BTC Jumps to $100K, and 2024 Was the Worst Year for NFTs - January 16, 2025
Also, SEC delays ETFs decisions, and Sigma Capital $100M fund for Web3.
TL;DR: Crypto Insights in Seconds
BTC: Jumps to $100K and analyst expect a wider growth.
NFTs: Report shows that 2024 was the worst year in sales.
SEC: Delays decision on Bitwise’s ETF.
Thailand: Looking to approve BTC ETFs.
BitMex: Receives $100M fine for bank secrecy act violation.
VanEck: Filed a prospectus for its On-Chain Economy ETF.
Sigma Capital: Announced $100M fund to support Web3 projects.
Price Update
BTC Rally to $100K and Analysts Predict Further Gains
Yesterday, the U.S. CPI report was lower than expected, encouraging a rally in the stock and crypto market. This optimism pushed Bitcoin briefly above the $100,000 mark. Analysts highlight that the rally could extend, especially with a favorable Consumer Price Index report supporting risk-on sentiment. However, they still advise caution since the derivatives market is also signaling heightened volatility ahead of Trump’s inauguration on January 20.
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Market Trends
Report Shows 2024 Was the Worst Year for NFTs
DappRadar's 2024 Dapp Industry Report revealed that NFT trading volumes fell 19% to $13.7 billion, and sales dropped 18% to under 50 million, marking the worst year for NFTs since 2020. Market challenges included rising token prices, volatility, and legal uncertainty. However, some collections, like CryptoPunks saw a surprising 13% price surge, demonstrating the enduring appeal of blue-chip NFT collections. To know more, check our post talking about the legal uncertainty in the industry, and also our 2024-2025 analysis of challenges and trends.
Regulatory and Legal News
SEC Delays ETF Decisions
The SEC has postponed its decision on Bitwise’s proposed crypto index fund conversion to an ETF. This delay adds to the growing list of regulatory roadblocks for ETFs, as the market awaits clarity on several other pending applications.
Thailand Moves Toward Local Bitcoin ETFs
Thailand is reportedly considering approving local Bitcoin ETFs to build up its competitiveness in the global crypto market. If passed, this initiative could position the country as a regional leader for digital asset investments.
BitMEX Sentenced for Bank Secrecy Act Violations
HDR Global Trading Limited, BitMEX's parent company, received two years of unsupervised probation and a $100 million fine for violating the U.S. Bank Secrecy Act. The crypto exchange admitted to lacking an Anti-Money Laundering (AML) program from 2015 to 2020, requiring only user email addresses.
Don’t Miss Anything
VanEck’s On-Chain Economy ETF Proposal
VanEck has filed a prospectus for its “On-Chain Economy ETF” to give investors exposure to companies using blockchain for real-world applications. T
Sigma Capital Commits $100M to Web3
Sigma Capital has announced a $100 million fund to support Web3 projects. The firm plans to focus on decentralized applications, blockchain infrastructure, and tokenized assets.
While Bitcoin’s $100K milestone captures headlines, the focus on ETFs, Web3 investments, and global adoption efforts paints a broader picture of the sector’s rapid growth and transformation. As the market evolves, being informed and adaptable is crucial for investors and participants. Stay tuned for tomorrow’s newsletter to get the latest insights and updates in the market.
