This week saw major developments in the cryptocurrency market, with the total market value reaching $3.05 trillion. Over the past seven days, the market added nearly $400 billion, thanks to strong performance from Bitcoin, Ripple, Dogecoin, and other cryptocurrencies. Here’s a summary of Crypto Weekly Recap.
Bitcoin Reaches New Highs
Bitcoin had an eventful week. Starting last Friday, the cryptocurrency was trading just under $80,000. On November 11, it broke the $80,000 mark for the first time. The momentum continued as Bitcoin reached $90,000 on November 12, setting a new all-time high.
However, after hitting a peak of $93,000 on November 13, the price dropped slightly, stabilizing around $90,000 by the end of the week. Bitcoin’s dominance in the market increased by 3%, showing it outperformed most other cryptocurrencies during this period.
Ripple (XRP) Gains 60%
Ripple’s token, XRP, rose by 60% this week. This increase came after SEC Chairman Gary Gensler issued a public letter that many interpreted as a sign he might step down soon. The speculation boosted optimism around Ripple, as many believe regulatory changes could benefit the project.
Meme Coins on the Rise
Meme-based cryptocurrencies also saw significant growth. Dogecoin jumped 85% in value, and other meme coins followed suit. One of the standout performers was Peanut the Squirrel (PNUT), which surged over 1,500% in the same period. This highlights the ongoing interest in community-driven and speculative tokens.
Source | CNBC
Near Protocol’s AI Initiative
Near Protocol announced plans to create the world’s largest open-source AI model at its Redacted conference in Bangkok, Thailand. The model will feature 1.4 trillion parameters, making it 3.5 times larger than Meta’s current Llama model. This ambitious project could bring blockchain and artificial intelligence closer together.
MicroStrategy Buys More Bitcoin
Source | Microstrategy
MicroStrategy, a major corporate Bitcoin holder, purchased 27,200 BTC for about $2.03 billion at an average price of $74,463 per coin. This brings its total Bitcoin holdings to 279,420 BTC, acquired at an average price of $42,692 per coin. The company’s consistent investment reflects its strong belief in Bitcoin as a long-term asset.
FTX Sues Binance
Source | connectingthedotsinfin
FTX filed a lawsuit against Binance and its former CEO Changpeng Zhao (CZ), seeking $1.8 billion in damages. The lawsuit is part of ongoing tensions between major cryptocurrency exchanges, highlighting the competitive and legal challenges in the industry.
Cardano and U.S. Crypto Legislation
Charles Hoskinson, the founder of Cardano, confirmed he is advising the U.S. government on crypto regulation. He will work with the government to draft clearer rules for the industry. This collaboration could lead to more transparency and stability in the regulatory environment.
New Regulatory Proposals
Several significant proposals related to cryptocurrency regulation were introduced this week:
- Bitcoin Act of 2024: Senator Cynthia Lummis proposed a bill that would allow the U.S. government to purchase up to 200,000 Bitcoin per year over five years. The goal is to hold these assets in a trust for the country.
- Pennsylvania’s Bitcoin Reserve Plan: Pennsylvania is considering using 10% of its $7 billion reserves to invest in Bitcoin.
- Italy’s Tax Reform: Italy announced plans to reduce its proposed cryptocurrency tax rate from 42% to 28%.
Tether’s New Tokenization Platform
Source | Tether.io
Tether launched Hadron, a platform that allows users to convert real-world assets such as bonds, commodities, and stocks into digital tokens on the blockchain. This development could make tokenization of assets more accessible and drive adoption of blockchain technology.
Institutional Interest in Crypto
Institutional interest in cryptocurrencies continued to grow significantly this week, with notable developments in Bitcoin and Ethereum exchange-traded funds (ETFs) as well as new disclosures from major financial institutions:
- Goldman Sachs’ Bitcoin ETF Holdings: Goldman Sachs disclosed $710 million in Bitcoin spot ETF holdings in its latest filings, reflecting the institution’s growing involvement in digital assets.
- Bitcoin ETFs Performance: Bitcoin ETFs saw remarkable activity this week, with a weekly total net inflow of $2.04 billion. Trading volume reached $25.91 billion, and total net assets climbed to $92.56 billion as of November 14. This shows strong investor confidence and increased participation in Bitcoin-related financial products.
- Ethereum ETFs Performance: Ethereum ETFs also experienced notable growth. The weekly net inflow was $575.04 million, with a trading volume of $2.66 billion and total net assets reaching $9.27 billion as of November 14. Additionally, Ethereum ETFs recorded their highest weekly trading volume since their launch, signaling heightened investor interest in Ethereum.
Global Developments
Source | Finbold
Some significant updates from around the world included:
- Bhutan’s Bitcoin Mining: Bhutan revealed that it has been mining Bitcoin since 2019. The government’s holdings, acquired when Bitcoin was priced around $5,000, are now worth over $1 billion.
- Tesla’s Bitcoin Holdings: Tesla’s Bitcoin reserves surpassed $1 billion, signaling continued confidence in the cryptocurrency.
- PayPal Integration: PayPal enabled transfers between Ethereum and Solana using LayerZero technology. This integration improves interoperability and usability in the crypto space.
Trump’s Crypto Tax Proposal
Donald Trump proposed removing capital gains taxes on crypto income earned by U.S. corporations. This policy could encourage more businesses to adopt and invest in cryptocurrencies.
Final Thoughts
The past week in cryptocurrency has been eventful, marked by record-breaking prices, regulatory developments, and growing institutional involvement. Bitcoin’s continued rise, Ripple’s surge, and the expanding adoption of crypto by governments and institutions highlight the dynamic nature of this market.
As exciting as these developments are, it’s important to always Do Your Own Research (DYOR) before making any investment decisions. Understanding the risks and opportunities in the cryptocurrency market is essential to navigating it successfully. You can explore detailed insights and updates at blog.millionero.com to enhance your knowledge.
When you’re ready, Millionero offers a secure platform to trade both spot and futures markets, allowing you to take advantage of the dynamic crypto ecosystem. Stay informed, trade responsibly, and make the most of the exciting opportunities in the world of cryptocurrency.