An analyst predicts that Ethereum may surpass Bitcoin’s performance at the start of 2025, potentially sparking a broader altcoin surge within the Ethereum ecosystem. In other news, the U.S. Treasury’s Internal Revenue Service (IRS) has set final regulations on digital asset transactions, mandating that brokers report activities conducted on front-end platforms like decentralized exchanges starting in 2027. This initiative will require the disclosure of gross proceeds from cryptocurrency sales and associated taxpayer information.
In the financial realm, U.S.-listed Bitcoin and Ethereum exchange-traded funds (ETFs) have collectively attracted $38.3 billion in net inflows during 2024. The iShares Bitcoin Trust by BlackRock led the pack with substantial contributions, alongside Fidelity and ARK. However, the momentum eased slightly towards year-end with $1.33 billion in outflows since December 19.
Elsewhere in the crypto sphere, Yat Siu, co-founder of Animoca Brands, experienced a security breach when his X account was hacked to promote a fake token. This incident aligns with a series of similar hacks targeting crypto accounts.
Meanwhile, MicroStrategy is preparing to buy more Bitcoin by expanding its equity-issuance plan, as approved by a special shareholders’ meeting. In 2024, crypto hacks led to the loss of $2.3 billion, a 40% increase from the previous year, highlighting a significant security concern as Bitcoin’s value surpassed $100,000.
By the week’s end, Bitcoin stood at $94,337, Ethereum at $3,317, and XRP at $2.14, with a total market cap reaching $3.28 trillion. Bitget Token, Virtuals Protocol, and GateToken were among the week’s top gainers, while Ethena, Ondo, and Aptos faced losses.
Notably, Montenegro has approved Do Kwon’s extradition to the U.S., while Tether’s compliance with European Union regulations remains a point of contention ahead of the EU’s Markets in Crypto-Assets Regulation taking full effect. Lastly, in a unique legal battle, IT engineer James Howells is fighting to recover $773 million worth of Bitcoin keys accidentally discarded in a landfill.
