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Trump's Crypto Ban Sparks Institutional Adoption Hopes; Elon Musk's Father Launches MemeCoin; Mobile Crypto Users Surge

Coin WorldFriday, Jan 31, 2025 3:51 pm ET

1min read

US President Donald Trump's recent executive order has sparked discussions in the crypto industry, with some industry watchers suggesting it could boost institutional cryptocurrency adoption. The order bans the creation of central bank digital currencies (CBDCs) in the United States, citing concerns over financial system stability, individual privacy, and national sovereignty. This move has been seen as a "game-changer" for the crypto industry in the US, signaling a clearer and more structured crypto regulatory landscape.

Meanwhile, Elon Musk's father, Errol Musk, is planning to raise up to $200 million from a memecoin project called Musk It (MUSKIT). The funds raised will be used to support a for-profit think tank called the Musk Institute. This move comes amidst growing interest in celebrity-backed meme tokens, following the launch of the Official Trump (TRUMP) and Official Melania (MELANIA) memecoins on the Solana network.

In other news, mobile cryptocurrency users have reached a new all-time high, with over 36 million mobile wallets in the fourth quarter of 2024. This growth in mobile wallet users indicates increasing mainstream adoption of cryptocurrencies. Additionally, crypto hacks dropped by 44% year-over-year in January, with a total of $73 million stolen across 19 incidents. However, this figure represents a ninefold month-over-month increase from December.

The Ethereum price has struggled to trade above $3,500 since January 7, despite the broader cryptocurrency market capitalization increasing by 6% over the past 30 days. Three factors could potentially push Ether above $3,500, including Ethereum's upcoming Pectra upgrade in the first quarter of 2025, proposed changes in United States ETF regulations, and the continued growth of Ethereum.

In the DeFi market, most of the 100 largest cryptocurrencies by market capitalization ended the week in the red. The Pudgy Penguins (PENGU) token was the week's biggest loser in the top 100, falling over 44%, followed by Solana-based FARTCOIN, down nearly 30% on the weekly chart.

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