An enormous bear engulfed the crypto market last week, making the prices of several cryptocurrencies appear bearish and fearful! Bitcoin was swinging at $95,000 at the time of reporting, and major coins dwindled amid the red market waves. The crypto news industry looked a bit dry; however, several significant stories emerged tied to the reopening of the US government.
Crypto market crawls hard
The global crypto market crashed so hard, with the market cap currently showing a dip in the past 24 hours. Bitcoin went down to meet its fate at $95,000, Ethereum landed at $3,206, and XRP shrank to $2.25.
US financial regulators resume operation after 43-day shutdown
The US government gridlock came to an end last week after 43 days of halt that started on October 1. This happened following US President Donald Trump’s signing of a bill to end the shutdown. The Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) also reopened, along with other government bodies.
Canary Capital’s XRP ETF goes live
The first-ever spot XRP ETF (XRPC) went live under the Securities Act of 1993 after receiving approval from the public exchange Nasdaq.
Vitalik Buterin backs “Trustless Manifesto” for true decentralization
Ethereum co-founder Vitalik Buterin has signed the “Trustless Manifesto,” calling on developers to avoid depending on intermediaries. According to Vitalik, many crypto apps are becoming centralized by relying on intermediaries (middlemen). To avoid this, he signed the “Trustless Manifesto,” a statement that promotes true decentralization.
FDIC is drafting guidance on tokenized deposit insurance
The Federal Deposit Insurance Corporation (FDIC) is working on new rules for tokenized deposit insurance, helping banks and financial institutions to provide insured digital-asset products.
Kalshi taps Coinbase to secure USDC holdings
Kalshi partnered with Coinbase to safeguard USDC holdings on its regulated prediction market platform. Coinbase’s institutional-grade security will protect every deposit, trade, and payout on the Kalshi platform.
Besides these major developments, the crypto news cycle also highlighted BlackRock’s BUIDL tokenized funds expanding to BNB Chain, Japan’s move to curb crypto hoarding by firms, Uniswap’s preparations for an upgrade, and several other noteworthy updates.
There’s plenty more to cover in the upcoming weeks. AltCoin Desk’s weekly news catch-up will have you covered next.
