An analyst predicts that Ethereum (ETH) may outperform Bitcoin (BTC) in early 2025, potentially sparking a larger altcoin surge within the Ethereum ecosystem. In other cryptocurrency developments, Bitcoin and Ether exchange-traded funds in the United States have recorded $38.3 billion in net inflows for 2024. The Internal Revenue Service has introduced new regulations, requiring brokers to report digital asset transactions, specifically targeting front-end platforms such as decentralized exchanges. These rules are set to take effect in 2027.
In other news, Animoca Brands’ co-founder Yat Siu’s X account was hacked and used to promote a fake token, indicating a rise in similar hacking incidents. Meanwhile, MicroStrategy is seeking shareholder approval to issue more shares to fund additional Bitcoin purchases. On a less positive note, cryptocurrency hacks have surged by 40% in 2024, amounting to over $2.3 billion in losses.
Bitcoin’s price stands at $94,337, with Ethereum at $3,317, and the total market capitalization reaching $3.28 trillion. Among the top 100 cryptocurrencies, Bitget Token, Virtuals Protocol, and GateToken emerged as the week’s biggest gainers, while Ethena, Ondo, and Aptos were the top losers.
Notable quotes this week include insights from Blockstream’s Adam Back and MicroStrategy’s Michael Saylor on the future role of digital assets in the financial system. Additionally, Montenegro’s Justice Minister has approved the extradition of Terraform Labs co-founder Do Kwon to the United States, a decision that follows a complex legal process. Meanwhile, uncertainties remain regarding Tether’s compliance with upcoming European Union regulations.
James Howells, an IT engineer, continues his legal battle to recover a hard drive containing 8,000 Bitcoin, worth approximately $773 million, that he accidentally disposed of. His case demonstrates the enduring challenges associated with lost cryptocurrency assets.
Overall, these developments highlight both the growing integration of cryptocurrencies into the financial system and the ongoing challenges posed by regulatory changes and cybersecurity threats.
