XRP at 3 Year-High | Weekly News Recap
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GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. It’s time for the weekly news recap. In today’s news feature: more pointers about XRP as it reaches a 3-year high.
Here are the top crypto news stories of the past week!
Table of Contents
Market Updates 📈
Here are the crypto highlights of the week:
- Bitcoin is up 12.9% vs the previous seven days, now at $91,711.48.
- The weekly top gainer in the top 100 coins is Peanut the Squirrel ($1.65), up 353%
- The weekly top loser in the top 100 is Bittensor ($491.29), down 16.3%.
- Noteworthy: PEPE ($0.00002) is up 84.6% vs the past week.
Feature Story: XRP Climbs Above $1
XRP has surged to its highest price in 3 years, definitely affected by the growing optimism around potential regulatory shift in the U.S. and of course renewed investor interest following the U.S. elections.
Key details:
- XRP reached a peak of $1.20 on Saturday before settling at $1.06.
- As it stands, XRP is up 99% in the last seven days.
- According to Coinglass, futures open interest for XRP has hit a record of near $2 billion.
What does it mean?
- If there’s is a spike in open interest, it means traders are betting on future price movements.
- They can profit from the differences between spot and futures prices.
Everything has coincided with the potential departure of US SEC Chair Gary Gensler, which president-elect Trump promised during his campaign.
What’s next: There is speculation for potential XRP-listed ETF, after similar approvals for Bitcoin and Ether ETFs.
Local Crypto News 🇵🇭
- Paytaca shared that it has onboarded 12 partner merchants in various places including Taiwan and Australia.
- BitPinas article: The Philippine National Police (PNP) calls for stronger cryptocurrency regulations.
- Coins.ph’s Coins Convert listed the tokens $PNUT, $ACT, and $SAMO.
- Superteam Philippines‘ members and Radar Team won second place at Circle ProDev Hackathon bringing home $12,000 in USDC.
Noteworthy 🌟
Key updates and announcements from around the crypto and blockchain world:
- A cold wallet linked to Mt. Gox moved over $2 billion worth of bitcoin to a new address, potentially signaling upcoming creditor repayments.
- Delta Prime, a blockchain lending platform, suffered a second exploit in two months, losing nearly $5 million due to a code bug.
- Bitcoin has entered the “Euphoria Zone,” with analysts predicting it could soar to between $90,000 and $125,000 by year-end.
- Sygnum’s 2024 survey revealed that 57% of institutional investors plan to increase their crypto allocations.
Educational Corner 🎓
Last week, BitPinas published several informative and guide articles in various categories.
- Must-attend events: November 2024 Local and International Events
- November update: Crypto Airdrops to Watch Out For in 2024
- Tap to Earn Guides:
Regulation Watch 📜
Stay informed about the latest regulatory updates from here and around the world and what they mean for you:
- SEC Commissioner Mark Uyeda supports President-elect Trump’s plan to end the aggressive crypto crackdown.
- FTX’s estate sued Humpy the Whale and Waves founder Aleksandr Ivanov.
- President-elect Trump appointed Elon Musk and Vivek Ramaswamy to lead the new Department of Government Efficiency (DOGE).
- Republican Rep. French Hill has called for a suspension of ongoing rulemaking by federal agencies, including the SEC, following Trump’s presidential win.
Community Spotlight 🔦
The following people were feature in last week’s community spotlights:
- Mark Kevin Nunez, Head of Partnerships and Product, GCrypto (November 12)
- Harvey Javier, CEO, SparkPoint Technologies (November 13)
- RC Pajaro, co-founder, NFT Philippines (November 14)
At the Scene 📍
On the ground activations and more.
- Devcon SEA
- Sub0 reset Event
More Web3 and AI News 💡
Discover the latest in web3 and AI innovation.
- The Ethereum Name Service (ENS) is launching its own layer-2 blockchain, “Namechain,” set to go live by the end of 2025.
- Brevis Network, a startup using zero-knowledge technology for off-chain blockchain computations, raised $7.5 million in seed funding.
- Doodles NFTs surged in value after McDonald’s teased a collaboration, with the floor price hitting 2.6 ETH.
- Coinbase acquired stablecoin processor Utopia Labs to enhance on-chain payments within Coinbase Wallet and Base.
Web3 Gaming Section 🎮
The future of web3 is gaming, and here are the latest news.
- The updated Wild Forest whitepaper introduces new features like Expeditions, an updated Unit Mint system, and expanded $WF token utility.
- Bitget and Foresight Ventures invested $20 million in Telegram’s Mini Apps to expand web3 games and apps on the TON blockchain.
- Immutable earned multiple nominations in the GAM3 Awards 2024 happening next week in the Philippines.
- Mobile game Fableborne is migrating from Avalanche to Ethereum’s Ronin network.
Upcoming Event 📅
Upcoming events:
- YGG Play Summit: November 19-23, 2024
- Base Manila Meetup: November 20, 2024
- Aptos After Dark: November 20, 2024
Stay Connected:
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This article is published on BitPinas: XRP at 3 Year-High | Weekly News Recap
