From Bitcoin’s rise to WazirX’s woes: What’s in store for crypto watchers in 2025?
The Hindu
Moving into 2025, let us take a look at several possible developments in crypto that go beyond price jumps and crashes.
In the last month of 2024, Bitcoin crossed $100,000 in price.
Crypto price jumps are hard to pin on just one or two factors, but it is safe to say in this case that investors’ excitement played a major role as it became clear that president-elect Donald Trump was returning to the White House in 2025, and that he was taking a less conservative stance with regards to the U.S. crypto economy.
During President Joe Biden’s term, and even during Trump’s first term, activities such as crypto mining and running crypto exchanges/platforms were viewed with suspicion by regulators, Democrats, and Republicans alike. However, in 2024, Trump softened his stance towards crypto. Even conservative political figures have been framing the asset class as a means to help establish U.S. dominance in the fintech sector.
Buoyed by these developments and the promise of change, Bitcoin reached its all-time-high of $108,268.45 on December 17, 2024.
Moving into 2025, let us take a look at several possible developments in crypto that go beyond price jumps and crashes.
Since the July 18 cyber-attack against the Indian exchange’s multi-signature wallet managed with the company Liminal, WazirX investors have been struggling to get access to their locked up crypto. As they exhaust their own legal options, the exchange is pushing for restructuring in Singapore. Many WazirX investors were forced to miss out on Bitcoin’s price surge in the last two months of the year because of this.
WazirX in December announced that it was working on a restructuring scheme of arrangement in order to help users obtain some recoveries. The exchange urged users to encourage the scheme, or potentially opt for a more uncertain timeline due to the Binance-WazirX legal dispute. It is clear that the restructuring of WazirX will be an emotionally-fraught proceeding for thousands of stranded Indian investors, whose ordeal will continue well into this year.
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