The cryptocurrency market had a lot of important events this week. There were changes in Bitcoin prices, major hacks in the crypto world, geopolitical tensions, and changes in the SEC. All of these things are affecting the global crypto market.
The concerns about trade wars, regulations, and cyberattacks are impacting how people feel about the market. The price of gold reached new highs, while Bitcoin stayed around an important level of support. Now, let’s look at the top crypto news, hacks, and market changes from this week.
The total market value of the crypto market remained the same this week at $2.7 trillion. However, the daily trading volume dropped by 21.43% to $43.09 billion. The price of Bitcoin is currently $85,300, Ethereum is trading at $1,604, and XRP is at $2.08.
Here are the top crypto news stories from this week:
– The trade war between the US and China caused a 2% drop in the price of Bitcoin and a 3.75% drop in the overall crypto market. At the same time, the price of gold reached an all-time high of $3,300 as investors looked for safe assets.
– The SEC Chair, Paul Atkins, was supposed to lead a roundtable discussion on crypto custody, but he was missing. Acting Chair Mark Uyeda took his place in the discussion with Kraken, Fidelity, and Anchorage.
– Jerome Powell’s warning about stagflation, which is related to Trump’s tariffs, caused uncertainty in the markets. Trump criticized Powell for not cutting interest rates and added more drama to the financial situation.
– $700 million worth of Bitcoin ETF outflows were reported this week, which shows that people are worried about trade wars and institutional confidence.
– The legal battle between Ripple and the SEC is on pause, which suggests that they might be talking about a settlement. Ripple also announced a $1.25 billion acquisition of Hidden Road to expand its reach.
– Binance now requires Indian users to re-verify their KYC using their PAN to comply with anti-money laundering laws. They also provided assurances about how they handle data.
– The Mantra token, which focuses on real-world assets, fell 90% due to forced liquidations and concerns about insider trading. Transparency and communication issues also affected investor trust.
– Nvidia faced a $5.5 billion loss because they stopped exporting chips to China. This had a big impact on the Nasdaq and crypto markets, causing Bitcoin to drop to $83,600.
– Canary Capital filed for the first TRX spot ETF in the US, which includes staking in the proposal. This is a step forward for altcoin ETFs.
– South Korea banned 14 unregistered crypto services from app stores. They plan to continue enforcing regulations on crypto.
– India’s Supreme Court rejected WazirX investors’ plea for relief after a hack of ₹2,000 crore. The court urged them to approach regulators like SEBI and RBI.
– Coinbase’s BASE token crashed 90% just minutes after it was launched. Critics blamed insider activity and a poor rollout.
– Slovenia proposed a 25% tax on converting crypto to fiat. This tax would not apply to crypto-to-crypto trades and could raise €25 million every year.
– Chainlink added Pi Coin to 22 data feeds, but Pi Network’s Mainnet migration roadmap faced criticism for delays and unclear rewards.
There were also some crypto hacks this week:
– KiloEx lost $7 million in a multi-chain hack that exploited oracles across BNB, Base, and Taiko chains. The KILO token crashed by 30% and the platform stopped operating.
– MP Lucy Powell’s X account was hacked to promote a fake token called “House of Commons Coin.” This incident shows the rising risks of crypto scams.
This week showed how politics, regulation, and technology intersect in the crypto world. Stay tuned for more updates next week.
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