Cryptocurrency app downloads in the United Arab Emirates (UAE) have seen a massive uptick in 2024, according to data from app analytics firm AppsFlyer.
The report revealed that downloads of the top 49 crypto apps soared from 6.2 million in 2023 to 15 million in 2024, marking a 41% increase. This surge was particularly prominent in the latter half of 2024, with over 1 million installs per month in the final quarter. December alone recorded a staggering 2.8 million downloads.
Key Drivers Behind the Growth
AppsFlyer attributed this rapid adoption to a combination of favorable market conditions and significant political developments.
On November 6, 2024, Donald Trump secured the U.S. presidential election, which was widely seen as a positive shift for the crypto industry. Trump had vowed to end regulatory crackdowns on digital assets and position the U.S. as the global hub for crypto innovation.
“There has been a strong correlation between these market factors and the UAE’s crypto market momentum,” said Shani Rosenfelder, director of market insights at AppsFlyer.
Trump’s Memecoin and Investor Surge
Adding to the excitement, Trump launched his own memecoin in January 2025, attracting a wave of new investors. According to a survey by NFT Evening, many first-time crypto users entered the market following the launch.
The U.S. crypto app market also experienced a boom, with platforms like Crypto.com, Moonshot, and Coinbase dominating the Apple App Store’s finance category.
However, while Trump’s memecoin drew in fresh investors, a Chainalysis report indicated that 813,000 wallets suffered losses of up to $2 billion after purchasing the token, highlighting the volatile nature of the crypto market.
Coinbase has proposed a significant regulatory shift, advocating for the U.S. Commodity Futures Trading Commission (CFTC) to assume full authority over spot cryptocurrency markets. If implemented, this move would curtail the influence of the Securities and Exchange Commission (SEC) in the sector.
Coinbase’s Legislative Push
Faryar Shirzad, Coinbase’s chief policy officer, recently submitted a proposal to Congress urging swift action on regulatory clarity and consumer protections. His six-point legislative plan includes granting the CFTC full oversight of the crypto spot market.
“Digital assets like Bitcoin and Ethereum are commodities, not securities. Legislation must empower the CFTC to oversee the crypto spot market, ensuring transparency and protecting consumers from fraud and manipulation,” wrote Shirzad.
Balancing the SEC’s Role
While advocating for reduced SEC influence, Coinbase acknowledges the agency’s importance in certain areas. Shirzad suggested that Congress establish SEC rules for capital raising, ensuring blockchain projects have clear funding pathways without all tokens being classified as securities.
Industry Support for CFTC Oversight
Many within the crypto industry and Republican lawmakers support shifting oversight to the CFTC. Notably, Representatives Glen Thompson and Tom Emmer reintroduced the Digital Commodity Exchange Act in 2022 to give the CFTC regulatory authority over digital assets.
Former CFTC Chair Chris Giancarlo has also urged the Senate Agriculture Committee to endorse CFTC oversight. Meanwhile, reports suggest President Donald Trump is considering granting the agency jurisdiction over the sector.
Wresting Control from the SEC
Currently, the SEC regulates spot crypto markets, although it has acknowledged Bitcoin and Ethereum as non-securities. Former SEC Chair Gary Gensler previously argued that most cryptocurrencies fall under SEC jurisdiction due to their structure. However, the agency abandoned an investigation into Ethereum’s status in mid-2024, potentially to avoid further legal setbacks.
With growing political and industry support, the push for CFTC oversight could redefine cryptocurrency regulations in the U.S., providing long-sought clarity to investors and developers alike.
Bitcoin (BTC) could drop as low as $77,000 and still maintain its bullish trajectory in 2025, according to CryptoQuant CEO Ki Young Ju. In a series of posts on February 19, Ju emphasized that a 30% correction would align with historical trends while keeping the uptrend intact.
No Bear Market in Sight
Despite Bitcoin’s sideways price action and failure to reclaim $100,000, Ju remains confident in its long-term growth.
“I don’t think we’ll enter a bear market this year,” he stated, analyzing investor cost bases.
According to Ju, even a drop to $77,000 would not signal a bear market but rather a standard correction within a broader bull cycle.
Key Support Levels and Market Dynamics
Ju highlighted key price levels, including the cost basis of U.S. spot Bitcoin exchange-traded fund (ETF) investors at $89,000, which has served as strong support since November. Other crucial levels include:
- $59,000 – Aggregate breakeven for Binance traders.
- $57,000 – Bitcoin mining companies’ profitability threshold.
Historically, falling below these levels has indicated bear markets, such as in May 2022, March 2020, and November 2018.
Post-Halving Performance Signals More Upside
According to CryptoQuant, Bitcoin’s post-halving performance remains “unfinished.” Contributing analyst Timo Oinonen noted that since the last halving in April 2024, Bitcoin has only gained 60%.
Oinonen expects a potential sell-off in May, followed by a sideways summer and a strong Q4 rally, as seen in past cycles. He emphasized that major corrections could be months or even a year away.
With historical patterns supporting continued bullish momentum, Bitcoin’s long-term outlook remains promising, even in the face of short-term volatility.
Bitcoin’s price action is showing similarities to August 2023, with on-chain data indicating that extreme volatility may be imminent. CryptoQuant’s research suggests that BTC/USD is “ready” for a significant move after a prolonged period of stagnation.
Choppiness Index Signals Incoming Volatility
Bitcoin has been trading within a narrow range with declining volumes, a setup that often precedes a major price movement. CryptoQuant contributor Percival highlighted the Choppiness Index, which currently sits at 62 on the daily chart and 72 on the weekly chart, indicating the need for a directional breakout.
“In 2023, before the uptrend, price cleared all traders of ‘boring’ positions in the opposite direction due to low volatility,” Percival noted. This suggests that another liquidity grab could be on the horizon before a decisive move.
Key Price Levels and Support Zones
Should BTC’s price follow a similar trajectory as August 2023, investors should watch critical support levels. The short-term holder (STH) cost basis at $92,000 is one area of interest, while the 200-day exponential moving average (EMA) at $85,000 serves as a key fallback level.
“The possibility of false moves before the bull run is strong, many breakout traders are positioned in these zones, and the sovereign market tends to blow up these positions and return to the expected course,” Percival concluded.
With traders bracing for a major shakeout, Bitcoin’s next move could define the trajectory of the broader crypto market in the coming months.
FTX Digital Markets, the Bahamian division of the collapsed FTX exchange, is set to issue its first round of repayments to creditors on Feb. 18. This marks a major development in the crypto industry’s recovery following FTX’s near $9 billion collapse.
The exchange’s downfall led to a series of insolvencies and the longest crypto winter in history, with Bitcoin bottoming at $16,000. Now, creditors owed less than $50,000 in claims will receive repayments, marking a critical step toward financial resolution.
$1.2 Billion in Capital Reintroduced to Market
According to Sunil, a member of the FTX Customer Ad-Hoc Committee, the first batch of repayments will amount to an estimated $1.2 billion. This could positively impact market liquidity and investor sentiment.
Bitget Wallet’s COO Alvin Kan noted, “The $1.2 billion repayments may see a significant portion reinvested into cryptocurrencies, potentially impacting market liquidity and prices.”
Controversy Over Repayment Valuation
Despite the positive impact, some creditors have criticized the repayment model, which bases reimbursements on cryptocurrency values from November 2022—when Bitcoin was trading nearly 370% lower than current prices.
Limited Market Impact, But a Victory for Justice
While these repayments may not significantly move the market, they represent an important step toward restoring trust in the crypto industry. Magdalena Hristova, PR manager at Nexo, stated:
“The collapse impacted many investors and cast a shadow over crypto. For retail investors, especially those without diversified portfolios, these repayments offer not just the return of funds but a sense of stability and peace of mind.”
Solana (SOL) has been one of the worst-performing cryptocurrencies over the past 24 hours, dropping 6.80% to $180.80 as of February 17. This decline stands in stark contrast to the broader crypto market’s 1.72% dip.
Link to High-Profile Rug Pulls
One major factor contributing to Solana’s struggles is its association with high-profile scams. A recent Bubblemaps investigation revealed that wallets linked to the fraudulent LIBRA token—associated with Argentine President Javier Milei—were also behind the Melania (MELANIA) memecoin, promoted by former U.S. First Lady Melania Trump.
The same wallet, labeled “0xcEA,” played a pivotal role in both scams, generating millions in profits through market manipulation and crosschain fund transfers.
Memecoin Hype Turning Toxic
Solana’s underperformance has been exacerbated by the launch of Pump.fun, a memecoin platform that made it easier and cheaper to create speculative tokens. This has led to an influx of low-quality projects, many of which turned out to be scams or pump-and-dump schemes.
Crypto analyst Benjamin Cowen pointed out that while Solana initially benefited from the memecoin frenzy, the trend is now backfiring. As speculative traders cash out, SOL’s price remains vulnerable to further corrections.
The Securities and Exchange Commission (SEC) has temporarily suspended its fraud lawsuit against Geosyn Mining and its executives after federal prosecutors filed similar charges against the company’s leadership.
On February 14, the SEC submitted a request to a Texas federal court, agreeing to put the case on hold. This decision followed the voluntary surrender of Geosyn CEO Caleb Joseph Ward and former operating chief Jeremy George McNutt, who appeared in court the day before.
Allegations of Fraud and Misuse of Funds
An FBI affidavit, unsealed on February 10, alleged that Ward, McNutt, and former sales manager Jared McNutt orchestrated a scheme to defraud customers. While Jared McNutt was not named in the SEC’s suit, prosecutors claim the trio lured customers with promises of Bitcoin mining services.
Clients were led to believe Geosyn would purchase and operate Bitcoin mining rigs on their behalf in exchange for a monthly fee, with earnings from the mined BTC distributed to them. However, prosecutors allege that in many instances, the equipment was never purchased, and customer funds were instead used to finance personal luxuries.
According to court filings, the executives spent money on guns, luxury watches, a family vacation to Disney World, and an extravagant business trip to Miami, where they accumulated significant charges at restaurants and nightclubs using company credit cards.
Fake Reports and Ponzi-Like Practices
The affidavit also details how the trio misled customers by issuing fake reports showing earnings from non-existent mining operations. Additionally, funds from new investors were used to buy Bitcoin and distribute it to earlier clients, a move reminiscent of a Ponzi scheme.
Prosecutors further alleged that the executives manipulated mining rig prices, overcharging clients beyond the stated procurement fees. A spreadsheet allegedly maintained by the company revealed real versus inflated costs, highlighting the deception.
SEC’s Case and Future Developments
The SEC’s lawsuit claims Ward and McNutt defrauded 64 investors out of approximately $5.6 million between November 2021 and December 2022. The agency also alleges Geosyn failed to purchase 400 out of the 1,400 rigs it had promised and neglected to activate most of the rigs it did buy.
In response, Ward has refuted allegations that the company sold unregistered securities. Additionally, he previously reported McNutt for embezzlement but failed to disclose his own financial misdeeds.
Both Ward and McNutt have urged the court to delay the SEC’s proceedings, citing the criminal case and potential shifts in regulatory enforcement under the Trump administration. Trump has signaled plans to ease regulatory actions against the crypto industry, which could impact the SEC’s approach to enforcement.
Tether, the world’s largest stablecoin issuer, has been in active discussions with U.S. lawmakers to help shape regulations for stablecoins. These talks are crucial as the U.S. government seeks to implement clearer policies on stablecoins, with Tether at the forefront of the conversation.
Tether has been working closely with Congressmen Bryan Steil and French Hill, the co-authors of the STABLE Act introduced in early February. The company’s CEO, Paolo Ardoino, confirmed that Tether aims to provide input on several other stablecoin-related bills currently under review. “We are not going to just throw in the towel and let Tether die just for the sake of not adapting to US legislation. But there is still a lot of uncertainty over what’s actually going to happen, and we want our voice to be heard in the legislative process,” Ardoino stated.
The STABLE Act, a legislative proposal, is designed to provide a comprehensive framework for stablecoin issuers, requiring them to maintain full collateral backing for their tokens and submit to monthly audits by a U.S.-based accounting firm. This regulatory push reflects growing concerns over the stability of stablecoins, particularly in light of their rapid adoption and integration into the broader financial system.
Tether’s proactive involvement in the regulatory process highlights the company’s desire to ensure compliance while continuing to operate in the U.S. market.
The company’s approach comes at a time when the Securities and Exchange Commission (SEC) and other government agencies are closely scrutinizing the crypto sector. Tether’s cooperation could help set a precedent for how stablecoins will be regulated moving forward, especially as the global use of stablecoins continues to rise.
Moreover, the Federal Reserve has expressed interest in stablecoins as a means to broaden the reach of the U.S. dollar, suggesting that stablecoin adoption could further cement the dollar’s position as the world’s dominant reserve currency.
Argentine President Javier Milei is now under intense scrutiny after his endorsement of the $LIBRE cryptocurrency, which experienced a massive collapse in what many are calling a “rug pull” scam. The token, based on the Solana blockchain, skyrocketed in value after Milei’s public promotion on X (formerly Twitter) on February 14, with its market cap briefly hitting $4.56 billion. However, within 11 hours, the value of the token dropped by over 94%, leaving many investors with significant losses.
Milei had shared a post that included a link to the project’s website and a contract address, touting the token as a private initiative aimed at promoting the Argentine economy. However, as the token’s price rapidly declined, analysts raised alarms about the potential manipulation of its value, a hallmark of the infamous “rug pull” scam where developers artificially inflate a token’s value before cashing out and leaving investors holding the bag.
The collapse of $LIBRE has sparked an uproar in Argentina, with opposition lawmakers calling for Milei’s impeachment. Leandro Santoro, an Argentine lawmaker, was one of the first to demand that Milei be held accountable, stating that the scandal embarrassed the country on the international stage. “This scandal, which embarrasses us on an international scale, requires us to launch an impeachment request against the president,” Santoro told Reuters on February 16.
In a statement released shortly after the collapse, Milei denied any involvement with the project beyond his initial endorsement, stating he had no detailed knowledge of $LIBRE’s specifics. He also condemned the political opposition for attempting to use the incident to undermine his presidency, calling them “filthy rats” for trying to take advantage of the situation.
Despite his defense, Milei has requested that Argentina’s Anti-Corruption Office investigate the incident, including examining the actions of government officials. Furthermore, the President’s office disclosed that Milei had met with representatives from KIP Protocol, the company behind $LIBRE, as early as October 2024, further complicating the narrative around his involvement.
In the final quarter of 2024, both Coinbase and Robinhood reported financial results that significantly surpassed market expectations, driven by a surge in cryptocurrency trading volumes. This performance has led analysts to adjust their price targets for both companies.
Coinbase reported a revenue of $2.3 billion for Q4 2024, an 88% increase from the previous quarter, with a net income of $1.3 billion. Retail trading volumes reached $94 billion, while institutional volumes hit a three-year high of $345 billion. This growth is attributed to a post-election boost in market optimism, as President Donald Trump has pledged to establish the U.S. as “the world’s crypto capital” and has appointed industry-friendly leaders to key regulatory positions.
Over the past year, Coinbase’s stock has risen approximately 112%. Analysts from JPMorgan have raised their price target for Coinbase’s stock (COIN) to $344, up from $264. They noted, “The fourth quarter, and we would argue 2024 overall, was a pivotal and consequential period for the crypto ecosystem—market caps exploded, volumes jumped, new participants entered the market, and regulatory confidence completely flipped.”
Robinhood, primarily known for stock trading, has seen substantial growth in its cryptocurrency segment. In Q4, the company reported crypto transaction revenue of $358 million, accounting for approximately 35% of its total revenue—the highest contribution to date. This represents a 700% increase in crypto revenue year-over-year. Robinhood’s stock has surged about 365% in the past 12 months. JPMorgan analysts have increased their price target for Robinhood’s shares (HOOD) to $45 from $39, highlighting the growing importance of crypto trading in the company’s business model. They stated, “Typically, we see crypto revenue contribute 10-20% of revenue any given quarter.”
The surge in cryptocurrency trading volumes has been largely driven by renewed market optimism following the U.S. election. President Trump’s administration has expressed strong support for the cryptocurrency industry, with promises to position the U.S. as a global leader in the crypto space. This favorable regulatory environment has encouraged increased participation from both retail and institutional investors, contributing to the impressive financial performances of both Coinbase and Robinhood.
The combination of favorable political developments and a bullish cryptocurrency market has propelled Coinbase and Robinhood to exceed financial expectations in Q4 2024. Analysts remain optimistic about the future growth prospects of both companies, as they continue to capitalize on the expanding crypto ecosystem.