El Salvador Expands BTC Reserves, Ethereum Crisis & Dogecoin ETF

January 24, 2025

Crypto World

Maciej Zerelik

Stay on top of the latest in crypto with StealthEX and CryptoDaily! Each week, we highlight the biggest stories shaping the industry. Curious about what’s trending? We’ve got you covered with a simple, no-nonsense roundup. Get the key updates fast and stay informed about the hottest developments in crypto. Ready to dive in? Let’s go!

Ripple Overtakes Bitcoin in Search Trends

Ripple enthusiasts have been buzzing with excitement recently as the cryptocurrency unexpectedly overtook Bitcoin in Google search trends. Ripple’s recent popularity has not gone unnoticed. Over the past week, XRP’s price has seen a significant uptick, jumping from $2.56 on January 14 to $3.38 by January 16. Though the rally has cooled slightly in the last days, market analysts remain optimistic. 

They believe Ripple could break through long-standing barriers and potentially soar even higher this altcoin season. The buzz around Ripple’s performance is also fueled by its steady accumulation of market momentum over the past six years.

Ethereum Leadership Faces Backlash Amid Calls for Change and Transparency

Tensions are rising within the Ethereum community as frustrations mount over the Ethereum Foundation’s leadership and financial management. Critics have called for a “wartime CEO” to address these issues, proposing new leadership and organizational changes to navigate the challenges ahead.

A Twitter account called “Second Foundation” has added fuel to the fire, symbolizing dissatisfaction with the current leadership. Experts see this as a clear sign of waning confidence in the foundation, with some describing it as a potential mutiny within the community. The debate has even reached Ethereum’s co-creator, Joseph Lubin, who suggested that figures like Danny Ryan and Jerome de Tychey should replace current Executive Director Aya Miyaguchi. Miyaguchi has faced criticism for lacking decisive action and engagement with the community.

Financial transparency has also become a contentious topic. With $800 million worth of ETH at its disposal, the Ethereum Foundation has drawn scrutiny for its spending habits and governance practices. Critics argue the organization should focus on activities like staking ETH to generate revenue instead of relying on ETH sales to cover expenses.

Vitalik Buterin has acknowledged these concerns and proposed restructuring the foundation. While some see this as a step toward transparency, others worry it signals centralized control, leaving the community divided on the way forward.

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Bitwise Files for Dogecoin ETF

Bitwise, a prominent crypto index fund manager, has taken a bold step by filing for a Dogecoin exchange-traded fund (ETF). The filing, submitted on January 23 to the Delaware Department of State, was confirmed by Bitwise’s Chief Investment Officer, Matt Hougan.

This move comes amidst a significant regulatory shift in the United States. President Donald Trump’s administration has adopted a pro-crypto stance, with promises of regulatory clarity and a crypto-friendly approach. The appointment of Mark Uyeda as interim SEC Chair further underscores this commitment, creating a favorable environment for crypto innovation.

Dogecoin, originally launched in 2013 as the first meme coin, has remained a topic of discussion in the crypto world. Recent developments, such as the creation of the Department of Government Efficiency (DOGE) under Elon Musk, have reignited interest in the token. Many see Bitwise’s filing as an inevitable step, with experts predicting a wave of crypto ETF applications.

El Salvador Expands Bitcoin Reserves Despite IMF Agreement

El Salvador has demonstrated its unwavering commitment to Bitcoin by adding 12 more BTC to its strategic reserves, even after signing a $1.4 billion agreement with the International Monetary Fund (IMF). The deal required scaling back certain Bitcoin initiatives, but the country remains focused on its long-term cryptocurrency strategy.

The National Bitcoin Office confirmed the purchases over two days, with 11 Bitcoin acquired on January 19 for over $1 million and another added on January 20 for $106,000. This brings El Salvador’s total Bitcoin holdings to 6,044 BTC, valued at approximately $610 million. Despite adjustments like making private-sector Bitcoin adoption voluntary and reducing government involvement in the Chivo wallet, the country’s Bitcoin plans remain unchanged. Stacy Herbert, the director of the National Bitcoin Office, reaffirmed this commitment on social media.

The acquisitions occurred during a period of high volatility in the cryptocurrency market. While altcoins like Solana and Cardano faced steep declines, Bitcoin showed resilience, even reaching a record high of $109,000 on January 20. 

Italian Banking Giant Intesa Sanpaolo Ventures into Bitcoin with $1M Test Purchase

Intesa Sanpaolo, Italy’s largest bank by assets, has made its first move into the cryptocurrency market, purchasing 11 Bitcoin worth approximately $1 million. This cautious step marks a strategic test aimed at exploring the potential of digital assets to meet growing client demand.

The purchase was confirmed through a leaked internal email from Niccolò Bardoscia, the bank’s head of digital assets trading. Bardoscia thanked his team for their efforts, emphasizing the importance of collaboration in achieving this milestone.

While this marks a significant shift, Intesa Sanpaolo’s approach remains conservative. CEO Carlo Messina clarified that the bank is not aiming to become a major Bitcoin player. Instead, the investment is intended to ensure the bank can cater to sophisticated clients who may seek exposure to digital assets. Messina reiterated that the bank’s involvement in cryptocurrencies will remain minimal and focused on controlled experimentation.

Intesa Sanpaolo has been gradually building its digital asset capabilities. After establishing a proprietary trading desk for cryptocurrencies in 2023, the bank began facilitating spot trades last year. 

Standard Chartered Enters European Crypto Market with Bitcoin Custody Services

Standard Chartered, a global banking powerhouse, is making its debut in the European cryptocurrency market by offering Bitcoin and crypto custody services. The move follows the bank’s acquisition of a digital asset license in Luxembourg under the European Union’s new Markets in Crypto Assets (MiCA) regulatory framework.

To facilitate this expansion, Standard Chartered has established a new entity in Luxembourg, which will serve as its regulatory gateway into the EU. The decision aligns with the growing demand for digital assets and the increasing regulatory clarity provided by MiCA. Laurent Marochini, formerly with Société Générale, has been appointed as the CEO of the Luxembourg entity.

Initially, Standard Chartered’s crypto services will focus exclusively on Bitcoin (BTC) and Ethereum (ETH). Waqar Chaudry, the bank’s head of digital assets, confirmed plans to expand the asset offerings later this year. However, the services will be limited to custody solutions, with no immediate plans to include trading options.

Chaudry emphasized that the bank’s crypto custody services are supported by Standard Chartered’s robust risk capital and balance sheet. This cautious yet strategic entry into the crypto market highlights the institution’s commitment to meeting client needs while adhering to strict regulatory standards. 

This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your research and consult your financial advisor before investing.