Cryptocurrency Entrepreneur Tim Draper Secures $200 Million for New Digital Asset Investment Fund
In the world of cryptocurrencies, the past week has been a whirlwind of activity. Here's a roundup of some of the key developments that have taken place.
The Federal Reserve has highlighted stablecoins amid the passage of the GENIUS Act, indicating a growing focus on digital assets by the regulatory body. Meanwhile, ongoing institutional interest is expected to drive further adoption of blockchain technologies.
The crypto market has seen its share of ups and downs. Despite a 3.05% dip in 24 hours, Ethereum posted gains of 110.80% over 90 days. Its trading volume reached $35.19 billion, reflecting an 8.52% increase. Notably, ADA's Cardano $ADA Futures surged to $6.96B, with a possible $10 price target on the horizon. ALGO, on the other hand, may be oversold, with RSI and Stoch reset pointing to a potential bounce.
Regulatory developments have been a hot topic. Trump has proposed tariffs to replace U.S. income tax, and there's ongoing dispute over Yellen's selection as Federal Reserve Chair. Meanwhile, the focus on Web3 and DeFi is set to elevate innovation in the crypto sector, with Tim Draper raising $200 million for a new crypto fund targeting these areas. The fund is anticipated to be a major contributor to emerging blockchain technologies and decentralized platforms.
In terms of partnerships and acquisitions, Coincheck has acquired Aplo to expand its crypto reach in Europe. Bybit Card has launched in Europe with unmatched 20% cashback, and MEXC has joined Ondo Global Markets Alliance and listed tokenized stocks with a $150,000 reward pool event.
Innovations in the crypto space continue to push boundaries. The shift towards staking is anticipated to strengthen Ethereum's dominance in the crypto space. Sonic Labs has started a U.S. market expansion with a new initiative, and KuCoin has presented KuMining, embodying "Simple Mining, Smart Gains" for effortless crypto accumulation.
On the policy front, BTC in D.C. has bridged Bitcoin innovation and public policy. Trump has announced a Strategic U.S. Cryptocurrency Reserve, and Florida Pension Fund has increased its MicroStrategy holdings by $6 Million.
Lastly, the race for Cryptocurrency ETFs in the U.S. continues, with a record 92 filings made, awaiting the SEC's decision. Meanwhile, Wormhole has countered LayerZero's $110M Stargate bid.
As always, the crypto market remains dynamic and full of potential. Stay tuned for more updates as we continue to monitor these developments.
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