In a week filled with significant developments in the crypto world, the Coin Bureau’s latest video provides a detailed analysis of the top stories. From BlackRock’s Bitcoin ETF application to the return of Tether FUD and bullish Ethereum updates, the video offers a comprehensive overview of the current state of the crypto market.
Crypto Market Recovery
The crypto market experienced considerable volatility last week, with a significant crash at the start of the week, presumably in response to the SEC’s request for an emergency temporary restraining order against Binance US. This would have frozen all of its corporate assets, causing concern among investors. However, the judge presiding over the case deemed the request excessive, leading to a quick recovery in the crypto market.
The market’s recovery was further supported by the Federal Reserve’s decision to postpone raising interest rates until next month, a move being referred to as a “skip”. Despite this, the Fed still expects to make two additional rate hikes, and Chairman Jerome Powell made some concerning comments during the press conference, which could potentially impact the crypto market.
Bullish Ethereum Updates
Ethereum saw some very positive news last week. The Bank of China’s investment banking arm, BOCI, issued tokenized securities on the Ethereum blockchain. This move is significant for several reasons. Firstly, it provides additional proof that China is considering legalizing crypto again. Secondly, it underscores Hong Kong’s serious commitment to crypto adoption. Thirdly, it suggests that more offerings of tokenized securities on Ethereum could be on the horizon, not just in Asia but elsewhere. Lastly, it indicates that institutional investors believe Ethereum is secure enough for such transactions.
Ethereum’s creator, Vitalik Buterin, also revealed three areas of focus for the project: layer 2 scaling solutions for low fees, more secure smart contract wallets, and privacy. Buterin explained that Ethereum will fail if it can’t scale and that secure smart contract wallets are a prerequisite for the zero-knowledge scaling solutions that will provide on-chain privacy.
Tether FUD Returns
Tether (USDT) experienced a minor depeg after media companies received sensitive financial documents related to a previous lawsuit. This led to speculation and concern among investors, causing a slight deviation from its peg. However, the release of the documents ended up being a non-issue, and USDT quickly regained its peg. Despite this, it is likely that more concerning articles about Tether will be posted by media companies in the coming weeks, which could potentially cause problems for USDT’s peg.
BlackRock and Bitcoin
BlackRock, the world’s largest asset manager, reportedly filed for a spot Bitcoin ETF in the United States, leading to speculation that a bull market is imminent. The SEC has rejected every single spot Bitcoin ETF application so far, so BlackRock’s application is a significant development. However, ETF applications can take months to be approved or rejected, and the SEC has a habit of extending its decision date for crypto-related ETFs.
Top Performing Cryptos
The top-performing altcoins last week were Sui, KuCoin’s KCS token, the Trust Wallet Token, Aptos, and Phantom. Sui and Aptos both saw significant price increases in response to the release of their respective project’s developer roadmaps. KuCoin’s KCS token, an exchange token, saw increased trading volume due to the market’s volatility. The Trust Wallet Token likely rallied after the judge blocked the SEC’s request to freeze Binance US’s assets. Phantom’s FTM coin saw a price increase in response to an upgrade that lowers the threshold for participating in consensus and an upgrade to the Phantom F wallet.
In conclusion, the past week has been a rollercoaster forthe crypto market, with significant developments and volatility. The market’s recovery, bullish Ethereum updates, the return of Tether FUD, and BlackRock’s Bitcoin ETF application were the main highlights. These developments have the potential to shape the future of the crypto market significantly.
The market’s recovery was primarily due to the judge’s decision to reject the SEC’s request to freeze Binance US’s assets, and the Federal Reserve’s decision to postpone raising interest rates. This recovery was further supported by the lack of any significant macro headwinds for the crypto market at present.
Ethereum saw some very positive updates, with the Bank of China issuing tokenized securities on the Ethereum blockchain.