A bit dry with no major developments, yet wet with price hikes and dips, crypto adoptions, and liquidations — that’s a short note on how the crypto land looked this week. Bitcoin boomed to $123,000 but then gloomed to below $16,000 on July 25. Stablecoin adoption has increased over the past week, with major institutions showing interest in its adoption.
Bitcoin hits back to earth at $115K after a $123k moonshot
Bitcoin had a fresh start this week with an all-time high of $123,000. However, its glow just faded away with a dip of $115,000, particularly due to market makers dumping their coins!
Vietnam’s NDAChain powers digital IDs, smart contracts
Vietnam unveils national blockchain NDAChain to power digital IDs, smart contracts, and government records with hybrid decentralization.
Ethereum shoots up to $3,700
As the crypto market bloomed last week, Ethereum (ETH) experienced a bullish stint, marking a notable movement above $3,700. And reasons? Spot ETF inflows, whale accumulation, and macro tailwinds like the US GENIUS Act, which increased trust in cryptocurrencies like Ethereum.
BlackRock buys spot Bitcoin and Ethereum ETFs
BlackRock, the investment giant, as every time, has grabbed spot ETFs with 1,190 BTC and 86650 ETH. This massive buying has led to Ethereum’s price surge.
A positive return for Tether to the US market?
Tether, the stablecoin issuer and company behind Tether stablecoin, is actively working to re-enter the U.S. market after previously pulling back due to regulatory concerns in 2021. Tether CEO Paolo Ardoino has indicated the comeback following a discussion with US lawmakers. This return stems from the crypto-friendly administration of the US and the recent launch of the GENIUS Act, which regulates payment stablecoins.
Bitcoin received increased praise from industry experts and traders. Among the bullish statements is David Marcus, the former CEO of PayPal. Marcus remarked that the world needs Bitcoin! “Bitcoin will be the king interop network for all closed payment systems and wallets in the world”, underscored Marcus.
Besides, several crypto wallets have woken up after a deep sleep for years, just to do transactions. A crypto wallet reactivated after over 14 years, to transfer 80,000 BTC, worth $8–8.6 billion. Ripple’s XRP plunged to $3.10 following cofounder Chris Larsen’s transfer of 50 million XRP tokens to exchanges. Meanwhile, the recent price hikes in the market have led to the rise of crypto scammers. Fintech firm Robinhood has listed Hedera (HBAR) for trading in the US, making the coin’s price go up.
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