The crypto market saw significant developments this past week, with the “Uptober” rally continuing. Bitcoin held its ground at $68,000, and meme coins experienced notable gains. Meanwhile, new updates in the XRP lawsuit kept investors on edge. Here’s a breakdown of the key highlights from the crypto world this week.
Bitcoin’s price remained at $68,000, boosting overall market optimism. The rise was largely driven by favorable market dynamics, including a $2.13 billion inflow into Spot Bitcoin ETFs over the past seven days, signaling growing institutional interest in Bitcoin. Robinhood’s announcement of upcoming Bitcoin and Ethereum futures also fueled positive sentiment. In addition, Japan’s plans to announce an economic stimulus package—exceeding last year’s $87 billion package—added to the optimism surrounding Bitcoin’s price movements.
Over the weekend, a $760 million Bitcoin movement from Elon Musk’s Tesla drew attention, along with plans from Germany’s Samara AG to increase its Bitcoin holdings. Additionally, Galaxy Digital, led by Mike Novogratz, purchased 500 BTC this week. These moves suggest that Bitcoin is under considerable buying pressure, with market participants holding a positive outlook.
XRP Lawsuit Sees New Developments
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In the ongoing XRP lawsuit, the U.S. Securities and Exchange Commission (SEC) continued its case against Ripple by submitting Form C, maintaining its objections. However, the XRP community found hope in the fact that XRP’s status as a non-security was not appealed. Despite this, attorney Fred Rispoli criticized Ripple executives Brad Garlinghouse and Chris Larsen for missing the chance to fully defend themselves against certain SEC accusations. Meanwhile, Ripple announced partnerships with Uphold and Bitstamp for the launch of its RLUSD stablecoin. XRP whales continued to sell on exchanges, sparking new speculations in the market. XRP ended the week at $0.54, with growing interest around its developments.
Meme Coins Steal the Spotlight
Meme coins were also a major focus this week. Dogecoin (DOGE) gained attention after Elon Musk donated $75 million to Donald Trump’s election campaign. DOGE whales accumulated heavily throughout the week, increasing optimism around the coin’s price action. DOGE finished the week at $0.14. Grayscale hinted that Dogecoin could potentially be listed, adding to the excitement. Meanwhile, Goatseus Maximus (GOAT) made waves with its listing on a major exchange, leading to a sharp price increase. Shiba Inu (SHIB) also had a strong week, with its burn rate significantly increasing over the past seven days. Shytoshi Kusama teased a game-changing partnership for SHIB’s financial layer, drawing even more attention to the project.
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