The last 12 months delivered a classic crypto mix of euphoria and devastation. Long-awaited regulatory clarity in Washington collided with record-breaking hacks and brutal leverage flushes.
It was the year the crypto “Wild West” officially ended. In the United States, 2025 saw the resignation of crypto nemesis Gary Gensler, the creation of the U.S. Strategic Bitcoin Reserve and the passing of the GENIUS Act.
However, sitting at the big table did not tame crypto. Investors still faced massive hacks and brutal price crashes that tested even the most diamond-hard hands.
Top Crypto News of 2025: XRP’s ATH, $19 Billion Wipeout, CZ’s Pardon and More
Morning Crypto Report: Ripple USD Stablecoin Deletes $21,804,950 From Circulation, $100,000 for Bitcoin in January Not Surreal, Bitwise Files for ETF on Zcash (ZEC)
Total Number of XRPs Held on Exchanges Revealed
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Now that we are closing the book on a highly transformative year, let us take a look at the 15 biggest news events of 2025.
15. Ethereum “Pectra” upgrade live (April 16)
The Ethereum mainnet successfully underwent the Pectra (Prague-Electra) hard fork. This was the most significant technical change since “The Merge.” It introduced MaxEB (Max Effective Balance), allowing validators to stake up to 2,048 ETH in a single slot (up from just 32 ETH).
14. Gensler resigns (January 20)
The most immediate “hard news” of the inauguration was the formal resignation of SEC Chair Gary Gensler, effective precisely at noon on Jan. 20.
This effectively ended the “regulation by enforcement” era overnight. The XRP and UNI tokens rallied 15% and 12%, respectively, within hours.
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13. Bybit heist (February 21)
The largest crypto hack in history occurred when North Korean hackers exploited a storage software vulnerability to drain $1.5 billion in Ethereum from Bybit.
The enormous theft prompted an immediate market sell-off. The incident dented Ethereum’s liquidity on centralized exchanges for days. Bybit also had to pause withdrawals for 48 hours.
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12. Strategy’s Bitcoin holdings top 500,000 BTC (March 24)
On March 23, 2025, Strategy’s holdings exceeded the 500,000 BTC threshold for the first time, hitting 506,137 BTC. It went on to add more than 100,000 coins through the remainder of the year.
Earlier this year, the company also dropped “Micro” to simplify its name to Strategy. The new logo features a stylized “B,” and the official brand color was changed to orange.
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11. FTX repayments begin (February 18)
The first wave of cash distributions officially began after over two years of bankruptcy proceedings. Approximately $1.2 billion entered the market in the last week of February. However, the FTX saga is still far from over, and it recently surfaced that former executive Caroline Ellison is set for an early release from federal prison.
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10. “Strategic Bitcoin Reserve” EO (March 6)
In early March, Executive Order 14202 was signed, officially establishing the “Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile.” It did not authorize new purchases yet, but it immediately halted all U.S. Marshals Service auctions of seized crypto. This was still viewed as a massive disappointment.
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9. U.S. passes Genius ACT (July 18)
The United States reclaimed its position as the global leader in digital finance with the signing of the “Guiding and Establishing National Innovation for U.S. Stablecoins Act” (GENIUS Act). This landmark legislation officially brought regulatory clarity to the burgeoning stablecoin sector.
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8. CZ pardoned (October 23)
Former Biannce CEO Changpeng Zhao (CZ) received a full presidential pardon in late October. CZ had already completed his four-month custodial sentence in 2024. However, the pardon was significant because it expunged his felony conviction record. This effectively removed the legal barriers preventing him from holding executive roles in U.S.-connected financial firms.
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7. Circle debuts on NYSE (September 18)
Circle Internet Financial became the first stablecoin issuer to go public in the United States. It was listed on the New York Stock Exchange under the CRCL ticker. The stock experienced a massive rally, solidifying the crypto IPO boom.
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6. Spot-based altcoin ETFs approved (November)
Following a rule change that expedited listings for commodity-based trust shares, the SEC allowed the first spot XRP and Dogecoin ETFs to trade (as well as a slew of other altcoin products). This significantly diversified the choice of institutional crypto products.
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5. XRP ATH (July 17)
XRP finally shattered its previous 2018 record of ~$3.40 following the conclusion of the legal battle with the U.S. This breakout was the culmination of a perfect storm of bullish tailwinds that began in Q1, when the SEC officially dropped its appeal against Ripple. However, XRP still ended up underperforming during the year and finished 2025 in the red.
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4. Fed rate cut (September 18)
The Federal Reserve finally pivoted and cut interest rates by 25 basis points in September. This came after a tense summer, in which inflation data hovered stubbornly high. This was the first easing measure of the year. The rate was prompted by “sufficient cooling” of the labor market. The cut was sufficiently significant to reignite the crypto market rally.
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3. October crash (October 10)
The brutal deleveraging event in October proved that even in a golden age, the market takes the stairs up and the elevator down. A total of $19 billion worth of leverage was wiped out in 24 hours. The crash was driven by a sudden geopolitical shock that triggered a massive deleveraging event. The crypto market is yet to recover from this flash crash.
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2. SEC and Ripple officially end legal battle (August 22)
After nearly five years of grueling litigation, the SEC and Ripple filed a joint stipulation to dismiss all pending appeals earlier this year. The Second Circuit Court of Appeals in the United States approved the agreement between the two parties on Aug. 22. The dismissal left the 2023 summary judgment intact (the crucial ruling that programmatic sales of XRP are not securities). Ripple agreed to pay the previously adjudicated $125 million penalty after failing to convince Judge Analisa Torres.
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1. Bitcoin reaches current ATH (October)
Bitcoin reached its cycle peak of $126,080 in the first week of October. However, the cryptocurrency did not manage to maintain its momentum, crashing by more than 35%. It is still down nearly 30% from the aforementioned lifetime peak.
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We enter the new year with a pro-innovation SEC, a publicly traded stablecoin sector and a U.S. government that is officially a Bitcoin holder. The “Wild West” era is over. However, it remains to be seen whether crypto will manage to revive its mojo and regain popularity among retail investors after a brutal Q4.
U.Today wishes our readers a happy and prosperous 2026!
