Market Overview 📉
Bitcoin (BTC) saw a rise of 1.91% during the week, while Ethereum (ETH) surged by 6.03%. The total market cap of cryptocurrencies increased by 2.78% to reach $3.96 trillion, compared to $3.85 trillion last week.
Liquidation in the market started from the long trend, with nearly a billion dollars liquidated at the start of the week. However, trends quickly changed, with the majority of liquidations shifting towards the short trend by the end of the week. Despite the recovery, funding rates remained relatively healthy, with most below 10%.
U.S. President Trump will sign an executive order allowing investment in 401K retirement funds in alternative assets such as cryptocurrencies, real estate, and private equity.
The U.S. Securities and Exchange Commission (SEC) issued a statement confirming that staking products and liquid staking are not securities.
SharpLink Gaming, backed by Ethereum, raised $200 million through a stock offering at $19.50 per share.
Why is this important?
Traditional markets and cryptocurrencies showed recovery after a downturn at the beginning of the week due to negative economic data and tariff news. However, some positive factors emerged to boost the market, such as allowing investment in digital assets in 401K plans and expectations for a near interest rate cut. The S&P 500 index rose by 0.84%, while the Nasdaq index recorded an increase of 1.95% this week.
Among the altcoins that performed well this week were Mantle (MNT), Pump.fun (PUMP), Fluid (FLUID), Keeta (KTA), Pendle (PENDLE), and Maple Finance (SYRUP).
Highlights of the week 📰
Eyes are still on the meme coin launch platform, pump.fun, and its token PUMP, after it seemed to have reached the bottom with sentiment at its lowest.
pump.fun has launched a revenue dashboard that allows users to track revenues and buybacks of the PUMP token.
pump.fun introduced the Glass Full Foundation (GFF) to support the leading meme coins in the platform's ecosystem.
Some critics point to the rapid turnover of meme coin market leaders, indicating a lack of lasting features in this space.
Why is this important?
The ongoing struggle between Bonk and Pump.fun reflects the rapid changes in the crypto world, where established projects can be easily replaced.
Major Project Updates 🗓️
Ethereum unveils a roadmap for the next 10 years, including updates in Beacon Chain, Blobs, and execution layer.
Chainlink announced plans to start a strategic reserve for LINK, using revenues from commercial and chain uses to buy back LINK tokens.
Ripple has acquired Rail, a stablecoin payment infrastructure company, for $200 million.
Phantom wallet has acquired the SolSniper platform, one of the leading trading platforms on Solana.
Particle Network offers its own global transaction layer, a unified settlement layer for all digital assets.
Why is this important?
Acquisitions contribute to the merging of resources and technologies for leading crypto projects, aiding in accelerating growth and expanding market share.
DeFi Report 🏦
The exit of the GTE project from the MegaMafia incubator may indicate projects' interest in launching independent application chains, especially with successful models like continuous contract DEX.
There are rumors about MetaMask possibly launching a stablecoin in collaboration with Stripe, as mentioned in the Aave V3 governance proposal.
Pendle has launched the Boros product, a product for funding tokenized interest rates, which allows investors to speculate on changes in funding rates. Boros is now available on Arbitrum.
The Jupiter Exchange platform launched the Jupiter Lend service in a private beta, in collaboration with Fluid, to improve borrowing terms and streamline matters for lenders.
Why is this important?
The exit of GTE from MegaETH may indicate that some projects prefer to launch independent application chains for their own growth.
Fundraising
The Stable project, specialized in stablecoins, raised $28 million in a seed funding round led by Bitfinex and Hack VC.
The Subzero Labs project, aimed at developers, raised $20 million in a seed funding round led by Pantera.
The OpenMind project, specialized in robotics operating systems, raised $20 million in a funding round led by Pantera.
The Bitcoin DeFi project BOB raised $9.5 million in a strategic funding round led by Castle Island VC.
The Euphoria project, which offers a mobile trading platform, raised $7.5 million in a seed funding round led by Karatage and Figment Capital.
Free Offers 🎁
The Solana liquidity platform, Meteora, launched a point-checking tool for early users in preparation for the upcoming MET token drop.
Infinit Labs opened claims for the IN token, with 5% of the total token supply to be distributed to early supporters and ecosystem partners.
#BTC #Ethereum #Binance #MarketNews