ETH Gains Momentum While BTC Drops Below $92K - November 26, 2024
Also, Ripple targets tokenized money market fund on XRP, and MicroStrategy buys 55,500 BTC
TL;DR: Crypto Insights in Seconds
Solana: Breaks record in DEX volume.
BTC ETFs: See $3.1 billion in weekly inflows.
ZA Bank: Hong Kong bank allows for crypto trading on its platform.
MicroStrategy: Adds 55,500 BTC to its holdings.
Ripple: Partners with Archax to launch tokenized money market fund on XRP Ledger.
Sui: The network recovers after a two-hour outage.
Pump.fun: Pauses live stream feature due to extreme content to promote tokens.
Price Update
Bitcoin Pulls Back as Ether Gains Favor
As Bitcoin struggles to break through a $100K sell wall, Ether has seen increased traction among investors. Analysts point to its long-term value proposition and growth potential in DeFi as driving factors behind this rotation. Ether’s market dominance continues to expand as traders look for diversification opportunities. BTC briefly recovered to $98K before dropping heavily below the $92K mark.
Token Deal—Bid and Win Crypto!
With Token Deal, every bid brings you closer to winning crypto prizes like 1 BTC. No rising prices, no extra costs—just excitement. Place your Bids and be the last bidder to win! Plus, earn free Bids daily by participating. Start now!
Market Trends
Solana Breaks Records in DEX Volume
Solana’s decentralized exchange (DEX) activity soared past $100 billion in monthly volume for the first time, driven by increased adoption in DeFi and NFT ecosystems. This milestone strengthens Solana’s position as a leading blockchain for high-speed trading.
Bitcoin ETFs Propel Record Inflows
Crypto investment products saw $3.1 billion in weekly inflows, led by spot Bitcoin ETFs. This record influx highlights sustained institutional demand for crypto, reinforcing Bitcoin’s role as a macroeconomic hedge.
Business News
ZA Bank Enters Crypto Trading
ZA Bank, a prominent financial institution in Hong Kong, launched retail crypto trading services in its platform. The bank seeks to bridge traditional banking and crypto markets in one of Asia's financial hubs.
MicroStrategy Adds 55,500 BTC to Its Holdings
MicroStrategy continues its aggressive Bitcoin accumulation strategy, purchasing 55,500 BTC in its latest move. This acquisition reinforces the company’s commitment to long-term crypto investment.
Ripple Partners with Archax to Launch Tokenized Money Market Fund on XRP Ledger
Ripple announced the launch of a tokenized money market fund on the XRP Ledger, in partnership with FCA-regulated digital asset exchange Archax. The fund, managed by UK asset manager abrdn, tokenizes part of the £3.8 billion US dollar Liquidity Fund (Lux). This marks the first tokenized money market fund on XRPL, striving to improve investment and settlement efficiency. Ripple highlighted the potential of tokenizing real-world assets, projecting the market could grow to $16 trillion by 2030.
Don’t Miss Anything
Sui Network Recovers After Downtime
The Sui blockchain resolved a two-hour outage caused by a scheduling bug, restoring network functionality without any loss of funds.
Pump.fun Pauses Live Streaming Feature Due to NSFW Content
The Solana-based platform Pump.fun, known for allowing users to issue tokens for under $2, is under scrutiny due to controversial live streams used to promote memecoins. Some streams featured disturbing or explicit content, sparking criticism from crypto communities and broader audiences. Pump.fun has paused its live streaming feature, emphasizing its commitment to moderating illicit content.
This week highlighted a mix of market resilience, technological advancement, and regulatory clarity. While Bitcoin remains the flagship asset, Ether and other players like Solana continue to showcase their potential in an ever-expanding crypto ecosystem. With significant inflows and increasing institutional adoption, the industry is poised for continued growth, albeit with challenges along the way. As the market evolves, being informed and adaptable is crucial for investors and participants. Stay tuned for tomorrow’s newsletter to get the latest insights and updates in the market.
great 👍