Market Fluctuations, Musk's Bitcoin Nod And A $31 Million Bitcoin Donation: This Week In Crypto

The past week was a rollercoaster ride for the cryptocurrency market. From Bitcoin and other major cryptocurrencies facing a dip due to macroeconomic uncertainty, to Ripple’s XRP climbing amid a significant investment, the crypto world was buzzing with activity.

Adding to the intrigue, Elon Musk, CEO of Tesla Inc., signaled agreement with a warning about Bitcoin potentially replacing the dollar. Let’s dive into the details.

Bitcoin, Ethereum, XRP, Dogecoin Dip Amid Macro Uncertainty

The crypto market faced pressure as macroeconomic headwinds resurfaced. The ADP employment report indicated a slowdown in hiring, and renewed tariff uncertainty shook investor sentiment. This resulted in a dip in major cryptocurrencies, including Bitcoin, Ethereum, XRP and Dogecoin.

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XRP Price Climbs Amid $100M Investment

XRP saw a price surge following VivoPower International PLC’s decision to invest $100 million in the cryptocurrency. The company plans to rebrand itself as an XRP treasury and DeFi solutions company, in alliance with Bitgo.

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Elon Musk Agrees With Warning About Bitcoin Replacing Dollar

Elon Musk, CEO of Tesla and SpaceX, signaled agreement with Coinbase CEO Brian Armstrong‘s warning that government overspending could lead to Bitcoin replacing the dollar as the reserve currency. Armstrong’s warning came in response to the alarming rise of U.S. federal debt.

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Trump Family’s Crypto ‘Conflicts Of Interest’

The involvement of President Donald Trump's family in the cryptocurrency industry is reportedly creating problems in the progression of a bill designed to regulate the sector, according to a senior Democratic legislator.

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Ross Ulbricht Receives $31 Million Bitcoin Donation

A wallet linked to Ross Ulbricht, the creator of the illegal drug marketplace Silk Road, received over $30 million in Bitcoin. The donation sparked intrigue among the cryptocurrency community.

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This story was generated using Benzinga Neuro and edited by Ananya Gairola

Photo courtesy: Shutterstock