View moreIn This Week’s Recap:
- Digital Asset Initiatives Announced
- Crypto Donations Exceed $1B
- Major Liquidation Event
- BankSocial Corner
- Hot Topics
The Big Idea
David Sacks Announces Crypto Initiatives
David Sacks, President Trump’s crypto and AI czar, held his first press conference to announce new plans for U.S. leadership in digital assets, including the GENIUS Act, which aims to regulate stablecoins and clarify issuance procedures. Alongside key lawmakers, Sacks emphasized the importance of keeping crypto innovation in the U.S. and introduced a bipartisan working group to drive crypto legislation forward.
The focus on stablecoins is seen as a way to strengthen the U.S. dollar’s global dominance, but despite the ambitious proposals, the market reacted negatively, as investors were disappointed by the lack of immediate, groundbreaking announcements. Key issues, like which assets will be part of the U.S. Treasury Reserve or tax incentives for crypto holders, remain unclear, but the government’s push for clear regulations signals a long-term strategy to solidify U.S. leadership in the digital asset space.
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Adoption News
Crypto Donations Exceed $1B
Crypto donations surpassed $1 billion in 2024, fueled by the booming digital asset market and growing regulatory clarity. The Giving Block, which facilitates crypto philanthropy, highlighted trends like more nonprofits accepting crypto (over 70% of top U.S. charities) and increased geographical diversity in donations, with four U.S. states accounting for 69% of total contributions. Education and healthcare causes received the most donations, and emerging tech like AI is expected to play a larger role in crypto philanthropy. Bitcoin, Ether, XRP, and Solana dominated donations, and the average donor is typically younger, wealthier, and more philanthropic. The Giving Block predicts crypto donations could reach $2.5 billion in 2025, with the potential to hit $89 billion by 2035.
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Crypto News
Crypto Liquidations Reach $10B
Earlier this week, crypto market liquidations could have reached up to $10 billion, with Bybit’s CEO reporting that the exchange alone saw over $2.1 billion wiped out in just 24 hours. This massive liquidation event occurred amid growing concerns over a potential global trade war after President Trump signed an executive order imposing tariffs on China, Canada, and Mexico, although tariffs on Canada and Mexico were granted a 30-day pause. Some estimates, including Bybit’s, put the total liquidation closer to $8 to $10 billion, while discrepancies in liquidation data were attributed to API limitations. Despite the chaos, some traders made big profits, including one who earned nearly $16 million from a short position on Ether.
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BankSocial Corner
BankSocial Super Bowl Contest
Here’s your chance to win $100 worth of $BSL in our Super Bowl Score Guessing Contest! Think you can predict the final score of the Big Game? Head over to our post on X, drop your best guess in the comments, and if you nail the exact score, you could take home the prize.
To enter, comment your final score prediction (for example: Chiefs 28 — Eagles 24). Only one guess per user — your first comment is locked in! $BSL token holders get 2 guesses, and NFT holders get 3 guesses. If there are multiple winners, the $100 prize will be split evenly. Make sure to get your guesses in before the contest closes one hour before kickoff!
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Hot Topics
What’s on everyone’s mind?
The SEC is seemingly listening to calls in the crypto space for regulatory clarity.
Eric Trump posted that is now a great time to add $ETH in his opinion, which caused controversy especially from those that are Bitcoin Maxi’s. However, the next day he also posted that it is a great time to purchase Bitcoin.
The Bitcoin Puel multiple compares the price of Bitcoin to the moving average of miner revenues over the past 365 days; if it rebounds higher, it suggests that miners are earning more relative to Bitcoin’s price, which could indicate better profitability and potentially reduce selling pressure from miners.
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All The Love and All The Power!
was originally published in BankSocial News on Medium, where people are continuing the conversation by highlighting and responding to this story.
