This week, the crypto market underwent notable shifts. Ripple settled its lawsuit with the SEC, GameStop ventured into Bitcoin, and MicroStrategy acquired its 500,000th BTC. Ethereum (ETH) also welcomed a new upgrade, and there are speculations about what a potential altcoin season entails. Cryptocurrency traders are closely monitoring these events. Let’s analyze the key developments in the crypto world this week.
Trump Pardons BitMEX Founders for Bank Secrecy Act Violations
United States President Donald Trump has pardoned three co-founders of the cryptocurrency exchange BitMEX: Benjamin Delo, Arthur Hayes, and Samuel Reed. He also pardoned a former employee, Gregory Dwyer, and the BitMEX company. In 2022, they pleaded guilty to violating the Bank Secrecy Act by not implementing anti-money laundering controls. The crypto industry hails these pardons with optimism for more favorable regulations under Trump’s presidency.
Is a Crypto Altcoin Season on the Horizon? Bitcoin Dominance Could Crash Hard
Market cryptocurrency analysts point out that an altcoin season may be near, with Bitcoin’s market cap potentially falling. Historically, investors diversify into other digital currencies once the price of Bitcoin increases, leading to huge profits in altcoin markets. This would translate to Bitcoin’s market dominance falling to 40%, a level last seen in 2023. This may occur in various positive and negative outcomes for Bitcoin.
Aave Integrates Chainlink’s Secure Verification Randomness on Ethereum Mainnet
Aave, a leading decentralized finance (DeFi) platform, has incorporated Chainlink’s Secure Verification Randomness (SVR) on the Ethereum mainnet. This is done to enhance Aave’s system and increase the safety and security of transactions using Chainlink’s verifiable random function. This ensures that essential operations maintain tamper-proof and unbiased randomness. The partnership will increase user trust and push more users toward Aave’s borrowing and lending offerings.
Binance Coin Price Nears Potential Breakout Toward $1,000
Binance Coin (BNB) is on the verge of a significant price breakout, with analysts forecasting a surge toward the $1,000 mark. This optimism is driven by Binance Coin’s consistent performance and integral role within the Binance ecosystem. Investors are closely monitoring market trends and technical indicators for confirmation of this anticipated upward movement.
Ethereum’s Pectra Upgrade Successfully Launches on Hoodi Testnet
Ethereum has successfully deployed its Pectra upgrade on the Hoodi testnet, marking a significant milestone in its development roadmap following difficulties in previous experiments. The Pectra Upgrade aims to address issues of earlier testnets, Holesky and Sepolia, which faced flaws and finality failures. Developers are hopeful that Hoodi will provide a seamless transition for Ethereum’s most significant update since The Merge.
GameStop Stock Price Climbs 15% After Bitcoin Treasury Strategy
GameStop’s stock surged 15% after the company announced it would invest some of its treasury in Bitcoin. This action is similar to MicroStrategy’s, which has invested heavily in BTC as a store of value. Holding Bitcoin could be a long-term bet to hedge against inflation and attract crypto-savvy investors.
Ripple Settles with SEC for $50 Million
Ripple Labs has officially ended its long-standing legal battle with the U.S. Securities and Exchange Commission (SEC), but only after settling for a reduced fine of $50 million. The settlement is a major victory for Ripple, though, as the SEC also voluntarily dropped its appeal of the case related to XRP tokens sold on public exchanges. The case ran for over three years and was a landmark crypto lawsuit. While Ripple neither admitted wrongdoing nor paid, it was relieved to have the scandal solved.
MicroStrategy’s Bitcoin Holdings Surpass 500,000 BTC
MicroStrategy, the largest company holding Bitcoin, has purchased an additional 6,911 BTC. Between March 17 and March 23, it bought these Bitcoin to bring the total amount the company owns to over 500,000 BTC, showing its strong support for the cryptocurrency. Over the past year, its shares have more than doubled in value. CEO Michael Saylor, a strong proponent of Bitcoin, believes in its long-term potential as digital gold.
Trump Media Partners With Crypto.com to Launch Crypto ETFs
Trump Media & Technology Group Corp. has partnered with Crypto.com to introduce a “Made in America” cryptocurrency exchange-traded funds (ETFs) series. These ETFs will focus on digital assets and securities, aligning with former U.S. President Donald Trump’s pro-crypto stance. The initiative aims to position the United States as a blockchain innovation and investment leader. With crypto ETFs gaining mainstream acceptance, the move is expected to attract retail and institutional investors.
World Liberty Financial Launches USD1 Stablecoin
World Liberty Financial has introduced USD1, a new stablecoin with alleged ties to Donald Trump. The USD1 token is designed to maintain a stable $1 value, backed by short-term Treasury securities, cash equivalents, and U.S. dollar deposits. Initially launched on the Binance Smart Chain and Ethereum blockchain, USD1 aims to facilitate secure and efficient cross-border transactions. The stablecoin market has been growing rapidly, and USD1 seeks to compete against established players like USDT and USDC. However, questions remain about its regulatory status and the extent of its association with Trump’s business ventures.
