This past week in crypto has been eventful, with Bitcoin navigating market ups and downs, MicroStrategy adding to its Bitcoin holdings, and new opportunities emerging for XRP (Ripple) investors. Let’s take a look at the key moments that shaped the crypto news of the past week.
Bitcoin Crosses $60,000
Bitcoin had a bumpy week, with its price hovering around €52,000. The market reacted to new inflation data from the U.S., causing a slight dip as traders sold off some of their holdings. Despite the drop, Bitcoin managed to recover slightly, reaching a weekly high of around €54,600 on Saturday, crossing the $60,000 mark. However, uncertainty remains as investors wait for further economic updates.
Bitcoin ETFs Show Signs of Recovery
Bitcoin ETFs saw a positive shift last week. After a rough period, these investment products received $403.9 million in new inflows, signaling renewed interest from investors. This marked a break from the recent downward trend, with multiple green days in a row. While the market remains uncertain, this increase in ETF activity suggests growing confidence in Bitcoin’s future potential.
MicroStrategy Buys More Bitcoin
Business intelligence firm MicroStrategy, led by Michael Saylor, continued its aggressive Bitcoin strategy, purchasing an additional 18,300 BTC for $1.11 billion last week. This brings MicroStrategy’s total Bitcoin holdings to 244,800 BTC, valued at around $14.7 billion, giving the company a profit of over $5.27 billion on its Bitcoin investments so far.
This latest purchase highlights MicroStrategy’s strong belief in Bitcoin’s future potential, as the company remains one of the largest corporate holders of the cryptocurrency.
Grayscale Launches XRP Trust
In a move that gives more investors access to XRP, Grayscale Investments launched its XRP Trust – just a month after the final ruling in the Ripple vs. SEC case. This trust allows accredited investors to gain exposure to XRP, similar to how Grayscale’s Bitcoin and Ethereum funds work.
The launch of the XRP Trust is the first step in what could become a full-fledged XRP ETF, following the same process Grayscale used for its Bitcoin and Ethereum ETFs.
Sam Bankman-Fried Appeals Fraud Conviction
In other news, Sam Bankman-Fried, the founder of the now-defunct crypto exchange FTX, has appealed his fraud conviction. His legal team has requested a new trial, claiming errors were made during the original proceedings. Bankman-Fried was convicted on charges related to the collapse of FTX, a scandal that shook the entire crypto industry.
While his future remains uncertain, the ongoing legal battles surrounding Bankman-Fried continue to capture the attention of the crypto world.
This week has seen Bitcoin facing volatility, major moves from MicroStrategy, and new opportunities for XRP investors with the launch of the Grayscale XRP Trust. The crypto market remains full of uncertainties, but long-term optimism continues to shine through. Be sure to catch up on last week’s crypto news, and stay tuned for more updates next week.
