What Happened in Crypto This Week? BTC Drop To $98K, USDT Exit Europe, XRP Shines
The post What Happened in Crypto This Week? BTC Drop To $98K, USDT Exit Europe, XRP Shines appeared on BitcoinEthereumNews.com.
It was another roller-coaster week for the crypto market as the new AI player began to dominant the US market. With the Trump administration pushed pro-crypto policies and laid out some regulatory updates. The global crypto market cap fell 5% to $3.39 trillion, while the fear and greed index stayed neutral at 47. Bitcoin Drop To $98K: DeepSeek The week began with crash of crypto market pushing Bitcoin price below $98K and wiping out nearly $900 million in day. The drop was linked to the success of DeepSeek, a Chinese AI app that became the top free app on Apple’s App Store. It was built for under $10 million, much less than ChatGPT $157 billion valuation. MicroStrategy Continue To Buy BTC Despite the market drop MicroStrategy continue to add bitcoin into its portfolio. It recently bought 10,107 BTC for $1.1 billion at an $105,596 per bitcoin. As of now MicroStrategy holds 461,000 BTC, worth about $29.3 billion. Bank of Japan To Raise Interest by 1.5% A survey of 45 experts shows 56% expect the Bank of Japan to raise interest rates to 0.75% by July. 18% think it will happen in September, while 9% predict June. Some believe rates could reach 1.5% in two years. Ripple’s XRP Major Achivements Ripple’s XRP saw $2.1M in weekly inflows, beating Bitcoin and Ethereum during market drop. Meanwhile CEO Brad Garlinghouse pushed for XRP to be part of national crypto reserves, upsetting Bitcoin supporters who want it Bitcoin-only. However, Ondo Finance plans to offer tokenized treasuries on Ripple’s XRP Ledger. Ripple also added clawback features to the ledger, boosting liquidity for its stablecoin, RLUSD. Stablecoin Cap Hits $200M: USDT Out From Europe Stablecoins, the top traded crypto, surpassed a $200 million market cap. Meanwhile Tether, the leading stablecoin issuer, reported $13 billion in profit…
Filed under: News - @ February 2, 2025 7:25 am