Category: Current Affairs

Dogecoin Goes Mainstream as 21Shares File for First Spot DOGE ETF

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Dogecoin’s journey from a meme to a key digital asset integrated with traditional finance will be historic in the crypto space.

 

Crypto investors, especially memecoin enthusiasts, are overwhelmed by the latest development in the memecoin market. Nasdaq has filed with the U.S. Securities and Exchange Commission (SEC) to list shares of 21shares Dogecoin Spot ETFs. If approved, traditional investors will gain direct exposure to DOGE without having to hold the memecoin themselves.

 

In addition, Nasdaq has submitted a Form 19b-4 to the SEC seeking approval to list the ETF on its exchange. The proposed Dogecoin ETF is a huge step towards mainstream crypto adoption. As cautious traditional investors gain exposure to such ETFs, this could trigger a desire to learn more about digital assets.

 

Crypto traders and enthusiasts have applauded Dogecoin’s journey from a mere social media meme to a key digital asset in mainstream finance. This reflects the community’s resilience over the years and belief in the future of digital finance.

 

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Ethereum New EIP-9698 Proposal: Here’s What You Need to Know

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Ethereum’s newly proposed EIP-9698 with major upgrades promises faster transactions, lower fees, and improved scalability.

 

 

On April 27, Dankrad Feist from the Ethereum Foundation updated the Ethereum network protocol with the EIP-9698 proposal. This plan will increase the network’s gas limit gradually, making it 100 times larger over the next four years. It could raise Ethereum’s transaction capacity to about 2,000 transactions per second (TPS).

The proposal outlines a clear plan to gradually increase the gas limit starting from June 1, 2025. This plan includes several phases: an initial 10-time increase over the first four years. After that, there will be another 10 times increase, raising the gas limit from the current 36 million to 3.6 billion.

This upgrade could help Ethereum blocks handle up to 6,000 transactions, a big improvement from the current limit of about 20 TPS. This change would make the network faster and help Ethereum compete better against quicker chains like Solana and the BNB Chain.

Source: Chainspect

As Ethereum develops, EIP-9698 could lead to one of the most important advancements in scaling since The Merge. This change could open the door for a new age of fast and efficient decentralized applications.

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Circle Receives Regulatory Approval as Money Service Provider in Abu Dhabi

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Circle, the company behind USDC stablecoin, gets a green light in Abu Dhabi to operate as a money services provider, signalling the UAE’s positive approach to digital assets.

 

Traditional finance is slowly fading in the global payment systems as digital finance gains ground across the world. Major institutions and governments have shifted their approach to digital financial operations to include cryptocurrencies, inspired by their efficiency in cross-border transcations.

 

In the latest market development, USDC stablecoin issuer Circle has received regulatory approval to operate as a money services provider in Abu Dhabi. This means that the company can offer money services such as payment services, issuance, and custody for the Abu Dhabi Global Market (ADGM). This comes as a reflection of the UAE’s stance on digital assets as key elements of the next financial revolution. Per the Circle announcement on X (formerly Twitter);

 

We’ve received In-Principle Regulatory Approval from  @ADGlobalMarket!  We have also entered into a strategic collaboration with @hub71ad, to strengthen innovation within the digital assets space, and advance access to trusted, transparent, and regulated stablecoin infrastructure across the region.

 

 

The  Past week has seen the stablecoin market surge by 4.8 billion, showing growing demand and adoption of crypto payment services. The market is anticipating further exponential growth in the coming months.

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Arizona Becomes First U.S State to Pass Strategic Bitcoin Reserve Legislation

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Arizona has made history by finalizing its committee stages to become the first U.S state to pass legislation allowing a strategic Bitcoin Reserve.

 

Bitcoin is solidifying its case as “digital gold” as the world faces a digital industrial revolution across various economic sectors.  While many people are unaware of this revolution, inflation and economic uncertainties in the global market have forced major financial giants and governments to reconsider future economic strategies. Digital assets have emerged as solutions to some of these challenges.

In a recent move, the U.S state has made a historical move, leading other state governments to adopt Bitcoin as a strategic reserve. According to the SB1025 bill, the state is set to integrate digital assets into government finance. The bill was passed with a 29-25 Senate vote outcome, sparking a wave of financial modernization in the U.S.

 

Source: X

 

The bill was introduced in the Senate by Senator Rogers and has cleared both houses, signaling Arizona’s stance on digital assets.  Arizona’s legislation outcome could trigger other states to hasten their adoption process, considering surging BTC prices in the market. As of press time, the bill awaits signing at the Governor’s desk, anticipating implementation.

 

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Mastercard Launches Global Stablecoin Payment System

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Mastercard is set to onboard its 1.1 billion users in the crypto market and Web3 using an integrated global stablecoin payment system. Continue reading Mastercard Launches Global Stablecoin Payment System

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Brazil’s Largest Bank Itau to Fund New Bitcoin Company

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Brazil’s largest bank, Itau Unibanco, is reportedly funding a new Bitcoin Company, Oranje, the country’s “microstrategy”.

 

The largest private bank in Brazil, Itau Unibanco, is reportedly joining the institutional Bitcoin race. According to recent reports circulating, the alleged microstrategy of Brazil is to be named Oranje. Additionally, the newborn company plans to make its first step into the crypto market with a $210 million BTC acquisition.  According to crypto analyst and researcher Vivek on X (formerly Twitter):

 

BRAZIL’S LARGEST BANK ITAU TO FUND NEW BITCOIN TREASURY COMPANY ORANJE THEY WILL BUY $210 MILLION #BITCOIN

 

While official confirmation from the bank remains pending, Itau’s move to purchase Bitcoin signals heightened investor demand and Fear of missing out (FOMO) among traditional financial players. This could be indicative of BTC’s resilience to solidify the name, “digital gold”. Itau could be setting the standards for other banks globally.

The market is likely to experience a spike in institutional buys as large investors position themselves in the digital assets market.

 

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Fed Chair Jerome Powell Likely to Cut Interest Rates- Impact on Crypto Market?

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The Federal Reserve is likely to cut interest rates as President Trump increases pressure on Fed Chair Jerome Powell.

 

The United States Federal Reserve is on the verge of cutting interest rates owing to President Trump’s pressure to do so. In the past week, the U.S president said interest rates could be lower if Fed Chair Powell “understood what he was doing.”As the chances of rate cuts rise, crypto investors have been debating how this could affect digital assets.

When the Fed cuts rates, there is more liquidity in the markets available to investors. Also, new, freshly printed dollars hit the market searching for new homes through investments. Investors are likely to pour this new liquidity in the form of smart money into hard and scarce assets.

Digital assets like Bitcoin, also considered the “digital gold,” have been appealing to the smart money since the start of the year. This means a significant sum of money could flow into BTC and other digital assets as investors optimize portfolio returns. Considering the potential gains on crypto, the availability of capital increases the appetite for risks. In other words, the market could see a major bull rally as Powell considers cutting interest rates in the coming weeks.

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TRON Founder Justin Sun Tops TRUMP Holders Leaderboard

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Justin Sun, the founder of Tron Blockchain, has topped the list of TRUMP memecoin holders ahead of TRUMP Dinner for the coin’s top 220 holders.

 

Justin Sun, a renowned crypto heavyweight and the founder of Tron blockchain, has been a huge supporter of President Donald Trump and his projects. In February, Justin recorded a purchase of $75M worth of world liberty tokens to portray his support and belief in Trump’s projects.

Justin has topped the list of TRUMP memecoin holders, increasing his chances of attending the anticipated Dinner with U.S. President Trump for the top 22o holders of his token. According to on-chain data, Sun is holding 1,176,803.002 TRUMP tokens valued at $14.32M, as of press time.

 

Source: X

 

What’s the Market’s Reaction?

Justin’s move to the top of the leaderboard hints at his crypto influence and ambition, blended with his wealth status. However, this has sparked an ethical debate regarding the sale of political access through crypto, which is meant to foster financial inclusion for all.

Despite mixed reactions, most crypto enthusiasts perceive the TRUMP Dinner as a positive influence towards mainstream crypto adoption.

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Greed and Fear Index: Crypto Market Sentiment Turns Neutral

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The fear and greed index is significant in determining the emotional state of investors to establish market valuation.

 

The crypto market has seen unprecedented volatility in the past few weeks, leading to extreme fear, with the values dropping to 19. However, CoinMarketCap has noted a shift in the market sentiment in the past 72 hours. The fear and greed index has surged to 53, a neutral zone value. This data is critical in establishing whether the market is undervalued(fear) or overvalued (greed).

 

Source: CoinMarketCap

 

Historically, the shift from fear to neutral comes before a period of steady market growth and bullish market rallies. This shift is evident in BTC’s rising prices while eyeing the psychological $100k mark.

The current value suggests that the market is not yet overvalued (greedy), has more potential for buying, and the bull rally is likely starting. With rising institutional interest and huge BTC demand from the U.S investors, the market is shifting to a healthier stage.

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Bank of Japan to Launch XRP Payment System in 2025

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The Bank of Japan plans to launch an XRP-based payment system before the end of 2025, signaling massive upward potential for the XRP price.

 

The Bank of Japan has announced plans to introduce XRP-based payment systems in all domestic banks by the end of 2025. 

SBI Holdings, one of the largest financial groups in Japan, is leading this initiative. CEO Yoshitaka Kitao believes that XRP can improve international money transfers by lowering costs and speeding up the process.

Japan is set to use XRP to improve its $6.37 trillion banking sector, introducing faster and more efficient transactions. SBI Holdings is making XRP a bigger part of its company beyond just banking. Shareholders can now choose to receive XRP as a reward in their benefits package.

Projected Impact On XRP’s Valuation

The market is buzzing with predictions about XRP’s future price. Analysts say that if 1% of Japan’s banks adopt XRP, the price could rise to about $3.50. If 10% of banks adopt it, the price could reach around $13.48. 

Currently, XRP is trading around the $2 mark, and analysts are setting its next target at $2.50.

 

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