Top stories this week
- Grayscale Withdraws Ethereum ETF Application
Grayscale has withdrawn its application for an Ethereum futures ETF due to unresolved issues with the SEC. - MicroStrategy Plans to Launch Decentralized ID Solution
MicroStrategy is developing a new decentralized ID solution on Bitcoin using ordinals-like inscriptions. - Most Stablecoin Transactions Come from Bots
A Visa report indicates that over 90% of stablecoin transactions are driven by bots and large traders rather than human users. - SEC Serves Robinhood Crypto with Wells Notice
The SEC has issued Robinhood’s cryptocurrency arm with a Wells notice, signaling potential violations of securities laws. - Poloniex Hacker Transfers Funds
The hacker behind the Poloniex breach has transferred over $3.3 Million Worth of ETH to Tornado Cash, a non-custodial privacy solution. - Friend.tech Token Drops After Launch
The launch of Friend.tech’s native token turned into a debacle as the coin’s value plummeted by 98% shortly after its debut. - Bitcoin Processes One Billion Transactions
Bitcoin reaches significant milestone with over one billion transactions processed 15 years after its creation. - Hong Kong Bitcoin ETFs See Outflows
Bitcoin ETFs in Hong Kong recorded their first outflows since launch, mirroring the recent cryptocurrency market slump. - BlackRock Executive Comments on Bitcoin ETF Hype
A BlackRock executive suggests that the hype surrounding Bitcoin ETFs may be fading, using their recent daily losses as a case in point. - Shiba Inu Completes Shibarium Hard Fork
Shiba Inu’s Shibarium has completed its highly anticipated hard fork, aiming to introduce faster transactions to the network.
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.
Tellor Tributes (TRB)
The significant surge in TRB, Tellor Tribute’s market value, can be attributed to increased activity by major crypto whales accumulating the coin, causing a major hike in demand. The market value more than doubled within a week, contributing to the boost of +149.78% this week. Further, TRB recorded a 20% rise in the last 24 hours, showing continuous strong performance and potentially suggesting a future trend of bullish growth.THORChain (RUNE)
THORChain (RUNE) has seen an impressive price increase of 9.49% in the last 24 hours and 19.44% this week, largely driven by its expanded role in transactions and its introduction into new platforms. The recent surge in RUNE’s activity can be attributed to the launch of the Bitcoin Runes protocol, which led to its dominance in daily transactions, accounting for 68% of all operations since its initiation. RUNE’s broad usage, evident in its adoption in mining, layer-2 networks, memecoin DOG, and the Bitcoin DeFi, along with its popularity in several NFT marketplaces, has dispelled the initial criticism and uncertainty surrounding it, underscoring its potential as a significant asset in the crypto-sphere.ORDI (ORDI)
ORDI, backed by the Ordinals protocol, continues to draw attention with strong price growth of +0.34% in the last 24 hours and a remarkable +12.94% this week. This upward trend is being fueled by growing investor interest, as suggested by price predictions speculating that ORDI might surge 100X by 2033. The recent launch of MicroStrategy’s Orange Protocol offering decentralized ID on Bitcoin, which utilizes Ordinals-based inscriptions, is a promising development that adds further credibility to ORDI’s positive market performance.Terra (LUNA)
Terra LUNA (LUNC) experienced a beneficial week with a price uptick of +12.27%, despite issues related to regulatory sanctions and a tough market. This increase could mainly be attributed to Binance’s strategic decision to significantly reduce the overprinted LUNC supply by performing big token burns, thereby creating a bullish trend. However, the coin and its founder, Do Kwon, are under scrutiny by the SEC for alleged misconduct, which has prompted steps like the revision of the token’s burn tax, limiting access for US users, and challenging a hefty penalty, thereby adding a dynamic landscape to its performance.Celo (CELO)
Untangled Finance, supported by Fasanara Capital, has excitingly launched both its first institutional private credit pool in decentralized finance (DeFi) and the first USD Coin (USDC) lending pool on Celo’s blockchain. The advancements demonstrate enhanced security, and a boost in cryptocurrency’s asset tokenization, with a remarkable $600 million outstanding on-chain assets. These innovations on Celo’s network and increased accessibility for accredited Right-Weighted Average (RWA) investors might have played crucial roles in the recent rise of CELO’s price.
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