XRP Grows 50% in January, and Kraken Relaunches Staking - January 31, 2025
Also, BTC rises past $106K, and USDT returns to Bitcoin.
TL;DR: Crypto Insights in Seconds
BTC: Moves past $106K, but analysts suggest there are three factors required to see ATH.
XRP: Grew 50% in January, and analysts speculate it could touch $4 soon.
Binance: Denied having any ties to Hamas and seeks to dismiss the civil lawsuit.
Bitwise: SEC approves BTC and ETH ETF.
ECB: President dismisses the idea of including BTC on bank reserves.
Czech: Looking into including BTC in bank reserves.
USDT: Returns to Bitcoin with Lightning Network partnership.
Kraken: Relaunches staking in U.S.
Price Update
Bitcoin Rises Past $106K but Needs Key Catalysts for New Highs
Bitcoin has broken above $106,000, but analysts say three factors are crucial for new all-time highs: sustained institutional demand, increased stablecoin liquidity, and continued macroeconomic support. Without these elements, BTC could face strong resistance before reaching new peaks.
XRP Jumps 50% in January, Raising Hopes for a $4 Target
XRP has surged 50% this month, outperforming most of the crypto market. The rally is fueled by investor optimism and ongoing developments in the Ripple ecosystem. Analysts speculate that if momentum continues, XRP could target $4 in the coming months.
Legal and Regulatory Updates
Binance Denies Ties to Hamas, Moves to Dismiss Civil Suit
Binance has denied having any relationship with Hamas and is seeking to dismiss a civil lawsuit accusing the exchange of facilitating terrorist financing. The company emphasized its commitment to regulatory compliance and anti-money laundering measures.
SEC Approves Bitwise’s First Combined Bitcoin & Ethereum ETF
The U.S. SEC has approved Bitwise’s spot ETF, which includes Bitcoin and Ethereum. This will give investors diversified exposure to the top two digital assets.
ECB President Says Bitcoin Won’t Be in EU Central Bank Reserves
European Central Bank (ECB) President Christine Lagarde dismissed the idea of adding Bitcoin to the EU’s central bank reserves. She argued that Bitcoin lacks the stability and regulatory framework necessary for such a role.
Czech Central Bank Proposes Bitcoin for National Reserves
The Czech National Bank is exploring the possibility of investing in Bitcoin as part of its reserve diversification strategy. Governor Aleš Michl proposed allocating up to 5% of the bank’s €140 billion reserves, citing potential returns despite Bitcoin’s volatility. If approved, the Czech Republic would be the first country to hold Bitcoin in its central bank reserves.
Don’t Miss Anything
Tether Returns to Bitcoin with Lightning Network Partnership
Tether’s USDT stablecoin is integrating with Bitcoin’s Lightning Network through a partnership with Lightning Labs. This will improve transaction speed and scalability for stablecoin transfers on Bitcoin’s blockchain.
Kraken Relaunches Staking in the U.S. After SEC Settlement
Two years after settling SEC charges, Kraken has reintroduced staking services in the U.S. The revamped staking program intends to comply with regulations while providing users with rewards for their crypto holdings.
The market is experiencing positive growth and development. With BTC slowly rising and XRP potential, traders are expecting further gains. Regulatory developments are still key, with some countries presenting resistance and others embracing blockchain. 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.
