The crypto markets are gearing up for a news-packed week, with several key events on the horizon. Forward-looking or enlightened investors can capitalize on the volatility around these events for trading opportunities.
Meanwhile, Bitcoin (BTC) remains below the $100,000 milestone following a crash that has triggered massive liquidations across the crypto market.
Kentucky State Bitcoin Reserve Bill
Amid calls for a strategic national Bitcoin reserve in the US, several states have recently proposed and passed BTC bills. Kentucky recently joined the movement with plans to introduce its own Bitcoin proposal.
“I will be filing a bitcoin strategic reserve bill on the first week of my return to the General Assembly,” wrote TJ Roberts, Kentucky Representative.
According to an official filing, Kentucky is meeting in February to consider a Bitcoin Reserve. Others include Illinois, Indiana, Utah, and Arizona. South Dakota’s State Representative, Logan Manhart, also recently indicated plans to introduce a proposal.
If Kentucky and South Dakota lawmakers follow through on their promises, the number of US states with Bitcoin reserve legislation will rise to 13. This trend aligns with Dennis Porter’s expectation that up to 15 states will work on ‘Strategic Bitcoin Reserve’ reserves in 2025. Porter is the CEO and co-founder of the Satoshi Action Fund.
“I can confirm that up to 15 states will be working on ‘Strategic Bitcoin Reserve’ legislation in 2025,” Porter shared on January 17 in an X (Twitter) post.
In a follow-up post the same month, the Satoshi Action Fund executive articulated that these filings would only be the start.
Jupiter’s JUP Buyback Mechanism Activation
Jupiter’s JUP buyback mechanism will be activated this week after an announcement on January 26. The network indicated that half, or 50%, of the protocol fees will go towards buybacks held in the long-term litter box.
“Alignment in action, 50% of Jupiter Exchange protocol fees will now go towards JUP buybacks. The remaining 50% will be invested in the project’s growth, future strategy, and full operational stability,” Jupiter said.
This decision followed an announcement that the firm’s revenue reached $102 million in 2024. It highlighted the platform’s seventh rank among Solana DApps.
According to the company’s statement, the firm’s primary source of revenue, Jupiter Perps, has an 84% market share among the players in the Solana Perpetual DEX Market. Notably, Jupiter’s income increased 7-fold between January and December 2024, growing from $3 million to over $21 million.
Jupiter’s JUP token is down by almost 10%. BeInCrypto data shows it was trading for $0.87 as of press time.
HeyAnon Public Beta
The public beta for Daniele Sesta’s DeFAI project HeyAnon will go live on Friday, February 7. HeyAnon (ANON) is a novel, AI-driven decentralized finance protocol that simplifies DeFi interactions.
“Hey Anon, Beta is Here – A Glimpse into the Future of DeFAI We’ve skipped the Alpha stage entirely to bring you straight into Public Beta v0.1—your first hands-on experience with DeFAI and Gemma on the 7th of February,” the project shared on X.
By integrating conversational artificial intelligence (AI) with real-time data aggregation, HeyAnon empowers users to manage DeFi operations seamlessly.
It combines natural language processing and actionable insights to redefine the DeFi user experience, from bridging and staking to tracking project updates and analyzing trends.
Ondo Finance Summit
This week, the first-ever Ondo Finance summit is also among the top crypto news. It will begin on Thursday, February 6, and the project is expected to make a few big reveals.
“The Ondo Summit is just 7 days away—where a bold new vision for Wall Street will be unveiled,” the project shared in a late January post.
The event will take place in New York, as Ondo Finance strives to bring institutional-grade finance on-chain. According to the announcement, leaders in the traditional finance (TradFi) and blockchain spaces will attend. Among them are Franklin Templeton, BlackRock, and Fidelity Investments, all players in the real-world assets (RWA) space.
Despite anticipation for the event, Ondo Finance’s token price is down by over 8%. BeInCrypto data shows ONDO was trading for $1.23 as of this writing.
Injective’s AI Agent Hackathon
More closely, however, markets are also bracing for Injective’s AI agent Hackathon, slated for Tuesday, February 4. Notably, the ceremony kicks off on Monday, setting the pace for the main event. Key participants include Google Cloud, elizaOS, and DoraHacks, among others.
“It’s all about bringing AI and blockchain together to create the next generation of AI agents that can automate trades, manage assets, and maybe even handle the things we keep procrastinating on – like replying to emails or organizing our desk,” one user on X remarked.
Builders compete to win over $100,000 in prizes, grants, funding, and more. They have four weeks to develop their ideas into projects. The top projects will be presented at Demo Day in front of the space’s top builders and investors.
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