Cryptocurrency investor optimism is evident ahead of US President-elect Donald Trump’s inauguration on January 20, which is expected to lead to clearer regulations for the industry.
Buoyed by the prospect of more industry-friendly regulation, the XRP (XRP) token has risen to its highest level since 2018, unfazed by a recent legal appeal from the U.S. Securities and Exchange Commission.
Adding to the positive outlook, the bankrupt FTX exchange is preparing to repay more than $1.2 billion to users following Trump’s inauguration, which is seen as a significant liquidity event for the cryptocurrency market.
XRP hit a seven-year high as optimism outweighed concerns about the SEC’s appeal.
XRP rose to its highest level since January 2018 as optimism about new cryptocurrency regulations overcame concerns raised in a recent legal appeal filed by the SEC.
The price of XRP is up more than 32% on the weekly chart, according to CoinMarketCap data. .
XRP/USDT, historical chart. Source: CoinMarketCap
The rally comes even after the SEC filed an appeal on January 15, challenging District Judge Analisa Torres’ July 2023 ruling that XRP sales to retail investors did not constitute unregistered securities. The SEC intends to classify these retail sales as such.
Despite the SEC’s appeal, the market favored the partial legal victory secured by Ripple Labs in the long-running case, according to Ryan Lee, senior analyst at Bitget Research.
This partial legal victory, combined with investor optimism for greater clarity in cryptocurrency regulation, is a key driver of the XRP price rally, analysts told Cointelegraph.
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FTX begins distributing $1.2 billion to creditors after Trump takes office
FTX is preparing to distribute more than $1.2 billion in repayments to users of the bankrupt former cryptocurrency exchange.
FTX, once the world’s second-largest centralized cryptocurrency exchange (CEX), will begin reimbursing users who have been unable to access their funds for over two years.
Exchange users holding up to $50,000 worth of digital assets have until January 20 to meet the redemption requirements.
FTX is likely to start repaying claims of up to $50,000 after Jan. 20, according to FTX creditor Sunil, who is a member of the FTX Customer Ad Hoc Committee, the largest group of more than 1,500 FTX creditors.
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Hyperliquid’s $7.5 billion airdrop took off centralized token listings.
The decentralized launch of the Hyperliquid (HYPE) token could usher in a “new era” of on-chain fair launch cryptocurrencies, following disappointing token launch events on centralized exchanges.
After holding the most valuable airdrop in cryptocurrency history, Hyperliquid Token gained attention for its decentralized distribution excluding venture capital (VC) firms and early investors.
In an exclusive interview with Cointelegraph at the Emergence Praha 2024 event, Vitali Dervoed, co-founder and CEO of Composability Labs, said:
“The launch of the HYPE token marks the beginning of a new era between centralized exchange listings and on-chain (…) as HYPE was launched by the protocol on its own layer 1 orderbook.”
Interview with Composability Labs’ Vitali Dervoed and Cointelegraph’s Zoltan Vardai. source: Cointelegraph/Zoltan Name
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AI token market size will reach $60 billion by 2025 — Bitget CEO
Gracy Chen, CEO of cryptocurrency exchange Bitget, told Cointelegraph that the value of tokens linked to artificial intelligence agents could soar to a total market capitalization of $60 billion by 2025.
Initial use cases for AI agents will include cryptocurrency transactions, such as trading and wallet management, Chen said. He added that cryptocurrency exchanges will begin rolling out AI agents to automate operations and improve customer service.
“The technology is not mature enough for large-scale investments due to the need for human control,” Chen said, adding that investors should “choose tokens that support practical solutions, such as replacing programmers or automating tasks.” Yes.
According to Chen, the total market capitalization of Agentic AI tokens is already around $15 billion, with a daily trading volume of around $875 million.
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Driven by Solana, AI agent market capitalization surges 222% in the fourth quarter of 2024
In the fourth quarter of 2024, the market capitalization of artificial intelligence agents surged 222% from $4.8 billion in October to $15.5 billion in December.
CoinGecko released its ‘2024 Annual Cryptocurrency Industry Report’ on January 14, which stated that AI agents emerged as a category shortly after the launch of GOAT (Goatseus Maximus) coin on Solana last October.
AI agents are autonomous software programs that leverage artificial intelligence to perform tasks, often in decentralized finance (DeFi) or as a core component of blockchain ecosystems. These agents range from automated trading bots to decision-making systems that interact with smart contracts.
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DeFi Market Overview
Most of the top 100 cryptocurrencies by market capitalization closed in the green this week, according to data from Cointelegraph Markets Pro and TradingView.
Among the top 100, Solana-based memecoin Fartcoin (FARTCOIN) was the biggest gainer this week, up over 58%, followed by the XDC Network (XDC) token, up over 49% on the weekly chart.
Total value locked in DeFi. Source: DefiLlama
Thank you for reading our roundup of the most influential DeFi developments this week. Join us next Friday for more stories, insights and education about this dynamic and evolving space.