Experts predict Bitcoin could soar to at least $1.5 million by 2035 and about $150k in 2025, especially with Donald Trump's upcoming inauguration, which many believe will positively impact financial markets.
However, the Crypto Fear & Greed Index recently plummeted 19 points to 50, marking its lowest score since October 14 and shifting market sentiment to "Neutral" after three months of "Extreme Greed."
This drop coincided with Bitcoin's price falling below $92,000 on January 9, following news that the US Department of Justice may sell $6.5 billion worth of seized Bitcoin. Despite these fluctuations, 2025 looks promising for the cryptocurrency market. Here are last week's key updates.
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TOP CRYPTO NEWS RECAP (January 05 - 11, 2024)
- Bitcoin Predicted to Hit $1.5 Million by 2035
- US Charges Russian Nationals Over Crypto Mixers Blender and Sinbad
- Bybit Suspends Services in India Amid Regulatory Pressure
- The UK Clarifies Crypto Staking Is Not a Collective Investment Scheme
- Ripple's RLUSD Stablecoin Prepares to Hit Major Trading Platforms
- CFTC Enforcement Director Ian McGinley Steps Down
Bitcoin Predicted to Hit $1.5 Million by 2035
Renowned network economist Timothy Peterson predicts Bitcoin will reach $1.5 million per coin by 2035, citing network growth as the key driver. Peterson, known for accurately forecasting Bitcoin's performance, bases his projection on Metcalfe’s Law, which links network connectivity to value. His model has successfully predicted key Bitcoin price movements, including the 2020 $10,000 floor. While Peterson’s forecast sparks optimism, other analysts caution that Bitcoin may face further short-term corrections, with potential dips to $86,500 or even $77,900 before resuming its upward trajectory.
US Charges Russian Nationals Over Crypto Mixers Blender and Sinbad
The US Justice Department indicted three Russian nationals—Roman Ostapenko, Alexander Oleynik, and Anton Tarasov—for operating crypto mixers Blender.io and Sinbad.io, facilitating money laundering linked to cybercrimes and state-sponsored hacking. Two suspects were arrested in December 2024, while Tarasov remains at large. The mixers allegedly helped launder funds stolen through ransomware and crypto thefts, including the North Korean Lazarus Group's $620M Axie Infinity hack. If convicted, the defendants face over 25 years in prison. US authorities continue targeting illegal crypto-mixing operations globally.
Bybit Suspends Services in India Amid Regulatory Pressure
Bybit, a global crypto exchange, announced a temporary suspension of trading services in India starting Jan. 12, citing regulatory developments. The suspension includes trading, new account openings, and other exchange products, though user withdrawals remain unaffected. Bybit stated the move aligns with its goal of complying with Indian regulations and plans to finalize its registration as a virtual asset service provider in the coming weeks. This follows similar regulatory challenges in Europe and Malaysia, where Bybit ceased operations due to compliance issues.
UK Clarifies Crypto Staking Is Not a Collective Investment Scheme
The UK Treasury amended the Financial Services and Markets Act 2000 to specify that crypto staking does not qualify as a collective investment scheme (CIS), which is heavily regulated. Effective Jan. 31, the update defines "qualifying crypto asset staking" as blockchain transaction validation. Staking, essential for blockchains like Ethereum and Solana, enables users to lock tokens and earn rewards. The amendment resolves legal uncertainty, aligning with the Treasury's November 2024 commitment to establish a comprehensive cryptocurrency regulatory framework by early 2025. Industry leaders welcomed the clarification.
Ripple's RLUSD Stablecoin Prepares to Hit Major Trading Platforms
Ripple's stablecoin, RLUSD, launched in December 2023, will debut on larger exchanges like Coinbase, enhancing its accessibility for investors. Following its initial success on smaller platforms, Ripple aims for global expansion through partnerships and blockchain integrations. Stablecoins, essential in the crypto economy, face competition from major players like Tether and Circle, but Ripple's executives express confidence in RLUSD's growth potential.
CFTC Enforcement Director Ian McGinley Steps Down
Ian McGinley, the Commodity Futures Trading Commission's enforcement director, will step down on Jan. 17, ending a tenure marked by high-profile crypto cases. Appointed in February 2023, McGinley led enforcement actions against Binance, KuCoin, and Falcon Labs, as well as the largest victim recovery in CFTC history following FTX's collapse. Known for prioritizing digital asset regulation, McGinley helped establish the CFTC as a key player in crypto enforcement. His departure paves the way for a Trump-appointed chair to shift the agency’s regulatory agenda potentially.
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