Stay in the loop with our weekly crypto digest as we get you up to speed on the hottest trends and events in the crypto space.
Here’s what happened in crypto this week:
Standard Chartered: SOL And XRP Could Be Possible Candidates For ETFs In 2025
The recent approval of spot Ethereum exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC) has ignited discussions about the future of other altcoins. Geoffrey Kendrick, head of forex and digital assets research at Standard Chartered Bank, predicted that ETFs for Solana (SOL) and Ripple’s XRP could receive approval by 2025.
It can be recalled that Ripple CEO Brad Garlinghouse hinted at this possibility through a social media post celebrating the SEC’s approval, calling it a “momentous” occasion for the industry. In February, when asked about the possibility of an ETF, Garlinghouse replied, ”We would certainly welcome it, and I think it’s inevitable that there’ll be multiple ETFs around different tokens.”
Donald Trump Says He Will Protect Crypto From Senator Elizabeth Warren And Will Never Allow The Creation Of A CBDC
Former President and current 2024 leading Republican candidate Donald Trump voiced his clearest support of crypto.
In a recent campaign speech, Trump said he would ensure that the future of crypto and Bitcoin is made in the US, supporting the right to self-custody of the nation’s 50 million crypto holders. Furthermore, he promised to keep Senator Elizabeth Warren and her goons away from your Bitcoin and would never allow the creation of a Central Bank Digital Currency (CBDC).
“I will keep Elizabeth Warren and her goons away from your Bitcoin. And I will never allow the creation of a Central Bank Digital Currency.”
The sentiment toward crypto has noticeably warmed in Washington since Trump has deliberately sought to woo pro-crypto voters. In the past week, Trump’s presidential campaign began accepting crypto donations, making good on the presumptive Republican nominee’s pledge to become the first major party candidate to embrace Bitcoin, Ethereum, and other digital currencies.
Caitlyn Jenner Promotes New Memecoin On X
Former athlete and media personality Caitlyn Jenner’s X account posted a link to a Solana-based token called $JENNER featuring the caption “Make America great again and we love crypto,” alongside a photo of her with former US President Donald Trump. This left the crypto community bewildered and questioning the legitimacy of the post.
Jenner assured that her investments are only with the $JENNER token and pointed out that all the ads that gave different impressions were removed.
Normie ($NORMIE) Dumps 99.99% Amid Exploit On Base Network
Normie, a meme coin on Ethereum’s Layer-2 network Base, suffered an exploit that caused its token value to plummet by 99.99%.
The attacker reportedly found a loophole in its contract and leveraged that weakness in the token’s tax mechanism. After identifying the loophole, the attacker reportedly devised a strategy to execute a flash loan attack.
Additionally, the attacker offered to return 90% of the stolen assets if the project launched a new token to compensate affected holders. The Normie team has since signaled agreement with the exploiter’s demands and is considering a relaunch and airdrop for current Normie holders.
Argentina In Talks With El Salvador Over Bitcoin Adoption
Argentina’s National Securities Commission (CNV) has initiated collaboration with El Salvador’s National Commission of Digital Assets (CNAD) to explore insights into Bitcoin adoption and crypto regulations.
This collaboration comes at a crucial time for the South American nation. In April, Argentina took steps towards regulating its domestic cryptocurrency market, introducing registration requirements for crypto firms operating within its borders. Argentina’s move towards embracing digital assets has been further strengthened by the election of Bitcoin-friendly politician Javier Milei as president in late 2023.
Mt. Gox Transfer $9B Worth Of Bitcoin As Part Of Repayment Plans
Bitcoin fell over 3% following news about Mt. Gox, a Japanese crypto exchange that has been bankrupt for the last 10 years. When Mt. Gox went belly-up in 2014, it owed over 137,000 Bitcoin to its creditors. It is now ready to pay back its debt, and that has some crypto investors worried.
The problem? The $55 million in Bitcoin Mt. Gox had in 2014 is now worth $9.3 billion, and investors are worried creditors will sell it all.
Bernstein Predicts Bitcoin To Hit $90,000 In 2024 And $150,000 In 2025
According to a recent research report by Bernstein, Bitcoin and Ethereum spot ETFs are expected to experience exponential growth, potentially reaching a total market capitalization of $450 billion. This is based on Bernstein’s crypto price forecasts and could result in over $100 billion in inflows into crypto ETFs over the next 18-24 months.
The broker anticipates a Bitcoin may reach $150,000 in 2025 and has set a year-end price target of $90,000.
Jude Orders SEC To Pay $1.8M In Damages For Abusing Its Power Against DEBT Box
In a recent ruling, a US District Court Judge ruled that the US Securities and Exchange Commission (SEC) should pay legal fees and costs of over $1.75 million in the DEBT Box case. This decision follows the SEC’s behavior in a case concerning the cryptocurrency firm, where the judge considered the SEC’s conduct to be misleading and acted in bad faith.
For context, the SEC filed a lawsuit against DEBT Box in 2023, alleging that it defrauded investors of $50 million and sold unregistered securities in the form of licenses to use its software to mine digital assets. However, earlier in March, court proceedings revealed that the regulator misused its authority against DEBT Box over a temporary restraining order to freeze its assets.
Cathie Wood: Ethereum ETF Filing Approvals Were An Election Issue
ARK Invest CEO Cathie Wood asserted that the SEC greenlit Ethereum ETFs for political reasons.
At Consensus 2024 presented by CoinDesk, Wood identified two developments that arguably influenced the SEC’s changing sentiment. First, she said the House’s recent passing of FIT21 defined crypto as an election issue. Secondly, former President Donald Trump became “much more cozy with Bitcoin and crypto” around the time of the decision on spot Ethereum ETFs.
Mastercard Launches “Crypto Credential” Service For Cross-Border Transactions
Mastercard has launched a peer-to-peer network for sending and receiving digital assets across borders. The network, called Mastercard Crypto Credential, is currently in pilot mode and will serve users in Europe and Latin America.
This service will allow users to create and use Crypto Credential usernames, which are vanity addresses for crypto wallets, to facilitate cross–border payments.
Final Thoughts
So that’s it for this week!
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Have a fantastic week ahead!
