Top stories this week
- SEC Acknowledges Grayscale’s XRP ETF Proposal
The U.S. Securities and Exchange Commission has acknowledged Grayscale’s application for an XRP exchange-traded fund (ETF). This acceptance sets the stage for a federal review process, potentially contributing to a rise in the XRP price. The acknowledgment is part of a broader trend of the SEC reviewing applications for various cryptocurrency ETFs, including those involving Dogecoin. - Allegations Against Argentina’s President in Crypto Scandal
Argentina’s President Javier Milei faces serious allegations of conducting a large crypto rug pull involving the LIBRA meme coin. Reports suggest that major insiders have cashed out $107 million, leading to massive market losses. Milei denies any direct involvement, as authorities such as the FBI are reportedly preparing potential charges. - Franklin Templeton Expands Financial Products to Solana
Franklin Templeton has launched a tokenized U.S. government money market fund on the Solana blockchain. This expansion includes the introduction of the OnChain U.S. Government Money Market Fund (FOBXX). The move signals a growing interest in combining traditional financial products with blockchain technology. - Ethereum Foundation Expands Into DeFi
The Ethereum Foundation has allocated over $100 million worth of ETH to decentralized finance lending protocols such as Aave and Spark. This strategic deployment signifies strong support for the DeFi ecosystem, aiming to promote growth and innovation in decentralized financial services. - NYSE Seeks SEC Approval for Staking in Ethereum ETFs
The New York Stock Exchange (NYSE) has filed for SEC approval to introduce staking capabilities in its Ethereum ETFs, managed by Grayscale. This move is part of a broader effort by financial institutions, including the Cboe BZX Exchange, to incorporate staking into their ETF offerings, potentially enhancing investor returns. - Metaplanet Significantly Increases Bitcoin Holdings
Metaplanet has purchased an additional $25.6 million in Bitcoin, boosting its total holdings to over 2,000 BTC. This acquisition, facilitated through a bond raise, indicates the firm’s confidence in Bitcoin as a prominent long-term investment despite the current market volatility. - Standard Chartered and Animoca Brands to Launch Stablecoin
Standard Chartered, in partnership with Animoca Brands and HKT, plans to launch a stablecoin pegged to the Hong Kong Dollar. The new digital currency aims to enhance the adoption of digital assets in traditional financial systems and expand their use in the Hong Kong financial market. - Potential Impact of US Stablecoin Rules on Tether
JP Morgan has indicated that Tether might need to sell some of its Bitcoin holdings to comply with proposed U.S. stablecoin regulations. These regulations could significantly impact Tether’s operations, prompting discussions with U.S. lawmakers to shape federal stablecoin rules. - Crypto Market Update: Bitcoin and Altcoins Trends
Recent data points to Bitcoin’s price stability around $95,000, despite fluctuations in the broader crypto market. XRP has shown notable performance among altcoins, potentially influenced by the ongoing review of Grayscale’s XRP ETF by the SEC, contributing to investor interest. - National Bank of Canada’s Bitcoin Market Sentiment
The National Bank of Canada has hinted at a bearish take on Bitcoin, despite investing $2 million in Bitcoin ETFs. This reveals a cautious yet optimistic approach to cryptocurrency investments, aligning with other Canadian banks like the Bank of Montreal, which has significantly invested in Bitcoin ETFs.
Hottest coins of the week
The featured cryptocurrencies list was generated through our sophisticated AI-driven analysis that meticulously evaluated the market sentiment surrounding tokens within the 500 most prominent articles over the past week, in conjunction with a thorough AI-examination of their price trends.
Zebec Network (ZBCN)
Zebec Network (ZBCN) has experienced a remarkable price surge, increasing by 8.55% in the last 24 hours and an impressive 86.84% over the past week. Recent news suggests that the growing adoption of Zebec’s innovative continuous settlement protocol and strategic partnerships are bolstering investor confidence. Excitement surrounding potential future projects and advancements within the Zebec ecosystem is also fueling this upward trajectory.Telcoin (TEL)
Telcoin (TEL) has seen an impressive price surge, gaining 16.87% in the past 24 hours and soaring 57.44% over the week. A likely contributor to this momentum is the positive market sentiment around altcoins, where TEL and LTC have been highlighted as leading in gains amidst volatile market trends. Furthermore, market analyses indicate promising recovery trends for several altcoins, with Telcoin positioned for potential further growth, adding to the bullish outlook shared by crypto analysts.Ket (KET)
Ket (KET) has seen a remarkable price increase of +9.84% in the last 24 hours and +45.19% this week, driven by positive market sentiment and strategic developments. The surge can be attributed to increased interest and adoption, particularly following a partnership announcement that positions Ket as a promising player in the digital finance space. Additionally, the coin’s robust trading volume and heightened investor confidence signal potential continued upward momentum in the coming days.Sonic (prev. FTM) (S)
Sonic (previously FTM) has experienced a remarkable price increase of +15.85% in the last 24 hours and +38.84% this week. This surge is largely attributed to the upcoming launch of the Sonic mainnet, as announced by Fantom’s CEO, Michael Kong. The anticipation around Sonic’s integration and potential to enhance decentralized projects contributes to the growing investor interest and positive market sentiment towards this cryptocurrency.Alchemy Pay (ACH)
Alchemy Pay (ACH) has achieved an impressive +4.13% price increase in the last 24 hours and a +37.95% gain this week, largely due to its robust framework enabling seamless integration between fiat and cryptocurrency payment ecosystems. This prominent growth is fueled by its wide acceptance and ability to streamline global transactions for consumers and businesses, enhancing its appeal as a cross-functional payment solution. Moreover, trader-friendly technical analysis and positive market sentiment predict further upward potential, making ACH a promising investment in the crypto space.ARK (ARK)
The past week has been favorable for ARK (ARK), with its price soaring by 23.42% over the last 24 hours and achieving a 34.86% increase for the week. This positive movement might be attributed to growing interest in innovative ARK projects and recent developments in the cryptocurrency space that have sparked renewed optimism among investors. The surge in attention and buy-in could be creating upward pressure on ARK’s market performance, making it an attractive option for traders looking for robust growth potential.
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