Crypto Today: PEPE, Solana, BTC in early lead as Elon Musk, Michael Saylor spark 2025 market rebound

• The cryptocurrency sector valuation crossed $3.4 trillion on Friday, having increased by $253 billion within the first 3 days of 2025. 
• The crypto market rebound has been linked to positive speculations on Trump's upcoming inauguration. 
• Bullish moves from Michael Saylor and Elon Musk also accelerated the market rally. 

Bitcoin Market Updates: Michael Saylor’s buying spree sparket 8% recovery

Microstrategy CEO, Michael Saylor announced another purchase of $209 million worth of BTC. Since then Bitcoin price has surged 8% to hit the $98,000 mark on Friday. 

• Bitcoin ETFs recorded $242 million outflows on Thursday. 
• Bitcoin total liquidations hit $222 million on Friday, with short traders’ $114 million positions closed accounting for x percentage of the losses.  

Altcoin market updates:  Solana, Cardano, Ethereum dominate as investors lean towards L1 tokens

 The recent crypto market movements highlight growing investor interest in Layer 1 tokens amid the positive start to 2025. 

• Solana (SOL): After a brief dip to $175 in late December 2024, Solana rebounded above $200 on Friday, currently trading around $216.
• Cardano (ADA): Cardano's price surged over 30% in early January 2025, crossing the $1 mark and reaching approximately $1.11
• Ethereum (ETH): Ethereum's price rally has been relatively subdued, currently trading around $3,604 at a 4.7% increase from the previous close.

Chart of the day: Elon Musk profile pictures spark memecoin market rally 

Elon Musk's recent activity on X (formerly Twitter) has once again triggered volatitlity across  memecoin markets this week.

On December 31, 2024, Musk changed his profile name to "Kekius Maximus" and updated his avatar to feature PEPE’s ‘Pepe the Frog’ meme in gladiator armor. 

Memecoin Sector Peformance | Source: Coingecko 

According to Coingecko data this triggered a dramatic 900% increase in the "Kekius Maximus" memecoin price, while PEPE 20% gains also saw it emerge among the best performing asset top 30 ranked crypto assets this week.  

The impact of Musk's profile update extended beyond the "Kekius Maximus" memecoin.

Other mega cap memecoins like Dogecoin (DOGE), BONK, and a16z all also experienced notable gains.

Crypto news updates: 

• Telegram Launches NFT Conversion for Digital Gifts

Telegram has unveiled a groundbreaking feature that allows users to convert digital gifts into non-fungible tokens (NFTs). 

These NFTs can be stored on a blockchain and traded on popular NFT marketplaces, offering a new layer of interactivity and monetization for the platform's user base.

With this feature, Telegram users can customize traits for each NFT, adding uniqueness and rarity, making digital gifting more engaging and personalized.

By integrating NFTs, Telegram not only capitalizes on the popularity of digital collectibles but also positions itself at the forefront of Web3 innovation. 

This move could potentially accelerate the adoption of blockchain technology within mainstream platforms, as companies explore innovative ways to enhance user experience and expand monetization opportunities. 

• Binance receives regulatory approval in Brazil

Binance has achieved a significant milestone by securing regulatory approval in Brazil, reinforcing its commitment to global compliance and market expansion. 

This approval allows Binance to further solidify its presence in one of Latin America’s largest crypto markets, enhancing accessibility for Brazilian users and businesses.

The move aligns with the exchange's broader strategy to establish operations in regions with growing crypto adoption, following similar successes in Argentina, India, Kazakhstan, and Indonesia.

In addition to its expanding global footprint, Binance continues to emphasize its robust compliance measures, including anti-money laundering (AML) and counter-terrorism financing (CFT) protocols.

The exchange has also created a specialized unit to assist law enforcement agencies in combating crypto-related crimes, showcasing its proactive approach to regulation. 

• MARA CEO forecasts $200K Bitcoin by 2025, highlights institutional growth

Fred Thiel, CEO of MARA Holdings, expressed confidence in Bitcoin's long-term growth trajectory, predicting it could reach $200,000 by 2025.

Speaking in a recent FOX Business interview, Thiel emphasized the importance of consistent investment strategies for retail investors, citing Bitcoin’s historical annual appreciation rates between 29% and 50%.

He also highlighted the increasing role of institutional players in bolstering Bitcoin's market resilience and legitimacy, pointing to its growing integration into traditional financial systems.

Thiel further noted that favorable regulatory developments under a potentially more crypto-friendly U.S. administration could catalyze Bitcoin's growth.

Additionally, he outlined MARA’s strategic initiatives to expand its Bitcoin holdings and mining operations, reinforcing the company’s commitment to leveraging Bitcoin's long-term potential.

According to Thiel, these factors collectively position Bitcoin as a transformative asset class capable of delivering substantial returns over the coming years.

• FTX begins $16 Billion Creditor repayment process

The FTX estate has officially launched its repayment plan, over two years after the exchange’s collapse in November 2022.

Convenience-class creditors with claims under $50,000 are prioritized, receiving 119% of their allowed claims within 60 days, amounting to $1.2 billion.

Larger claims exceeding $50,000 will be distributed over time from a $10.5 billion pool. 

BitGo and Kraken have been designated as the platforms to facilitate initial payouts for eligible customers.

According to the court ruling, creditors must complete KYC verification, submit tax forms, and onboard with the distribution platforms to qualify for the initial payouts. 

Analysts anticipate that approximately $2.4 billion could re-enter the crypto market from these repayments, though restrictions on certain claimants and entities may limit reinvestment.

This development is a critical step in resolving FTX’s financial obligations and bringing closure to one of the largest crypto-firm collapses in history.