Market update

Cointree Crypto Market Update - January 15th 2025

Market report for traders

🔮 BTC and altcoins

Over the last 7 days, Bitcoin ends at AU$156,833 moving +0.77% at the time of writing. Meanwhile, Ethereum ends at AU$5,223 moving -4.34% week-on-week. On the Altcoin side, Solana -6.80%, Cardano -0.17%, and XRP +16.79% change.

🗞 What’s happening in the news?

🍕 Italy’s Largest Bank Buys Bitcoin

Intesa Sanpaolo — Italy’s biggest bank by assets — has purchased AU$1.6 million worth of Bitcoin. Chief Executive Carlo Messina described the move as an “experiment” to gauge how digital assets might fit into the bank’s massive AU$161 billion securities portfolio.

The bank set up its crypto proprietary trading desk back in 2023, but it had focused on trading crypto options, futures and exchange-traded funds (ETFs). This marks Intesa’s first direct Bitcoin purchase, signalling a cautious but noteworthy step by a major European financial institution.

🫖 Bank of England Announces “Digital Pound Lab”

Across the Channel, the Bank of England (BoE) is taking steps in modernising the UK’s financial system with its upcoming “Digital Pound Lab”. This initiative forms part of the BoE’s design-phase blueprint for a possible CBDC (central bank digital currency). Operating in a sandbox environment, the lab will allow private-sector participants to experiment with APIs and build real-world use cases.

Goal: Address pain points in current payment networks and explore new business models.
Expected Outcome: Generate insights for a “digital pound” that might one day integrate seamlessly into the UK’s banking and fintech ecosystem.

🌍 Bitcoin Reserves Gain Momentum Across 5 Continents

From the United States to the Czech Republic and beyond, more countries are mulling the idea of adding Bitcoin to their national reserves. Some are driven by the search for greater currency stability, others by the desire to hedge against geopolitical risks.

Below is a quick snapshot of 11 places around the globe where policymakers are actively discussing a Bitcoin reserve:

United States: A proposed bill would have the Treasury buy 1 million BTC over five years, though lawmaker support is uncertain.
Brazil: A new bill suggests adding up to 5% of Bitcoin to the country’s sovereign reserves to protect the real.
Russia: Officials want a BTC reserve for cross-border trades, especially given Western sanctions.
Czechia: The central bank’s governor is considering Bitcoin for foreign exchange diversification.
Switzerland: A petition aims to make the Swiss National Bank hold Bitcoin as a reserve asset.
South Africa: A left-populist party proposes a 1%–2% BTC allocation and monetising unused renewable energy through mining.
Poland: A presidential candidate vows to hold Bitcoin in national reserves if elected.
Germany: A former finance minister wants the Bundesbank to consider BTC to stay competitive.
Japan: Some lawmakers are keen, however Japan’s Prime Minister remains doubtful.
Hong Kong: Legislators eye a BTC reserve to enhance financial stability under “one country, two systems.”
Venezuela: Opposition figures see Bitcoin as a potential tool to stabilise the crisis-hit economy.

Despite growing interest, most governments remain divided or cautious, as large-scale Bitcoin purchases pose both regulatory and economic challenges. However, the mere fact that discussions are happening at top levels of policymaking hints towards the crypto market’s mainstream trajectory.

📖 What we’ve been reading

Singapore Blocks Access to Polymarket Over Gambling Law

Polymarket faces mounting pressure as global regulators probe it for handling multimillion-dollar political wagers.

3 Reasons Why 2025 Set to Be Another Blockbuster Year for BitcoiN

Increasing political support for cryptocurrencies and advancements within blockchains and artificial intelligence are bound to make 2025 a memorable year for the crypto industry.