The Blockchain Bulletin, Jan 29: Scott Bessent is Now U.S. Treasury Secretary
Heyya! Welcome back to another edition of The Blockchain Bulletin. Let’s have a quick recap of all that happened in the crypto landscape over the last 24 hours. In a significant development within the U.S. financial landscape, Scott Bessent has been appointed as the new Treasury Secretary under President Donald Trump’s administration.
Bessent, a hedge fund manager and former chief investment officer for George Soros, garnered robust support from the cryptocurrency industry. Notably, Ripple CEO Brad Garlinghouse has expressed optimism, suggesting that Bessent’s leadership could foster a more favorable environment for digital assets in the United States.
This optimism is reflected in recent regulatory advancements. Ripple secured key licenses in New York and Texas, extending its space in the US. These licenses are expected to enhance Ripple’s ability to offer its services across multiple states, signaling a positive shift in the regulatory environment for blockchain-based financial services.
On the other hand, the Arizona Senate proposed a bill, that suggested investing the state funds into Bitcoin reserves. If enacted, Arizona would become one of the first states to hold Bitcoin as part of its treasury, reflecting a growing institutional acceptance of cryptocurrencies. Meanwhile, Metaplanet has announced plans to invest $745 million in Bitcoin to counteract the decline of the Japanese yen. This strategic move underscores the growing trend of utilizing cryptocurrencies as a hedge against fiat currency depreciation.
Related: Bitcoin’s (BTC) Next Move: Key Economic Events to Watch
The exchange-traded fund (ETF) market is also experiencing notable developments. Cboe BZX Exchange has filed for permission to allow in-kind redemptions for crypto spot ETFs. By this, crypto ETFs could be enhanced by enabling direct exchanges of ETF shares, thereby reducing costs and tracking errors.
Bybit Pay has launched a payment system integrated with Brazil’s PIX platform, enabling instant fiat and crypto transactions. This integration allows users to seamlessly transact between Brazilian reais and digital assets like Bitcoin, Ethereum, and Tether, highlighting the increasing fusion of traditional and digital finance.
On the market side, analysts are on the lookout for XRP, as it signals bullish momentum. Technical indicators suggest a potential breakout, with XRP recently closing above the 21 Exponential Moving Average (EMA). This movement is interpreted by analysts as a precursor to a bullish trend, supported by ongoing accumulation below the $3 mark, which has established a strong foundation for future growth.
Related: Ultra’s Breakout Rally: Why $0.50 Could Be the Next Frontier
Pudgy Penguins’ parent company has introduced an Ethereum Layer 2 abstract chain. This development aims to enhance scalability and reduce transaction costs, facilitating more efficient interactions within the Ethereum network.
Shiba Inu witnessed a significant decrease in its burn rate, dropping 87% over a recent 24-hour period. Further, a whale acquired 257.5 billion SHIB tokens, worth $4.6 million, which indicates that the token displays continued interest and confidence in its potential.
In a nutshell, these developments highlight the dynamic and evolving crypto landscape, marked by regulatory advancements, technological innovations, and strategic investments, suggesting a potential environment for digital assets in the US.
