This week, the crypto market witnessed major developments as new crypto partnerships emerged, Bitcoin spiked to $117,000, and fiat-backed stablecoin adoption increased.
Bitcoin surges to $117,000 in a fresh rally
The digital gold, Bitcoin, hit $117 on Thursday, and major altcoins such as Ethereum, XRP, and Solana also surged following the master. This surge is reportedly due to Donald Trump signing an executive order on 401(k), which includes crypto as an asset for retirement savings.
Trump backs 401(k) plans for crypto investments
The US President Donald Trump signed an official order that allows $12.5 trillion 401(k) plans to invest in alternative assets, such as cryptocurrencies, private equities, and real estate. 401(k) is a retirement savings plan provided by employers in the US, where employees can save and invest in a portion of their paycheck before income taxes.   Â
Animoca Brands, Standard Chartered Bank, HKT eye stablecoin license
Animoca Brands partnered with Hong Kong’s Standard Chartered branch and Hong Kong Telecom (HKT), launching Anchorpoint Financial Limited to issue a stablecoin license.
China explores stablecoin
China is reportedly working to launch its first yuan-backed stablecoin amid its financial regulations. Notably, Hong Kong has enacted legislation for businesses to issue tokens pegged to any fiat currencies, while the territory’s monetary authority has highlighted that only a limited number of licenses will be introduced beginning next year.
BlackRock buys $103 million worth of Ethereum
In a familiar move, the leading asset manager has this time purchased a staggering $103 million worth of Ethereum, signaling bullish momentum for the cryptocurrency.
SEC vs. Ripple case settles, a sigh of relief
The US Securities and Exchange Commission (SEC) and Ripple Labs have finally filed a joint appeal of dismissal to conclude the long legal battle.
Binance, Mastercard collaborate for crypto-to-fiat transfers
Crypto exchange Binance and payment platform Mastercard have teamed up, enabling crypto-to-fiat transactions in Europe. With the new initiative, users can experience a more convenient and quicker access to crypto earnings and crypto-to-fiat conversion.
Besides these huge developments, the crypto world is awakened by a few other headlines. Ethereum’s significant move to $3,913 (at press time), Binance’s approval of BBVA, a Spanish bank, for crypto custody rights, Sygnum Bank’s announcement of custody, staking, lending, and trading of SUI for institutions, and other incidents have had a strong impact on the crypto industry. Get ready to move with more crypto news next week!
