With each passing week it's getting easier to talk about crypto's. Relative Stability compared to performance in recent history – even a year ago. A look at some of the headlines in this column During the year It shows that we have slower news weeks than in 2023.
However, we've come a long way since New Year's Day when market leader Bitcoin (BTC) traded at $16.5K. The world's favorite cryptocurrency starts the last weekend of September at a high price: $26,972. While that's up 2% from last week, it's 60% higher than it was at the start of the year.
The market's biggest competitor, Ethereum (ETH), is up 4.7% over the past seven days and currently trades at $1,672, or about 40% above its new year high of $1,200.
This week, the surge in Ether's price had something to do with the fact that VanEck's Ethereum Futures Exchange-Traded Fund (ETF) went public. on Thursday.
ETFs are investment products that allow investors to gain exposure to crypto without the risk of buying and holding it directly. To date, no crypto spot ETF has been approved by the United States Securities and Exchange Commission (SEC). This is because spot ETFs are tied to underlying assets, which are not yet regulated, but which use various Bitcoin and Ethereum futures ETF derivatives that are currently trading.
On Thursday, SEC It's late Judgment on two pending Ethereum spot ETF applications until after Christmas: Ark Invest and VanEck. The agency has announced that it is putting four major Bitcoin spot ETFs on the back burner. Blackrock, In moderation, Invesco Galaxy DigitalAnd Valkyrie.
Among the thirty largest cryptocurrencies by market capitalization this week, the most notable price movements were Bitcoin Cash (BCH) which rose 11.8% to $234.13 and Chainlink (LINK) rose 14% to $7.72.
The LINK rally is weakened by the news of the network Extended cross chain capabilities to Coinbase's Ethereum Layer-2 network basis. By integrating the Cross-Chain Interoperability Protocol (CCIP) with Base, the two networks can now interact, send messages, transfer tokens, and perform other tasks. So is Chainlink. First word For the base network.
It was another slow week vis-à-vis crypto regulation and adoption, with relatively few political or institutional developments.
On Monday, the Hong Kong Securities and Futures Commission (SFC) He announced new measures To improve transparency and security in the crypto space. The initiative comes as authorities in the semi-autonomous city-state grapple with the JPX incident: a suspected fraud case involving a Dubai-based crypto exchange operating without a license in Hong Kong turf.
There are thought to be at least 2,305 victims of the crash, who were collectively defrauded of $1.43 billion ($182.9 million), making JPEX one of the biggest money laundering cases in Hong Kong's history.
Finally, a stablecoin issuing circle has launched that is backed by fiat. Euro-page Euroc Stable coin on. StellarThe third blockchain to host coins after Ethereum and Avalanche.
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