The US SEC's acting Chairman Uyeda, who was appointed by Trump on Jan 21, announced the formation of a Crypto Task Force dedicated to developing a comprehensive and clear regulatory framework for crypto assets.
Bank of America's CEO Brian Moynihan said during the World Economic Forum in Davos, Switzerland that the US banking industry will embrace cryptocurrencies for payments if regulators allow it. However, when asked about the idea of cryptocurrencies as an investment or store of value, he answered that it is a “separate question.”
US BTC Spot ETFs recorded net inflows of $802.60m, continuing on their previous trend. US ETH Spot ETFs also recorded net inflows of $74.4m, a 211% increase compared to the inflows seen on the previous trading session which had amounted to $23.9m.
ETH price dipped over 4.3% to just under $3,200 on Jan 21 from its previous day's close of $3,350, when it had surged 5% following the news of Ethereum Foundation allocating 50,000 ETH to DeFi projects. Meanwhile, ETH whales have accumulated 330k ETH worth $1 billion over two weeks while network activity doubles and exchange supply decreases,
Over the last 24 hours, the $TRUMP memecoin gained 16.43%, reversing losses from the beginning of the week. It still remains 43.41% below its all time high of $75.35 reached just 3 days ago. It also dipped from around $48 down to $42 as Trump admits "I don’t know much about it" in response to a reporter’s question at a Jan 21 press conference, saying the several billions market cap is "peanuts". Meanwhile, fake tokens claiming to be the official TRUMP and MELANIA coins recorded $4.8 million in purchases in 24 hours from 12,641 wallets.
Coinbase experienced significant delays in Solana transactions due to an unexpected surge in network activity triggered by the launch of TRUMP and MELANIA meme tokens on Jan 18-19, with CEO Brian Armstrong confirming the exchange is scaling its infrastructure to handle the increased load, though the Solana blockchain itself maintained 100% uptime during this period.
Solana's stablecoin supply now consists of over $3.5 billion in new stablecoins, amounting to a 57% increase in just three days. The stablecoins market cap is now over $10 bn. Meanwhile, the 24h volume is still above the average levels seen prior to the release of the $TRUMP and $MELANIA coins.
Ross Ulbricht has been granted a full presidential pardon by Trump.
MicroStrategy acquired another 11,000 BTC worth $1.1 bn. Their Bitcoin holdings now stand at 461,000 BTC.
US crypto stocks closed down on President Trump’s first day in office, which went without him mentioning crypto despite the industry’s anticipation that he’d take action since day one.
Following the news on the formation of the SEC Crypto Task Force, XRP's price surged 3% in 24h as investors anticipate it could lead to both a resolution of the long-running SEC vs. Ripple case and potential approval of XRP ETFs.
