Crypto Weekly: XRP Correction, Ether Supply Dip, and More!
Top Crypto Stories of the Week
Finder Wins Court Battle Over Crypto Yield Product
Australian fintech company Finder.com secured a victory in the Federal Court against the Australian Securities and Investments Commission (ASIC). The court ruled in favor of Finder and its yield-generating product, Finder Earn, confirming it complies with consumer financial laws. The court stated that Finder Earn is not a financial product.
BitMine Acquires Over $2B in ETH Amid Treasury Race
Bitcoin mining firm BitMine Immersion Technologies has aggressively expanded its Ethereum holdings, purchasing over $2 billion worth of Ether in just 16 days. This positions BitMine as a leading player among newly formed Ether treasury companies. According to Tom Lee, BitMine aims to acquire and stake 5% of the overall ETH supply, signaling strong institutional interest in Ethereum.
XRP Price Drops 19%, Analysts See 'Healthy Correction'
XRP experienced a 12.5% price drop, aligning with a broader crypto market decline. Despite this, analysts view the pullback as a healthy correction, with potential double-digit price targets remaining in sight. XRP's price fell as much as 19% to a low of $2.95, triggered by liquidations and reduced liquidity.
Memecoins Inspired by Hulk Hogan & Ozzy Osbourne Surge
Memecoins inspired by wrestling legend Hulk Hogan and Black Sabbath's Ozzy Osbourne saw significant price increases following the news of their passing.
Ether to Outperform Bitcoin, Says Novogratz
Galaxy Digital CEO Michael Novogratz anticipates that Ethereum could outperform Bitcoin in the coming months, driven by growing institutional interest and a potential supply shock. Novogratz noted that if ETH breaks through $4,000, it could enter price discovery. He highlighted that there is not much ETH supply and this could potentially lead to outperformance.
Memorable Quotes
- Robert Kiyosaki, Rich Dad Poor Dad author: "'Pigs get fat…. hogs get slaughtered.' I am buying one more [Bitcoin]…. and get fatter."
- Mena Theodorou, Coinstash co-founder: "If you’re analytical, follow the patterns, and take an emotionless approach, you’re going to do well in the crypto space."
- Michael Novogratz, Galaxy Digital CEO: "There’s not a lot of supply of ETH, and so I think ETH probably has a chance to outperform Bitcoin in the next three to six months."
- Markus Thielen, 10x Research CEO: "We believe Ethereum is looking vulnerable in the near term."
- Solomon Tesfaye, Aptos Labs chief business officer: "We’re seeing more open dialogue between policymakers and Web3 leaders that is shaping legislation and giving institutions more confidence to commit to longer digital asset roadmaps."
- Mister Crypto, Trader: "A massive short squeeze is inevitable!"
Winners and Losers of the Week
This week, Bitcoin (BTC) is at $117,962, Ether (ETH) at $3,774, and XRP at $3.20. The total market cap stands at $3.88 trillion.
Top 3 Gainers:
- Conflux (CFX): 72.84%
- Ethena (ENA): 47.25%
- Pudgy Penguins (PENGU): 35.84%
Top 3 Losers:
- Pump.fun (PUMP): 41.74%
- Sonic (S): 11.04%
- Aptos (APT): 9.38%
Top Prediction
Analysts Say Ether Should Be Above $8K
Analysts suggest that Ether is currently undervalued and should be trading above $8,000, considering the record high global liquidity measured by M2. A rising M2 often increases capital inflow into risk assets like crypto.
Top FUD (Fear, Uncertainty, and Doubt)
Arizona Woman Sentenced in North Korea Crypto Scheme
An Arizona woman received over eight years in prison for assisting North Korean operatives in infiltrating US crypto and tech firms. The scheme involved stolen identities, fraudulent documents, and generated over $17 million in illicit revenue.
Bitcoin Tumbles Below $116K, Liquidating Crypto Longs
Over half a billion dollars in long positions were liquidated as Bitcoin's price dipped below $116,000. Bitcoin accounted for $140.06 million of the total liquidations, while Ether saw $104.76 million in liquidations.
New York Crypto Torture Case Suspects Released on Bail
Two individuals accused of kidnapping and torturing an Italian man in a cryptocurrency extortion plot have been granted $1 million bail each. The victim was allegedly held hostage and tortured to reveal his Bitcoin credentials.
Top Magazine Stories
- Robinhood’s tokenized stocks stir legal questions regarding jurisdiction and investor protection.
- Hong Kong regulates stablecoins, and Solana apps introduce Pokémon card NFTs.
- A guide for heirs on accessing and retrieving Bitcoin inheritances from exchanges and wallets.
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