Market update

Cointree Crypto Market Update - January 29th 2025

Market report for traders

🔮 BTC and altcoins

Over the last 7 days, Bitcoin ends at AU$161,994 moving -4.33% at the time of writing. Meanwhile, Ethereum ends at AU$4,925 moving -7.42% week-on-week. On the Altcoin side, Solana -8.93%, Cardano -8.74%, and XRP -3.44% change.

🗞 What’s happening in the news?

🐶 Dogecoin ETF Registration Gains Traction

A major crypto asset manager, Bitwise, has registered an entity for a Dogecoin exchange-traded fund (ETF) in the U.S. state of Delaware — a preliminary step toward eventually filing an official proposal with the SEC. If approved, such an ETF would offer institutional investors the chance to gain exposure to DOGE, the largest memecoin with a market cap of AU$79 billion at the time of writing.

Why it matters:

Potential Institutional Inflows: Even a small fraction of the AU$76 billion that has flowed into Bitcoin ETFs in the past year could send DOGE’s price higher.
Growing Memecoin Demand: DOGE has more than tripled this past year, partly on the back of market speculation and hype surrounding the newly established U.S. Department of Government Efficiency

🤖 Fake DeepSeek Tokens Soar, Then Crash

Scammers have seized on the meteoric rise of Chinese AI app DeepSeek, launching dozens of phony memecoins on both Solana and Ethereum. One such Solana-based token shot up to a AU$73.4 million market cap, with trading volumes hitting AU$228.3 million at its peak — despite DeepSeek stating it has no official crypto.

Over 75 Imitation Tokens: Created in just a day, these tokens tricked thousands of traders by linking to DeepSeek’s branding and website.
Scammer Tactics: Some fake sites even replicated the genuine AI app, prompting visitors to connect crypto wallets (potentially exposing all their funds).
Extra Fuel: Researchers suggest the hype surrounding President Donald Trump’s own meme coin launch may have given credibility to copycat claims, luring in unsuspecting buyers.

As always, if you spot a new token that sounds too good to be true — especially one claiming ties to big-name brands or public figures — it probably is. Double-check official channels, and never connect your wallet to unverified sites.

🐸 Poland Surpasses El Salvador in Bitcoin ATM Rankings

Poland just leapfrogged El Salvador to become the fifth-largest Bitcoin ATM hub in the world, reaching 219 active machines. This milestone came after Poland added 10 new ATMs on 27 January, capping off a four-month installation spree that began in October 2024.

Why Poland Beat El Salvador:

Steady Growth: Poland installed 24 ATMs in four months, targeting enhanced crypto accessibility for locals.
El Salvador’s Different Path: Although El Salvador made BTC legal tender in 2021, widespread everyday adoption means residents often pay for goods directly from their wallets, reducing reliance on physical ATMs.

Meanwhile, other major economies continue to expand their ATM networks. Here in Australia, we have consistently grown our bitcoin ATM footprint over nearly three years, joining the “1,000+” Bitcoin ATM club alongside the U.S. (No. 1) and Canada (No. 2). The addition of new machines globally underscores the ongoing demand for solutions that help newcomers enter the crypto world.