The crypto market experienced a flat week, with Bitcoin ranging between $83,000 and $84,000. Despite the market’s plateau, there were numerous positive developments for the industry’s future.
The crypto market experienced a flat week, with Bitcoin ranging between $83,000 and $84,000. The CoinDesk 20, which tracks about 80% of the market, stayed at around 2,600. This stagnation is largely attributed to increased correlation with the wider financial markets, which are facing tariff worries and decreased corporate earnings.
However, despite the market’s plateau, there were numerous positive developments for the industry’s future. On the regulatory front, Washington agencies are preparing for an historic ‘market structure’ bill in Congress. Paul Atkins, who has intimate knowledge of crypto, is nearing confirmation as SEC Chair, while Jonathan Gould is set to become OCC pick.
The European Union is also taking steps towards a digital euro or CBDC (central bank-issued digital currency). Additionally, the Trump family’s continued investment in crypto was evident with Eric Trump joining Metaplanet, Japan’s answer to MicroStrategy.
The digital euro is a proposed digital version of the euro, the official currency of the European Union.
It would allow for fast and secure transactions, both online and offline.
The European Central Bank (ECB) has been exploring the concept since 2020, with the goal of creating a central bank digital currency (CBDC).
A digital euro would be issued by the ECB and would have the same value as physical euros.
It could be used for everyday transactions, such as paying bills or buying goods and services.
A historic ‘market structure’ bill is being prepared for Congress. Paul Atkins, who has extensive knowledge of crypto, is nearing confirmation as SEC Chair. Jonathan Gould will also become OCC pick. The European Union is planning a digital euro or CBDC, which could impact the USD’s hegemony in stablecoins.
Our reporters conducted deep-dives on protocol projects that showcased promising developments for the industry. Cardano experienced a price surge after its ADA token was included in a putative national crypto reserve. However, this project measures success differently than traditional metrics like total value locked (TVL).
Cardano is a decentralized public blockchain and cryptocurrency project that focuses on providing a more secure, scalable, and sustainable ecosystem for the transfer of value.
Developed by Charles Hoskinson, one of the co-founders of Ethereum, Cardano uses a proof-of-stake (PoS) consensus algorithm to validate transactions.
The platform's native cryptocurrency is ADA, which can be used for transaction fees, staking, and smart contract execution.
Cardano's Ouroboros protocol ensures energy efficiency and security through a unique voting mechanism.
Meanwhile, Pump.fun is aiming to dominate DeFi trading on Solana DeFi. Bitcoin miners are facing challenges due to lower hashrates and declining transaction fees, which have erased post-election gains.
DeFi trading refers to the use of blockchain technology and smart contracts to facilitate financial transactions without intermediaries.
This concept has gained significant traction in recent years, with many platforms offering lending, borrowing, and trading services.
According to a report by DeFi Pulse, the total value locked (TVL) in DeFi protocols reached $22 billion in 2021.
The rise of DeFi trading is driven by its potential for increased efficiency, reduced costs, and greater accessibility.
Our Asia team delivered strong coverage of markets, particularly in technical analysis. Omkar Godbole correctly reported that the Fed ended QT (quantitative tightening), while highlighting how the Turkish lira‘s flash crash led to a surge in bitcoin volume.
Shaurya Malwa continued his reporting on XRP, covering Ripple boss Brad Garlinghouse’s comments on XRP’s chances of being added to the strategic reserve and Ripple’s IPO plans. He also reported on Raydium‘s plan to start a pump.fun riva l.
North Dakota passed a crypto ATM bill, while Sam Reynolds reported on how the man who stabbed Haru Invest CEO could face over a decade in prison.
Lastly, Parikshit Mishra’s swift coverage of Kraken buying NinjaTrader for $1.5 billion outperformed most competitors.
In conclusion, despite market plateaus, the industry continued to move forward with numerous positive developments. Regulatory hurdles, protocol projects, and industry advancements all contributed to a week filled with significant news.
- coindesk.com | Weekly Recap: Markets Flat, an Industry Buoyant
- sg.finance.yahoo.com | Weekly Recap: Markets Flat, an Industry Buoyant
