Last week in the crypto world was filled with significant events and unexpected decisions from investors and companies. Let’s take a look at the key news that impacted the market.
This is reported by Business • Media
Main Trends of the Week
Bitcoin showed volatile dynamics, fluctuating in the range of $108,000 – $113,000. Institutional investors continue to show interest in cryptocurrencies, as evidenced by numerous corporate initiatives.
Institutional Movements in the Market
Several well-known investment firms announced ambitious plans regarding cryptocurrencies. In particular, Galaxy Digital, Jump Crypto, and Multicoin Capital are discussing the creation of a $1 billion fund for investments in Solana. Meanwhile, Pantera Capital plans to raise $1.25 billion to form Solana Co.
“We see significant potential in creating a public instrument for accumulating Solana as a reserve asset,” representatives of the investment firms noted.
Interestingly, other companies are joining this movement as well. For example, medical equipment manufacturer Sharps Technology raised $400 million to create a reserve based on Solana.
Ethereum is also attracting investor attention. Fundstrat analysts predict a rise to $5,400 in the near future, while Bitwise has filed for the creation of the first spot ETF based on Chainlink.
A notable event was the publication by the US Department of Commerce of data on real GDP on the blockchain. This time, the information was posted across nine blockchain networks, including Bitcoin, Ethereum, and Solana.
At the same time, Glassnode experts believe that the market is entering the final phase of the cycle. They recorded a 13% decrease in the average monthly transaction volume on the Bitcoin network.
Among other interesting news is the emergence of the ability to create crypto wallets through Google and Apple ID in MetaMask, as well as clarification from the CFTC regarding the servicing of foreign crypto exchanges for clients in the US.
A particular incident worth noting is the manipulation surrounding the Plasma (XPL) token, where an unknown investor artificially raised its value by 200%, leading to a massive liquidation of short positions.