Several key events happened in crypto this week, as Bitcoin reached a new all-time high, XRP’s price wobbled due to a social media frenzy, and experts predicted that Ethereum will lead the next altcoin season soon.
These are just a few of the major happenings in the last few days, as institutional adoption is fueling bullish sentiment everywhere. Find out about all of this and more at BeInCrypto.
CPI Data Pushes Bitcoin to ATH
This week in crypto, various macroeconomic factors pushed Bitcoin to new heights. On top of substantial ETF inflows, the latest US CPI report was surprisingly optimistic. On the heels of a dismal jobs report earlier this month, this was even more bullish, pushing BTC gains. Yesterday, the asset temporarily reached a new all-time high.
Bitcoin (BTC) Price Performance. Source: BeInCrypto
Of course, subsequent trading activity caused its price to come back down over the next day or so. Nonetheless, this record helped pique interest in Bitcoin, and institutional adoption continually hits new milestones. Private holders are being rewarded for their BTC investments, and analysts can point to a lot of optimistic trends.
XRP Escrow Unlock Sparks FUD
Another major event in crypto this week concerned XRP, which had been on an uphill trend. However, Ripple unlocked $3.28 billion in tokens that were locked in escrow, fueling fears of a massive sell-off. This briefly derailed XRP’s bullish momentum, but it was all a social media panic; whales took the opportunity to cheaply amass tokens themselves.
A few days later, everything is looking much more optimistic. XRP has regained much of its lost momentum, and Ripple has made other key breakthroughs. Although Ripple and the SEC finally dropped the cross-appeals on their landmark legal battle, the Commission issued a waiver granting the firm’s biggest asks.
This was a highly unorthodox move, but it has a huge upside for Ripple. Despite failing by regular legal avenues, Ripple will theoretically be able to sell securities to retail investors moving forward. This alone represents a substantial untapped revenue stream.
Experts Predict ETH-Heavy Altcoin Season
The crypto community has been waiting for the next altcoin season, and it’s looking very close this week. Two days ago, Jamie Elkaleh predicted that Ethereum’s recent performance made it a strong candidate to spearhead this market transformation. In an exclusive interview with BeInCrypto, Ray Youssef concurred that we are very close:
“The inflow of institutional capital into Ethereum will extend the summer for altcoins — but the real question is, for how long and which coins will benefit. By the time crypto winter arrives, the ones that received this institutional backing are the most likely to hold their value. Speculative tokens with no real utility, no users, and no role in the growing Web3 economy will vanish for good,” Youssef told BeInCrypto.
Earlier today, Coinbase also predicted that the next altcoin season will take place in Q3 2025. Between these experts, there’s a certifiable wealth of data to support these bullish claims. Ethereum has been displaying a powerful performance, and it might transform the whole sector.
UK’s New Tax Rules Are Coming
Finally, BeInCrypto would like to remind its UK-based readers that HMRC is changing its crypto tax policies for the next year. Lee Murphy, Managing Director at The Accountancy Partnership, provided a few crypto tax tips earlier this week.
“If you’re earning crypto as part of your job, then you’ll be looking at income tax rather than [capital gains]. If you mine or stake crypto as a reward, then HMRC will also see this as part of your earnings, so they will be taxed like any other income,” Murphy claimed.
For the most part, though, he cautioned that HMRC is becoming much more stringent in cooperating with exchanges and analyzing blockchain data. British readers should find what loopholes they can to avoid the worst obligations, but outright tax evasion is riskier than ever. If discovered, tax cheats could face serious penalties.
These are just a few of the biggest events that happened in crypto this week. As always, BeInCrypto is here to keep you informed about the most important market trends.
