China is back in the cryptocurrency game, a new dog is pulling the same memecoin trick, and which coin stole the show this altcoin season? This week we bring you these stories and more in cryptocurrency.
New 4th Largest Cryptocurrency
Solana’s SOL token has become the fourth-largest cryptocurrency in the world, surpassing Ripple’s XRP and Binance’s BNB. Driven by the thriving DeFi ecosystem and the rise of meme coins on the Solana network (especially Bonk), the price of SOL has risen to a 20-month high. Solana’s total locked value exceeded $1 billion, and its daily stablecoin transfer volume surged 600%, surpassing both Ethereum and Tron.
China’s stance on cryptocurrency changes
China’s Ministry of Industry is quietly reversing its cryptocurrency policy, releasing a document stating that it attaches great importance to the development of the cryptocurrency industry in the future. Despite China’s ban on cryptocurrency trading introduced in 2021, the country is now pushing NFTs and blockchain-based decentralized applications, marking a complete U-turn in policy.
National TV Ad for Bitcoin ETF
Bitwise Asset Management released its first advertisement for its spot Bitcoin ETF, which was featured on major television outlets including CNBC and Fox Business Network. The ad features actor Jonathan Goldsmith, known for his familiar role as the most interesting man in the world. In it, he draws parallels between the iconic character and the interesting nature of Bitcoin.
Rush clog blockchain for inscription
The recent trend of recording everything from profile pictures to meme coins on the blockchain has been causing major challenges to major blockchain networks in recent times. Over the past week, Arbitrum, Avalanche, Cronos, and The Open Network have all experienced partial or full outages due to increased sign counts. Users are repeatedly spamming small mints because these chains are cheap to mint.
Coinbase secures license in France
Cryptocurrency exchange Coinbase has secured registration with the French market regulator as it looks to expand globally. France’s AMF watchdog has approved Coinbase as a virtual asset service provider, allowing the company to operate digital currency services in France. Registration will allow Coinbase to offer retail, institutional and ecosystem products to French users.
Hong Kong considering spot cryptocurrency ETF
Hong Kong regulators are reviewing applications for a spot cryptocurrency ETF amid expectations that the SEC will soon approve a spot Bitcoin ETF in the United States. The SFC’s rules update in October expanded investor access to cryptocurrency and ETF investments, and it is now ready to accept applications in recognition of the rapid evolution of virtual assets into mainstream finance.
Sam Altman promotes Worldcoin project
Sam Altman, former CEO of OpenAI, has restated his concept for cryptocurrency 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 received iris scans in exchange for a digital ID and free tokens.
New dogs, old tricks
Similar to previous cryptocurrency bull markets, a new dog-themed memecoin has emerged. Like Shiba-Inu and Dogecoin before it, the value of the latest memecoin, Bonk, a new Shiba Inu-themed Solana token, has grown rapidly amid expectations that owners of Solana’s Saga phones will be able to claim BONK tokens for free. As the Bonk hype died down, another Solana-based memecoin, Dogwifhat, also surged 1000% in one month.
This is what happened in the cryptocurrency market this week. I will see you next week.