Start your weekend with a snapshot of the day’s most significant crypto events. Finally, some relief for the crypto market as we wrap up a rather turbulent week. Bitcoin and ether have seen a resurgence of 5% and 3% respectively, while other altcoins, including the humorously named Fartcoin, have experienced a 30% spike within the past 24 hours.
Janover’s Big Move into Crypto Treasury Strategy
Janover, a commercial property financing firm, has made a notable purchase of 83,000 SOL, amounting to around $9.6 million over the past two days. This move is part of its digital asset treasury strategy. Following the board’s approval of this strategy on April 4, the company’s stock skyrocketed over 1,100%, pushing its market cap to roughly $73.5 million.
Janover CEO, Joseph Onorati, highlighted the company’s ambitions to become a transparent and efficient crypto accumulation vehicle, quickly executing its first SOL purchase post-restructuring. The firm plans to stake its SOL holdings and operate Solana validators to earn rewards and reinvest in the network, contributing to the growth of its treasury through compounding. While the firm is currently focused on SOL, it may diversify into other cryptocurrencies in the future.
A Potential Settlement on the Horizon for Ripple and the SEC
Ripple and the Securities and Exchange Commission have mutually agreed to a 60-day pause in their appeals process as they explore the possibility of a settlement. This years-long legal dispute revolves around the classification of XRP. However, recent changes in SEC leadership have led to a more crypto-friendly stance from the regulator.
Bitcoin Bounces Back Amid Inflation Optimism
March’s Producer Price Index and core PPI fell more than anticipated, indicating easing inflation and aligning with softer CPI data. This positive news buoyed the crypto markets, with bitcoin jumping 4% to $82,500 and major altcoins like ether and solana also enjoying a rally.
McDonald’s Shareholders Propose a Bitcoin Treasury Plan
A conservative think tank and McDonald’s shareholder, the National Center for Public Policy, urged the fast-food giant to invest in bitcoin. However, McDonald’s declined to entertain the proposal, a decision supported by the SEC.
Fartcoin’s Explosive Growth
The Solana-based memecoin, Fartcoin, saw nearly a 99% surge over the last week, outperforming the broader crypto market in a volatile period. Despite unclear catalysts, Fartcoin’s market cap is nearing $900 million, with high liquidity and trading volumes. Fartcoin was launched in October 2024 and its popularity was partly fuelled by viral antics from the AI bot, Truth Terminal.
