Crypto markets have advanced from their recent lows, with bitcoin on the verge of setting a new all-time high, as President Trump signed an executive order last week allowing 401(k) plans to invest into cryptoassets marking another step forward toward mainstream adoption of crypto in the United States.
Bitcoin and ethereum spot ETF inflows also returned after a short run of outflows, writes Simon Peters, cryptoasset market analyst at multi-asset investment platform eToro.
Weaker-than-expected economic data from the US has spurred investors’ beliefs that the Federal Reserve will cut interest rates by 25 basis points at its September meeting, helping prices too.
Total crypto market capitalization currently stands at an all-time high of $4.02 trillion.
Looking forward to this week, we have the latest CPI consumer price index and PPI producer price index inflation data out from the US, as well as retail sales.
Inflation data coming in lower than forecast and weaker retail sales may be positive for cryptoasset prices, as investors price in the Fed cutting rates at their next meeting, and potentially start factoring in deeper cuts of more than 25 basis points.
This could potentially cause further tailwinds to cryptoasset prices and take the total market capitalization higher. We wait to see.
BIGGEST MOVERS
$LDO was one of the biggest moving cryptos last week, up 60% as bullish momentum in the Ethereum ecosystem continued.
Lido is a decentralised autonomous organisation which simplifies staking participation for individuals on the Ethereum network, allowing users to pool their ethereum together and stake it on the blockchain without the need to operate their own nodes.
Other Ethereum ecosystem cryptos $AERO, $PENDLE and $LINK saw double digit gains, up 52%, 33% and 32% respectively.
Discover more here: https://www.etoro.com/discover/markets/cryptocurrencies/market-movers
EYE-CATCHING STORIES
US SEC and Ripple file joint dismissal to end five-year legal battle
The US Securities and Exchange Commission and Ripple Labs last week filed a joint dismissal of appeals concluding their near five-year legal battle.
Taking to social media platform X, Ripple’s chief legal officer Stuart Alderoty said “Following the Commission’s vote today, the SEC and Ripple formally filed directly with the Second Circuit to dismiss their appeals. The end…and now back to business.”
$XRP rallied 11% on the news and is now currently trading at $3.234, 13% away from the $3.667 all-time high.
SharpLink Gaming raises $200 million to expand ethereum treasury
SharpLink Gaming announced last week that it has raised $200 million via a direct stock offering to institutional investors to buy more ethereum.
The company, which recently appointed Ethereum co-founder Joseph Lubin to Chairman of its board of directors, currently holds 521,939 ETH valued at over $2.03 billion and is one of a growing number of publicly listed companies adopting an ethereum treasury strategy, accumulating the digital asset through purchasing as well as staking rewards.
SBET share price is currently trading at $23.92. Although up 228% since 27th May when the company first announced its ethereum treasury strategy, it is still some way off its recent $124 high.
As we have seen with companies who have adopted bitcoin treasury strategies like Strategy and Metaplanet, if the underlying ethereum price increases over the coming weeks and months it could also bode well for the SBET price.
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