has surged, with 12% of UK adults now holding digital assets. In response, the Financial Conduct Authority (FCA) unveiled plans to finalise comprehensive crypto regulations by 2026. This regulatory framework seeks to balance innovation with investor protection, ensuring the UK remains competitive in the rapidly evolving crypto space.

Moving to Asia, Hong Kong continued its efforts to establish itself as a global crypto hub by proposing tax exemptions for hedge funds and private equity firms investing in cryptocurrency. The proposal aims to attract institutional investors and strengthen Hong Kong’s position as a key player in the global crypto economy.

Despite high tax rates and strict regulations, India has continued to retain its position as the global leader in cryptocurrency adoption. The nation’s growing interest in digital assets is bolstered by a strong retail investor base and increased efforts to develop blockchain-based solutions for financial inclusion.

Lastly, in Singapore, Gulf Bank is reportedly seeking $50 million in funding to acquire a stablecoin payments company. The move reflects the growing institutional interest in stablecoin technologies and their potential to transform cross-border payments.

Institutional Breakthroughs in Blockchain and Finance

In China, SOS Ltd, a financial services company, announced plans to acquire $50 million worth of Bitcoin. The news sent the company’s stock soaring by 40%, highlighting the growing institutional appetite for Bitcoin as a strategic reserve asset. This strategic move aligns with the company’s long-term vision to integrate digital assets into its operations.

Trezor, a leading hardware wallet provider, reported a dramatic 600% increase in weekly sales as Bitcoin approached $100,000. This surge can be attributed to the growing demand for self-custody solutions, as many investors sought secure storage for their assets amid Bitcoin’s rally. On November 22, Trezor recorded its highest single-day sales, surpassing previous records set during the May 2023 bull run.

Finally, a report by Quinlan & Associates and IDA shed light on the potential of non-USD stablecoins to drive broader cryptocurrency adoption. The report highlights that regional stablecoins can address the challenges faced by countries where the U.S. dollar is not the primary currency. By fostering financial inclusion and overcoming fiat onramp limitations, non-USD stablecoins could play a pivotal role in shaping the future of digital payments globally.

NFT Resurgence and Blockchain Gaming Innovations

The NFT market continued to rebound this week, with total weekly sales climbing to $158 million, a 7% increase from the prior week. Ethereum and Solana remained leaders in NFT trading, with average transaction values rising to $133, reflecting renewed investor confidence in digital collectables.

A major announcement came from FIFA, which partnered with blockchain gaming studio Mythical Games to launch FIFA Rivals, a mobile football game powered by blockchain technology. Scheduled for release in 2025, the game will feature real-time gameplay combined with the ability for players to own and trade in-game assets, marking a significant step in bridging traditional gaming and Web3. 

FIFA Rivals will allow players to create and manage their own football clubs, build and enhance line-ups, and compete against others in real-time player-versus-player (PvP) arcade-style matches. The game will use Mythos blockchain, enabling players to own, buy, sell, and trade their favourite football stars, introducing a unique economic element to the gaming experience.