What Happened in the Crypto Market This Week?
Advertising
- Crypto market, The U.S. Federal Reserve kept interest rates steady at 4.50%, fueling market speculation.
- Ripple secured a win as the SEC officially dropped its lawsuit against XRP.
- Canary Capital filed for a SUI ETF, boosting optimism in the crypto market.
The crypto market saw major happenings this week, including the Federal Reserve’s refusal to change interest rates, Ripple’s legal triumph over the SEC, and increased institutional investment in crypto assets. These occurrences, combined with regulatory measures and ETF filings, influenced market sentiment and investor attitudes.
Fed Rate
The U.S. Federal Reserve left interest rates at 4.25%–4.5% in a dovish stance against macroeconomic uncertainty. Fed Chair Jerome Powell emphasized that inflation is transitory, driven by tariff policy. BitMex CEO Arthur Hayes estimated that a rate cut by April 1 would spur a Bitcoin rally, while Bitcoin ended the week at $84K.
Simultaneously, the Bank of Japan also kept its rates at 0.50%, and ECB’s Francois Villeroy cautioned that the U.S.’s growing crypto-friendly stance may ignite a financial crisis.
XRP dismissed
Ripple’s protracted legal struggle with the U.S. SEC finally came to an end, as CEO Brad Garlinghouse confirmed the suit was withdrawn.
This relieved the Ripple community and signaled a relaxation of the regulatory environment during the Trump administration. In spite of a 2% weekly decline, XRP closed well above $2, demonstrating unshaken market confidence.
Ripple’s Chief Legal Officer Stuart Alderoty defined the subsequent course of action following the SEC’s withdrawal of its appeal, strengthening Ripple’s legal position.
Pi Market
Pi Network experienced increased speculation as its value wavered between $1, after reports that 129 million Pi Coins valued at $175 million were to be unlocked this month.
While Asian adoption, especially in Vietnam, kept increasing, uncertainty hung over the project as there were no significant updates from the project team.
Bitcoin strategic reserves
Institutional enthusiasm for crypto was boosted as North Carolina enacted a bill permitting the state treasurer to invest up to 10% of its assets in Bitcoin. Canary Capital submitted a SUI ETF to the U.S. SEC, which raised hopes.
OKX halted its DEX services amid EU pressure, Binance removed employee trading limits with a $5,000 limit, and South Korean prosecutors raided Bithumb for suspected fund abuse.
The DeFi market experienced a landmark as the first Real World Assets (RWA) Total Value Locked (TVL) crossed $10 billion. Binance launched Alpha 2.0, providing on-chain direct token purchases, further simplifying the trading process.
With the emergence of policy changes and ETF filings, the market is in motion, and investors closely monitor future developments in the pipeline.
Highlighted Crypto News Today
Fidelity Enters Tokenized Treasuries With Ethereum-Based Fund on May 30
