Weekly Crypto Insights: Bitcoin, Ripple, & WazirX Steal Spotlight
The crypto realm concluded yet another week with attention-nabbing developments unfolding across the broader market. Notably, Bitcoin garnered quite the investor interest, soaring to a $69K high this week, whereas Ethereum ETFs saw a trading debut.
Meanwhile, the Indian exchange WazirX hack echoed a bustle across the crypto space. Further, Ripple’s lawsuit saw significant developments over the past week.
Here’s a collection of some of the top headlines reported in the past seven days.
Bitcoin (BTC)
The flagship crypto amassed significant investor attention this week, primarily due to its price fluctuations. BTC price soared as high as the $69K level in the past seven days, whereas it also traded as low as the $63K level, fueling market speculations.
This turbulent price action comes against the backdrop of Mt. Gox’s continued BTC transfers, further accompanied by outflows in Bitcoin ETFs this week.
Meanwhile, the Bitcoin Nashville conference commenced, bringing a stockpile of developments to the market. U.S. Senator Cynthia Lummis teased a potential Bitcoin Bill amid this conference, sparking nationwide discussions. Simultaneously, Senator Bill Hagerty revealed plans to introduce pro-Bitcoin legislation, adding to the buzz amid the conference.
Meanwhile, the U.S. presidential campaigns have garnered significant attention to the flagship cryptocurrency. The recent buzz nationwide remains Kamala vs. Trump, with odds drastically in favor of the Republican Party member with his pro-digital assets stance.
Besides, it’s worth mentioning that Kamala Harris also refrained from speaking at the BTC Nashville conference. Moreover, Harris’ Democratic Party nominee winning odds soared to a whopping 97% this week, per data by Polymarket.
Bitcoin critic Peter Schiff has further spotlighted how the debut of the Ethereum ETFs have posed a threat to the flagship crypto.
Ripple Lawsuit Developments
Simultaneously, pro-XRP lawyers Bill Morgan and Marc Fagel recently weighed in on a potential Ripple vs. SEC settlement this week. Morgan hinted that a settlement is not what any of the parties wanted in the lawsuit, as it would mean ‘both parties give up something.’
Further, Marc Fagel scoped in on the recent buzz surrounding the closed-door meetings, stating, “I’ve tried to patiently explain to people what closed meetings are, how they work, and why a settlement (if it existed) likely wouldn’t even be calendared at one (as presumably the sole person here who used to attend them). Some appreciate the info; most are just into clickbait.”
Also, XRP lawyer John E Deaton slammed Senator Warren this week for overturning a Supreme Court ruling on Chevron’s deference. On the other hand, Ripple CEO Brad Garlinghouse asked for a clear crypto stance from the presidential candidate Kamala Harris amid the recent backlash received by the Democratic Party member.
Also Read: Ben Armstrong Apologizes to Solana Community, Here’s Why
WazirX Crypto Exchange Hack Update
In the follow-up of the WazirX hack that resulted in the loss of $230 million worth of assets on the platform, the Indian exchange came up with a unique 55/45 approach this week. The aim is to provide users with a faster and more flexible solution for funds recovery.
Nischal Shetty, the founder of WazirX, proposed two options for users to manage their remaining asset holdings in the hack aftermath.
- 55% of the digital assets would be available to users for trading or withdrawals.
- The remaining 45% will be converted to a USDT-equivalent token and locked.
Also Read: Senator Cynthia Lummis Unveils Major Pro-Bitcoin Bill At BTC Conference
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