The week was a rollercoaster ride in the world of cryptocurrencies. From GameStop-themed crypto rallying to a Trump-backed project bolstering Bitcoin and Ethereum, the crypto market was buzzing with activity. Here’s a quick round-up of the top stories.
GameStop-Themed Crypto Rallies
Cryptocurrencies themed on video game retailer GameStop Corp. GME saw a significant surge, thanks to CEO Ryan Cohen’s picture with Strategy co-founder Michael Saylor. The Ethereum-based GameStop crypto soared nearly 50% in the last 24 hours, with its trading volume surging by 37% to $1.83 million.
Trump-Backed Project Bolsters Bitcoin, Ethereum
World Liberty Financial, a cryptocurrency project backed by President Donald Trump, announced a strategic token reserve to support projects like Bitcoin BTC/USD and Ethereum ETH/USD. The reserve aims to mitigate market volatility by diversifying holdings across tokenized assets.
Cathie Wood Backs Musk’s Blockchain Plan
Cathie Wood, the founder of asset management firm Ark Invest, supported Elon Musk’s idea of putting all U.S. government spending on blockchains for better transparency. Wood hailed the plan as a “win, win, win” for transparency, efficiency, and security.
Meme Coins Could Make a Comeback
Prominent trader Unipcs believes meme coins could be on the verge of a comeback. He argued that the risk/reward ratio favors longs, as the biggest meme coins have already corrected 70-90% from their peaks just months ago.
SEC Considers Dogecoin, XRP ETFs
The Securities and Exchange Commission has acknowledged Grayscale’s applications for spot Dogecoin DOGE/USD and XRP XRP/USD ETFs. This move signals that the agency is open to considering the proposals, a shift from its previous tendency to dismiss similar applications for alternative cryptocurrencies.
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This story was generated using Benzinga Neuro and edited by Ananya Gairola
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