China is back in the crypto game, a new dog is playing the same old memecoin trick, and which coin has stolen the show this altcoin season? These stories and more, this week in crypto.
New 4th largest crypto
Solana’s SOL token surpassed Ripple’s XRP and Binance’s BNB for become the fourth largest cryptocurrency on a global scale. Driven by a thriving DeFi ecosystem and the rise of meme coins on the Solana network, notably Bonk, the price of SOL has surged to its highest level in 20 months. Solana’s total value locked exceeded $1 billion, and its daily amount stablecoin transfer volume also soared 600%, surpassing both Ethereum and Tron.
China Shifts Its Stance on Crypto
China is quietly reversing its crypto policies, as the Ministry of Industry issued a document stating that this will place great importance on the development of the crypto industry in the future. Despite China’s ban on cryptocurrency trading introduced in 2021, the country is now moving forward with NFTs and blockchain-based decentralized applications, marking a complete policy turnaround.
National TV Commercial for Bitcoin ETF
Bitwise Asset Management unveiled its first ad for a Bitcoin Spot ETF which is featured on major television networks including CNBC and Fox Business Network. The advert stars Jonathan Goldsmith, the actor best known for his familiar role as the Most Interesting Man in the World. He draws a parallel between the iconic character and the intriguing nature of Bitcoin.
Rush for registrations blocks blockchains
The latest trend to put everything from profile pictures to memecoins on blockchains, led to large blockchain networks in difficulty recently. Over the past week, Arbitrum, Avalanche, Cronos, and The Open Network have all experienced partial or complete outages due to increased registration numbers. Users repeatedly spam tiny coins due to the lower cost of minting on these channels.
Coinbase obtains a license in France
Cryptocurrency exchange Coinbase obtained registration with the French market regulator, with the aim of developing on a global scale. France’s AMF watchdog has granted Coinbase approval as a virtual asset service provider, a green light for the company to operate digital currency services in the country. The registration will allow Coinbase to offer retail, institutional and ecosystem products to users in France.
Hong Kong Considers Spot Crypto ETF
Hong Kong regulators are open to the idea of considering a spot crypto ETF requests following expectations that the SEC could soon approve spot Bitcoin ETFs in the United States. The SFC’s October rule update expanded investor access to spot crypto and ETF investments, and is now ready to accept applications, recognizing the rapid evolution of virtual assets in traditional finance.
Sam Altman promotes the Worldcoin project
Sam Altman, former CEO of OpenAI reformulated his concept for crypto project Worldcoin, following reports that the company is seeking $50 million in funding. Worldcoin aims to create a global network where more than 2 million people have already had their iris scanned in exchange for digital ID and free tokens.
New dog, old stuff
Similar to previous crypto-bubble runs, a new dog-themed memecoin has emerged. Just like Shiba-Inu and Dogecoin before him, the value of the new memecoin Bonk, a new Shiba Inu-themed Solana token, has been growing rapidly due to the excitement of Solana’s Saga phone owners to be able to claim BONK tokens for free. While Bonk’s hype has waned, another Solana-based memecoin, Dogwifhat, has also surged 1,000% in a month.
This is what happened this week in crypto, see you next week.