Enjoy a recap of this week’s significant cryptocurrency events, including a significant price surge for Ethereum following the Pectra upgrade, a $50 million XRP integration by Wellgistics, and a public dissent from SEC Commissioner Crenshaw regarding the Ripple settlement. Here are the highlights:
Friday saw a significant uptick in the cryptocurrency market, obliterating over $1 billion in shorts within a 24-hour span. This comes as bitcoin moves steadily towards reclaiming its highest-ever price point.
Ethereum’s 20% Price Jump Post-Pectra Upgrade
Thursday witnessed a 20% increase in Ethereum’s value, following the rollout of the Pectra upgrade earlier in the week. This marks the most significant one-day gain for the cryptocurrency since May 2021. Analysts believe the confidence in Ethereum has been restored thanks to the Pectra upgrade, which is the platform’s most significant upgrade since The Merge in 2022. It introduces enhancements to staking efficiency, validator operations, and Layer 2 scalability. Ethereum’s price surge also had a positive influence on other altcoins.
Wellgistics’ $50M XRP Integration Plan
Pharmaceutical distributor Wellgistics is planning to integrate XRP as a real-time payment and treasury management asset. This move is expected to significantly reduce costs and settlement times across the healthcare supply chain. The Florida-based firm has secured a $50 million equity credit line for this purpose.
SEC Commissioner Crenshaw’s Ripple Settlement Dissent
SEC Commissioner Caroline Crenshaw publicly expressed disagreement with the agency’s settlement deal with Ripple, arguing that it weakens investor protections. The $125 million deal, which includes dissolving the injunction, paying $50 million to the SEC, and returning $75 million to Ripple, effectively ends the long-standing legal battle.
German Authorities Seize $38M Crypto from eXch
German authorities seized around $38 million worth of cryptocurrencies from eXch, alleging that it functioned as a criminal trading platform. The seizure took place a day before the platform’s scheduled closure.
Doodles Rolls Out Native DOOD Token on Solana
NFT project Doodles has launched its native token DOOD on the Solana blockchain, alongside DreamNet, a decentralized AI storytelling protocol, and a social survival game named “Lord of the Files”.
Stay updated with the The Block‘s daily digest of the most influential events unfolding across the digital asset ecosystem.
