What Happened in the Web3 World This Week?
With the conclusion of the U.S. presidential election, the cryptocurrency market experienced one of its most dynamic weeks of the year. Countries and institutional companies accumulating Bitcoin stood out with their gains during this period. Significant developments in the crypto markets have emerged under the new U.S. administration.
The Road to $100,000 for Bitcoin: All-Time High Record Broken
Donald Trump’s victory in the U.S. presidential election and Elon Musk’s close ties with the new administration, combined with the SEC’s interest rate cuts, pushed Bitcoin to new record highs. After reaching $75,000 at the start of 2024, Bitcoin climbed to $92,000 this week, breaking its all-time high.
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Bitcoin and Crypto Funds Set Records: Total Value Surpasses $116 Billion
Crypto funds received $1.98 billion in net investments during the week of Donald Trump’s presidency, setting a new record. Bitcoin funds maintained their dominant position, while digital asset funds closed positively for the fifth consecutive week. The total value of crypto funds under management reached an all-time high of $116 billion.
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MicroStrategy’s $2 Billion Bitcoin Purchase: Total BTC Nears 280,000
Under Michael Saylor’s leadership, MicroStrategy acquired an additional 27,200 Bitcoins, bringing its total holdings to 279,420 BTC. The company spent $2 billion on this purchase at an average price of $74,463 per Bitcoin. With this acquisition, MicroStrategy's total investment in Bitcoin has reached $11.9 billion.
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Robinhood, Kraken, and Paxos Launch Global Stablecoin Network: USDG Goes Global
Major firms like Robinhood, Kraken, Paxos, and Galaxy Digital have launched the "Global Dollar Network" to accelerate global stablecoin adoption. This network supports Paxos’s USDG stablecoin, which was launched on November 1. Initially available on Ethereum, USDG will become accessible on other blockchains in compliance with regulations.
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$1.8 Billion Legal Battle Between FTX and Binance
FTX’s new management has filed a $1.8 billion lawsuit against Binance and its former CEO, Changpeng Zhao. The lawsuit concerns the 2021 sale of parts of FTX’s international and U.S. operations to Binance. FTX’s management accuses Binance of fraud in the repurchase of these shares and demands $1.8 billion in damages.
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Trump’s D.O.G.E Approval Revives Dogecoin Trading: Transparency Promised by Musk and Ramaswamy
Donald Trump announced the appointment of Elon Musk and Vivek Ramaswamy to lead the Department of Government Efficiency (DOGE). This move led to a 500% increase in Dogecoin’s value. The department aims to reduce government spending and bureaucracy while ensuring transparency in its operations. Activities will be published online, allowing public evaluation of expenditures. Trump stated that this project would run until July 4, 2026.
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El Salvador and Bhutan Lead in Bitcoin Accumulation: Crypto Holdings Surge
Bitcoin’s rally on Monday boosted El Salvador and Bhutan's crypto assets to $500 million and $1.1 billion, respectively. El Salvador owns approximately 5,932 BTC worth $516 million, while Bhutan’s 12,574 BTC represents one-third of its GDP.
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The Secret Behind Cardano’s Rise: Charles Hoskinson Joins Crypto Advisory Board
Cardano founder Charles Hoskinson announced his role on the Crypto Advisory Board under the Trump administration. He plans to focus on crypto regulations throughout 2025, with bipartisan support expected to drive positive developments in the industry.
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