In a whirlwind week for the crypto market, significant events unfolded that are shaping the future of the sector. From trade policies to token listings and blockchain advancements, the global cryptocurrency ecosystem continues its rapid evolution.
Here’s a snapshot of the key developments that unfolded this week:
Trump’s Trade Tariffs Rattle Market
The global trade market felt the tremors when US President Donald Trump proposed tariffs against Canada, Mexico, and China. In response, Canada and Mexico pushed back, temporarily causing delays in tariff implementations. Bitcoin saw increased demand in North America as investors sought a safe haven amidst economic uncertainty stemming from the trade restrictions.
On the other side, China retaliated with tariffs on US exports, raising concerns of a prolonged trade war. Despite the fears, analysts believe the impact may not be as severe as anticipated.
UAE Embraces Shiba Inu
The United Arab Emirates announced a collaboration with Shiba Inu to integrate blockchain into government services, further solidifying its position as a global leader in Web3 adoption. With its crypto-friendly policies, including tax exemptions for digital asset firms, UAE continues to attract blockchain companies and talent.
Coinbase Adds New Altcoins
Coinbase, the largest US-based crypto exchange, added Ether.fi (ETHFI) and Bittensor (TAO) to its listing roadmap. The tokens saw a surge in value post-announcement, a common trend for assets listed on major exchanges like Coinbase.
SEC’s Change in Focus
The US Securities and Exchange Commission reassigned litigator Jorge Tenreiro, a key figure in the Ripple (XRP) case, raising speculation about a possible shift in regulatory stance. This move hints at a potential resolution of the Ripple case as the SEC seemingly steps back from its aggressive approach towards XRP.
UBS Leverages Blockchain for Gold Trading
Swiss banking giant UBS integrated gold trading with blockchain using Ethereum’s zkSync layer, enhancing efficiency in the gold markets. The move underscores the growing adoption of decentralized ledger technology in traditional finance.
XRP ETF in the Pipeline
Cboe Global Markets filed for an XRP-based exchange-traded fund (XRP ETF), a significant step towards institutional adoption of XRP. Market optimism surrounding the potential approval reflects the evolving landscape of digital asset investment.
MicroStrategy Becomes Strategy
MicroStrategy, a prominent Bitcoin holder, rebranded itself as “Strategy” to emphasize its focus on Bitcoin accumulation and blockchain adoption. The move symbolizes the company's deepening commitment to leveraging Bitcoin for corporate treasury management and investment strategies.