Crypto Weekly Roundup (October 19, 2024): XRP SEC Appeal, Tesla’s Bitcoin Move, and More

Cryptocurrency Market Overview

This week, the global cryptocurrency market experienced a modest uptick, with the total market capitalization rising by 0.64% to $2.34 trillion. However, the 24-hour trading volume saw a notable decline, dropping by 16.82%. The Fear & Greed Index has shifted to 61, indicating a sentiment of "Greed" among investors. Bitcoin continues to lead the market with a dominance of 57.6%, followed by Ethereum at 13.6%.

Worldcoin Unveils Layer-2 Network

Worldcoin, the innovative project spearheaded by Sam Altman, has officially launched its new Layer-2 network, known as World Chain, built on the Ethereum blockchain. This new network is designed to enhance efficiency and cater to the needs of 15 million verified users. With a strong emphasis on prioritizing human users over bots, the platform is offering free gas allowances for individuals possessing a verified World ID.

Tesla’s Bold Bitcoin Move

Tesla has made headlines this week by transferring nearly $765 million worth of Bitcoin from its wallet, leaving just $7 behind. As one of the largest public holders of Bitcoin, this significant move has raised questions regarding Tesla’s future intentions with its crypto holdings. It remains uncertain whether the company retains control over the transferred assets, leaving investors and analysts speculating.

SEC Appeals XRP Ruling

In a crucial regulatory update, the SEC has decided to appeal the July 2023 ruling regarding XRP’s programmatic sales. This development could have substantial implications for XRP’s future, potentially influencing demand as the appeal process unfolds.

Grayscale Eyes XRP ETF

Grayscale is making strides in the cryptocurrency space by applying to convert its Digital Large Cap Fund into a crypto-spot ETF, with a focus on XRP. This move signals a growing institutional interest in XRP, even as the asset’s price action remains relatively subdued.

Litecoin Hits 4 Billion Transactions

Litecoin has achieved a significant milestone by completing 4 billion transactions in just 24 hours. This surge in activity comes as the cryptocurrency sets its sights on a $100 price target, reflecting growing confidence among investors.

Conclusion

As the cryptocurrency landscape continues to evolve, stay tuned for next week’s developments in this fast-paced market. With regulatory changes, innovative projects, and significant market moves, the coming days promise to be as dynamic as ever!