Hey folks, welcome back! Here is a recap of all that happened over the weekend in the crypto community. Although last week marked a historical moment with Bitcoin reaching the $100K mark, this week has its twists and turns.
The newly appointed ‘Crypto Czar’ David Sacks had openly vowed to address the challenges posed by Operation Chokepoint 2.0. Based on his tweet on Saturday, Sacks stated that the program is severely affecting the public and needs to be addressed. Operation Chokepoint 2.0 is backed by the government to curb the crypto platform’s financial connections with banks. Sacks stated that if the program reached the mainstream, it could create more barriers between the crypto platforms and banks.
On the other hand, President-elect Donald Trump is stated to have more Ethereum (ETH) in his crypto portfolio worth $7.8 million. Trump who started supporting crypto during his 2024 election campaigns had steadily accumulated over 495.668 holdings of ETH, making it the largest, followed by WETH, TROG, and TRUMP. With Ethereum reaching $4,000 last week, Trump’s assets also surged.
The U.S. spot Bitcoin exchange-traded funds (ETFs) claimed to reach a new goal of 1.1 million Bitcoins. This implies that the country has more holdings than Satoshi Nakamoto, the pseudonymous founder of Bitcoin. Launched in January, the ETFs achieved the goal before the year-end, which surprised the crypto community. According to an ETF analyst, the BTC holding of 1,104,534 BTC is said to have surpassed Binance by 42% and MicroStrategy by 63%.
Understanding the Risk/Reward Ratio in Crypto TradingOn the market front, XRP, which reached $2 last week, is still on the bullish momentum. According to CoinMarketCap data, the token, which is ranking third is stated to breach $4 soon. The token, which has been rising since last month, is showing signs of reaching a new all-time high. Earlier in 2018, XRP achieved $3. However, it soon declined following consistent lawsuits from the SEC. With Trump’s election and Gary Gensler’s resignation, the XRP community is optimistic about the token’s price surge.
Following XRP, DOGE also witnessed a slight price surge. This shift is channeled to Elon Musk’s Saturday tweet, featuring an image with his son. Captioning it as ‘Dogefather’ and ‘Dogeson’, the cryptic message triggered the meme coin community of an upcoming rally. With the price rise, market observers are waiting for Musk’s next move.
Overall, the market sentiment is inclined to extreme greed, with the Fear and Greed Index at 83. Also, Bitcoin’s dominance is at 54.17% and ETH is at 13.03%.
