Weekly overview: What (didn't) shake the market?

Weekly overview: What (didn't) shake the market?

The world of cryptocurrencies never stops, and last week was no exception. Here is a summary of the most important news that crypto enthusiasts should not miss. From regulatory changes to technological innovations to the movements of major players, here are the most interesting developments:

Ethereum ETF gains momentum

The US Securities and Exchange Commission (SEC) has signaled another step toward approving a spot Ethereum ETF. Following the approval of Bitcoin ETFs earlier this year, the ETH ETF is expected to be the next big event to attract institutional investors. Analysts predict that this could significantly drive up the price of Ethereum.

Another DeFi hack: Losses over $20 million

The DeFi platform Curve Finance was the target of an attack in which over $20 million was stolen from users' wallets. The attackers exploited a vulnerability in the smart contract. Despite the team's quick response, some of the funds could not be recovered. The incident reopens the question of security in decentralized finance.

PayPal expands use of PYUSD stablecoin

PayPal has announced the integration of its PYUSD stablecoin into other payment platforms and support in several third-party crypto wallets. The goal is to speed up and reduce the cost of global transfers. PYUSD is thus becoming a serious competitor to USDT and USDC in everyday use.

Germany and the US continue to sell BTC from state holdings

Two state actors – the German government and the US FBI – continue to transfer (and apparently sell) large volumes of Bitcoin that were seized during criminal investigations. Although these sales caused short-term pressure on the price of BTC, the market remains relatively stable.

The market was in the red, but some altcoins are holding steady

Total market capitalization declined slightly during the week, mainly due to Bitcoin's decline of approximately 4%. Interestingly, however, some altcoins such as Chainlink, Toncoin, and Render maintained growth despite the general decline thanks to strong fundamentals and new partnerships. The Bitcoin energy value metric states that the "fair" price of BTC is up to $167,000. According to the analysis, Bitcoin is undervalued by 31% compared to its "fair" price based on energy, while the hash rate is breaking records.

Summary: What to watch out for?

Follow developments around the Ethereum ETF – it could be another game changer.

Security in DeFi is still a big issue. Don't underestimate your choice of platforms.

Activity in government BTC wallets may cause short-term fluctuations.

Altcoins with real-world use cases are starting to gain more attention.

Today in the cryptocurrency world

Ripple and the SEC have officially ended their long-running legal battle, Donald Trump has announced that he will appoint Stephen Miran as a temporary member of the Federal Reserve, and the White House has said that Trump will sign an executive order directing agencies to open pension funds for cryptocurrencies.

*This is not investment advice.

The Coingarage Team