Curious about the latest happenings in the crypto world?
Here’s a summary of today’s significant news affecting Bitcoin prices, blockchain technology, DeFi, NFTs, Web3, and crypto regulation.
Bitcoin-Based DeFi Sees Explosive Growth in 2024
New data indicates that Bitcoin-centric decentralized finance (DeFi) applications experienced remarkable growth in 2024, particularly following the April halving event. According to a Bloomberg report, the total value locked (TVL) in Bitcoin-based DeFi surged by an astonishing 2,000%, climbing from $307 million in January to over $6.5 billion by December 31, 2024. This surge is attributed to advancements in infrastructure and increasing Bitcoin prices.
Bitcoin-based DeFi, also referred to as BTCFi, aims to extend DeFi functionalities to Bitcoin, the original blockchain. The significant growth is largely due to the developments surrounding the Bitcoin staking and restaking platform, Babylon, which currently holds over 80% of BTCFi's TVL.
Binance Research noted: “The first phase of Babylon's mainnet launched in August 2024, with the stage 2 testnet set for January 2025. This platform represents a major advancement in Bitcoin-based DeFi, as many users are likely contributing funds to utilize its features and potentially qualify for an upcoming airdrop.”
Trump to Prioritize Crypto with Executive Order
US President-elect Donald Trump is reportedly preparing an executive order that would prioritize cryptocurrency policy, potentially effective as soon as he returns to office on January 20.
According to Bloomberg sources, the order aims to guide regulatory agencies in collaboration with the crypto sector and may establish a crypto council to advocate for industry interests. While the order could be signed on Trump’s first day back as President, it remains subject to change before its official announcement.
Speculation suggests that this executive order aligns with Trump's commitment to making the US a “crypto capital,” supported by significant backing from the local crypto industry during his campaign.
XRP Enters Price Discovery Phase with Significant Gains
XRP has entered a price discovery phase for the first time since 2017, exhibiting a three-month streak of consecutive gains, a rarity in its history. The altcoin has reached new all-time highs on various exchanges, with a significant resistance level at $3.40.
The open interest (OI) for XRP has surged to an all-time high of $7.9 billion, marking a 27.34% increase in just 24 hours. CoinGlass data reveals that the futures trading volume for XRP has doubled, now standing at $42.87 billion. Since the start of 2025, XRP's open interest has skyrocketed by 300%, up from $1.92 billion. Despite the surge, the futures market's role in this price increase appears to be more complex than initially assumed.
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