This week has brought big news in the crypto world. Bitcoin hit a new all-time high of $109K, while the TRUMP memecoin frenzy led to record activity on Solana. At the same time, major banks like Morgan Stanley and Bank of America are looking into ways to offer crypto services safely, signaling more interest from traditional finance. Let’s dive into the top stories!
Bitcoin Hits New ATH Amid Speculation of U.S. Crypto Policy
Bitcoin reached a record high of $109,036 on January 20th, breaking its previous all-time high of $108,000 from December 2024. According to TradingView, the price surged over 6% in minutes before settling back below $108,000.
The sharp price movement comes amid growing speculation about the U.S.’s potential use of Bitcoin under the incoming administration. Discussions around the possibility of a strategic Bitcoin reserve have fueled optimism in the crypto community. Crypto prediction markets like Polymarket have also seen a spike in activity, with odds for a U.S. Bitcoin reserve in the first 100 days of the new presidency hitting 69% just before the price surge.
New Solana Wallets Hit All-Time High Amid Trump Memecoin Surge
The launch of the TRUMP memecoin has sent shockwaves through the crypto world, driving a record increase in new Solana wallet addresses. Data from Glassnode reveals that the daily number of new Solana addresses nearly reached 9 million ahead of Donald Trump’s inauguration. Known for its low fees and memecoin-friendly ecosystem, Solana has solidified its place as the go-to blockchain for launching viral tokens.
While critics argue that memecoins lack real-world utility, proponents point out their ability to monetize internet culture and community engagement. TRUMP’s rise has also highlighted Solana’s massive growth, which saw its active wallets jump from 500,000 to over 100 million in 2024. Although the token’s price has fallen by more than half from its $73.43 peak, the craze has left an undeniable mark on the blockchain’s ecosystem.
Banking Giants Signal Openness to Crypto Services
Morgan Stanley and Bank of America, two of the largest financial institutions in the U.S., have expressed interest in expanding their involvement in the crypto industry—provided regulatory clarity is achieved. Morgan Stanley CEO Ted Pick revealed in a recent interview that the bank is open to working with regulators to safely offer crypto services. Pick emphasized that as a highly regulated institution, the firm’s involvement depends on collaboration with agencies like the Treasury to establish a secure framework for transacting in crypto.
Meanwhile, Bank of America CEO Brian Moynihan stated that U.S. banks are prepared to “come in hard” on using cryptocurrency for payments once clear rules are established, highlighting the growing potential of stablecoins—digital tokens backed by assets like the U.S. dollar—as a way to modernize money transfers.
These developments come as the crypto industry continues to navigate shifting regulatory landscapes, with the Securities and Exchange Commission creating a task force to establish a “sensible regulatory path” for digital assets.
