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What Happened In Crypto This Week?
The cryptocurrency market has been in a whirlwind of developments lately. Bitcoin price volatility and major crypto hacks have taken center stage alongside high-stakes geopolitical tensions and SEC shakeups. As the gold price reached new highs while Bitcoin hovered near key support, worries over trade wars, regulation, and cyber attacks continue to affect sentiment.
Let’s summarize the top crypto news, hack alerts, and market shifts in this week’s comprehensive recap.
Market Overview
The crypto market maintained a steady stance this week with an overall market capitalization of $2.7 trillion, while daily trading volume dipped 21.43% to $43.09 billion. Bitcoin’s current price is at $85,300, Ethereum trades at $1,604, and XRP sits at $2.08.
Top Crypto News
US-China Trade War Impact on Bitcoin
A 245% tariff imposed on crypto-to-fiat conversions led to a significant market fluctuation. The law excludes crypto-to-crypto trades and could raise €25M annually. This development highlights the direct impact of political events on cryptocurrency markets.
Ripple’s Legal Pause
Ripple, one of the largest cryptocurrencies, halted legal proceedings in response to regulatory concerns. This decision has sparked debate about the company’s commitment to compliance and potential impact on future operations.
Nvidia Stock Hit, Bitcoin Drops 3.3%
A massive $5.5 billion hit to Nvidia stock due to halted chip exports to China caused a ripple effect through Nasdaq and crypto markets. This event had a direct correlation with Bitcoin, causing it to drop by 3.3% to $83,600.
This Week’s Crypto Hacks
KiloEx Loses $7M in Cross-Chain Exploit
A cross-chain hack exploited oracles on KiloEx across BNB, Base, and Taiko chains. KILO token crashed 30% as the platform halted operations due to security concerns.
UK Minister’s X Account Hacked for Scam Coin Promotion
MP Lucy Powell’s account was compromised to promote a fake token called “House of Commons Coin.” This incident highlights the growing threat of crypto scams in the industry.
Notable Developments
Pi Network News: Chainlink Integration and Mainnet Update
Chainlink integrated Pi Coin into 22 data feeds, while Pi Network’s new Mainnet migration roadmap faced criticism for unclear rewards and prolonged delays.
Source: https://coinpedia.org/news/what-happened-in-crypto-this-week/
