The cryptocurrency market experienced significant turbulence as over $10 billion worth of liquidations occurred within a 24-hour period, largely influenced by macroeconomic factors including trade tensions initiated by the United States. During this time, Bybit CEO Ben Zhou highlighted that the actual liquidation figures could surpass previous estimates, potentially reaching between $8 billion and $10 billion.
Amidst this volatility, the 0G Foundation announced the launch of an $88.88 million fund aimed at fostering the development of AI-powered decentralized finance (DeFi) applications. This initiative, supported by notable Web3 investment firms, seeks to harness the growing capabilities of artificial intelligence within transparent financial systems, according to Michael Heinrich, CEO of 0G Labs.
In other developments, application revenues on the Solana network surged by 213% in Q4 2024, driven mainly by speculation in memecoins, as reported by Messari. Meanwhile, THORChain’s community approved a plan to convert its $200 million defaulted debt into equity to mitigate liquidity challenges.
On the policy front, Federal Reserve Governor Christopher Waller endorsed the integration of regulated stablecoins. He argued that clear regulations would bolster the US dollar’s global dominance by expanding its reach in international trade and finance.
Furthermore, a market overview from Cointelegraph Markets Pro and TradingView indicated that most major cryptocurrencies ended the week with declines, highlighting the persisting instability in the digital asset space.
