The crypto market is buzzing with excitement as Bitcoin reaches an 18-month peak, causing optimism to spread throughout the industry. Altcoins are also rallying, with the top 100 digital assets index up 16%. This surge in prices has led to $50 million in short liquidations in just 4 hours, further boosting Bitcoin’s price, which has gained 120% this year. The market dominance of Bitcoin now stands at 49%, indicating a growing risk appetite among investors.
In other news, defunct crypto exchanges may see new life as SEC Chair Gary Gensler suggests the possibility of FTX being revived under new leadership. Tom Farley, ex-president of NYSE, is reportedly among the potential buyers for the bankrupt exchange. Meanwhile, the judge overseeing Celsius Network’s bankruptcy case is urging the SEC to expedite its decision on whether to allow Celsius to transform into a crypto mining firm to partially repay its customers.
Robinhood, the American trading platform, is expanding its crypto trading services into the European Union and launching brokerage operations in the UK in the coming weeks. This expansion comes at a time when some crypto firms are suspending services for UK customers due to new promotion rules.
Binance has unveiled a new crypto wallet accessible through its mobile app, emphasizing the importance of Web3 wallets in empowering individuals with self-sovereign finance. The wallet utilizes multiparty computation to enhance security by dividing private keys into three parts.
The US Securities and Exchange Commission has opened talks with Grayscale to convert its GBTC trust into a spot bitcoin ETF, sparking optimism in the market. Additionally, BlackRock has registered the iShares Ethereum Trust, signaling a possible Ether ETF and fueling a rally in Ether’s price.
Ripple’s XRP briefly surpassed Binance’s BNB as the fourth-largest token by market cap, with an 11% price increase in a single day. This surge was driven by Ripple’s collaboration with Onafriq for remittance expansion in various regions, opening new blockchain-based payment corridors.
Elon Musk’s new AI, Grok, has spawned over 400 scam tokens despite his declaration that his companies won’t create cryptocurrencies. These scam tokens have amassed over $10 million in market cap, with at least 10 resulting in rug-pulls and causing $1 million in losses. On the flip side, a new report shows a decrease in altcoin creation due to reduced funding for blockchain projects.
Academic researchers from Greek universities have endorsed AI models based on the efficient market hypothesis for Bitcoin trading, claiming they can outperform the hodl strategy by nearly 300% in simulated portfolios. This could enable investors to achieve higher profits than with a traditional buy-and-hold strategy, although only in theory.
That’s the latest news in the crypto world for this week. Stay tuned for more updates next week.
