Crypto Weekly Recap: Donald Trump Launches $TRUMP Memecoin; XRP Hits 7-Year High; Coinbase CEO Advocates Bitcoin Reserves; and More (Jan 12–18, 2024)

By MelegaSwap | Fresh Crypto News | 19 Jan 2025


This week, Bitcoin's price soared past $105k as the crypto market gears up for the inauguration of the first American crypto president, Donald Trump. Notably, altcoins like Dogecoin (DOGE) are also on the rise, currently priced at $0.3911, with many anticipating it could hit $1 by the end of January, fueled by market momentum and whale activity.

Additionally, a crypto trader has boldly predicted that Bitcoin could surpass $150,000, labeling its current valuation "silly low." With increasing adoption from nations and corporations, he suggests prices could eventually reach between $250,000 and $400,000.

This is an exciting time for the global crypto market, and the outlook for the remainder of 2025 appears bright. Here are last week's key updates.

Visit our website for transparent and decentralized crypto trading and to list your crypto token for free. For more, follow Melega Finance (@meleganews) on X.

TOP CRYPTO NEWS RECAP (January 12-18, 2024)

  • President-Elect Donald Trump Launches $TRUMP Meme Coin
  • XRP Hits 7-Year High Amid SEC Legal Challenges
  • Coinbase CEO Brian Armstrong Suggests Bitcoin Reserves to US Leaders
  • SEC Charges DCG and Former Genesis CEO for Misleading Investors
  • EU’s DORA Rules Now Apply to Crypto Firms
  • Senate Banking Committee to Prioritize Crypto Regulation Under Tim Scott's Leadership
  • TON Blockchain Eyes Growth in the US Under Trump Administration

President-Elect Donald Trump Launches $TRUMP Meme Coin

On January 18, President-elect Donald Trump introduced his own cryptocurrency token, dubbed $TRUMP. Announced via his X and Truth Social accounts, the meme coin’s market capitalization surged to over $5 billion within hours, with trading volumes exceeding $11 billion. Trump’s company, CIC Digital LLC, holds 80% of the token supply, potentially augmenting his net worth by tens of billions. This move has sparked discussions about potential conflicts of interest as Trump prepares to assume office.

XRP Hits 7-Year High Amid SEC Legal Challenges

 

XRP surged to $3.20 on January 15, its highest price since 2018, as market optimism outweighed concerns over the SEC's latest appeal in its case against Ripple Labs. Despite the SEC's challenge to a 2023 ruling, which deemed XRP sales to retail investors not to be unregistered securities, investors remain positive due to Ripple's partial legal victories and the growing adoption of RippleNet. With regulatory clarity and potential XRP ETFs on the horizon, analysts predict the price could climb further, possibly reaching $14 by 2025.

Coinbase CEO Brian Armstrong Suggests Bitcoin Reserves to US Leaders

Brian Armstrong, CEO of Coinbase, has proposed that global leaders establish Bitcoin reserves as part of economic strategy. In a blog post on January 17, Armstrong called cryptocurrencies "the next chapter of capitalism" and urged governments to integrate digital assets into their economies in 2025. He emphasized that Bitcoin could become as vital to national security as gold. Armstrong also discussed these ideas with President-elect Donald Trump, who reportedly considers crypto a priority in 2025, including a national Bitcoin reserve.

SEC Charges DCG and Former Genesis CEO for Misleading Investors

The U.S. Securities and Exchange Commission (SEC) has charged Digital Currency Group (DCG) and former Genesis CEO Michael Moro for misleading investors about Genesis’ financial stability following the collapse of Three Arrows Capital (3AC). The SEC claims that DCG and Moro misrepresented the company’s efforts to manage losses tied to 3AC's default. DCG will pay $38 million as part of a settlement, while Moro will pay $500,000 without admitting violations. This is part of the ongoing fallout from Genesis' Chapter 11 bankruptcy filing in 2023.

EU’s DORA Rules Now Apply to Crypto Firms

As of January 17, the European Union's Digital Operational Resilience Act (DORA) applies to cryptocurrency businesses, requiring them to enhance cybersecurity and risk management. DORA expands the EU's Markets in Crypto-Assets Regulation (MiCA) and mandates that crypto service providers maintain detailed records of third-party IT contracts. This aims to strengthen resilience against disruptions like cyberattacks. Firms, including those licensed under MiCA, must ensure operational resilience, secure governance, and continuity of services, impacting both crypto exchanges and asset issuers like Circle.

Senate Banking Committee to Prioritize Crypto Regulation Under Tim Scott's Leadership

Republican Senator Tim Scott, now chair of the US Senate Banking Committee, announced that developing a regulatory framework for digital assets would be a key priority in the 119th Congress. Scott emphasized creating policies for financial inclusion and fostering opportunities in the US. He criticized SEC Chair Gary Gensler for failing to provide clarity on cryptocurrency, which caused projects to move overseas. The committee plans to take an open-minded approach to regulating digital assets, including stablecoins, despite potential opposition from Senator Elizabeth Warren.

TON Blockchain Eyes Growth in the US Under Trump Administration

The Open Network (TON), initially linked to Telegram, is focusing on expanding its presence in the US under President-elect Donald Trump's administration. With the push led by new TON Foundation president Manuel Stotz, a spokesperson confirmed the US as a key market for TON’s future growth. Stotz, an investor in digital assets, emphasized the potential of the US to become a crypto hub. The move marks a significant step for TON, which evolved after Telegram’s exit from the project in 2020 due to legal issues.

 

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OFFICIAL TRUMP (TRUMP) Listed for Trading on MelegaSwap

$TRUMP is now freely tradeable on the blockchain. On July 13, 2024, President Trump faced death and came up fighting! With his fist in the air and the iconic battle cry FIGHT FIGHT FIGHT, President Trump showed the world what a LEADER is made of. His strength and courage ignited a movement, becoming the most memorable meme of the century.


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