This Week in Crypto: Wins, Losses, and Predictions
Big Wins and Noteworthy Developments
Finder Triumphs in Court Over Crypto Yield Product
In a significant win for Australian fintech, Finder.com has emerged victorious in its legal tussle with the Australian Securities and Investments Commission (ASIC). After nearly three years, the Australian Federal Court ruled that Finder Wallet and its yield-generating product, Finder Earn, are in compliance with consumer financial laws. The court confirmed that Finder Earn doesn’t qualify as a financial product, much to Finder’s relief, as noted of their recent blog update.
BitMine’s Massive Ether Acquisition
Bitcoin mining powerhouse, BitMine Immersion Technologies, has aggressively snapped up greater than $2 billion value of Ether in only over two weeks. With 566,776 Ether acquired, BitMine has reclaimed its position on the forefront of the Ether treasury race. Tom Lee of FundStrat, also heading BitMine, expressed confidence of their goal to build up and stake 5% of the whole ETH supply, marking a major institutional interest in Ethereum.
XRP’s Price Dip: A Natural Correction?
While the crypto market saw some turbulence this week, XRP’s 19% price drop is being labeled a “healthy correction” by analysts. The ripple effect was felt across the market, with XRP reaching an intra-day low of $2.95 from a high of $3.66. Despite cascading liquidations, the market appears to be treating this as a crucial pullback, keeping optimistic targets for XRP in play.
Memecoins Surge Amid Iconic Tributes
Memecoins inspired by fallen icons Hulk Hogan and Ozzy Osbourne have skyrocketed in value following their sudden deaths. Hogan, a wrestling legend, and Osbourne, a heavy metal pioneer, have each left behind legacies which have inspired these digital tributes. Hogan passed away at 71, while Osbourne died at 76, leaving fans to have a good time their contributions through these unique crypto tokens.
Ethereum’s Potential to Outperform Bitcoin
Michael Novogratz of Galaxy Digital believes Ethereum could outperform Bitcoin in the approaching months as a result of increased institutional interest and limited supply. With Ether’s price poised to breach $4,000, Novogratz foresees a possible price discovery phase that might set latest benchmarks for the cryptocurrency.
Quotes of the Week
Robert Kiyosaki, Author of Rich Dad Poor Dad:
“Pigs get fat… hogs get slaughtered. I am buying one more [Bitcoin]… and get fatter.”
Mena Theodorou, Co-founder of Coinstash:
“If you’re analytical, follow the patterns, and take an emotionless approach, you’re going to do well in the crypto space.”
Michael Novogratz, CEO of Galaxy Digital:
“There’s not a lot of supply of ETH, and so I think ETH probably has a chance to outperform Bitcoin in the next three to six months.”
Markus Thielen, CEO of 10x Research:
“We believe Ethereum is looking vulnerable in the near term.”
Solomon Tesfaye, Chief Business Officer at Aptos Labs:
“We’re seeing more open dialogue between policymakers and Web3 leaders that is shaping legislation and giving institutions more confidence to commit to longer digital asset roadmaps.”
Mister Crypto, Pseudonymous Crypto Trader:
“A massive short squeeze is inevitable!”
The Week’s Winners and Losers
Bitcoin (BTC) is priced at $117,962, while Ether (ETH) hovers at $3,774, and XRP stands at $3.20. The overall market cap is at $3.88 trillion, as per CoinMarketCap.
Top altcoin gainers include Conflux (CFX) at a formidable 72.84%, Ethena (ENA) at 47.25%, and Pudgy Penguins (PENGU) rising by 35.84%.
On the flip side, the largest losers are Pump.fun (PUMP) with a decline of 41.74%, Sonic (S) at 11.04%, and Aptos (APT) down by 9.38%.
Forecasts and Concerns
Ether’s Valuation and Future Prospects
Amid rising global liquidity, Ether is deemed undervalued and analysts suggest it ought to be trading above $8,000. The soaring M2 money supply, currently at a record $95.58 trillion, could potentially drive more capital into crypto, benefiting assets like Ether.
FUD Alert: Challenges and Setbacks
Arizona Woman’s Sentencing in North Korea Crypto Case
Christina Marie Chapman faces over eight years in prison for aiding North Korean operatives to fraudulently land US crypto jobs, leading to $17 million in illicit gains. Her conviction highlights the necessity for vigilance within the crypto employment sector.
Bitcoin’s Price Plunge Hits Long Holders
Friday saw a brutal market dip, with Bitcoin dropping below $116,000 and triggering over half a billion in long position liquidations. The broader crypto market wasn’t spared, as Ether too saw significant long liquidations.
Crypto Extortion Case in New York
Two men accused of kidnapping an Italian crypto trader in an extortion plot have been released on $1 million bail each. The case, involving torture and threats to disclose Bitcoin credentials, underscores the darker side of crypto dealings.
Stories From Around the Crypto World
Legal Challenges of Tokenized Stocks
Robinhood’s move into tokenized stocks raises significant questions on jurisdiction and consumer protections. The line between innovation and legality is becoming increasingly blurred.
Asian Markets and Crypto Innovations
Solana brings Pokémon to Web3, while Hong Kong tries to oversee the stablecoin craze. Meanwhile, FTX’s creditors face hurdles, setting the stage for a posh crypto landscape in Asia.
Navigating Bitcoin Inheritances
As Bitcoin becomes a major asset, understanding the best way to inherit and manage it’s crucial. From accessing hardware wallets to navigating exchanges, this guide offers insights for heirs and potential beneficiaries.
