This week in the world of cryptocurrency was nothing short of eventful. From a crypto exchange gaining unprecedented access to Federal Reserve services to Ethereum outperforming the S&P 500 during wartime, the crypto market has been buzzing with activity. Here’s a quick recap of the top stories that made headlines.
Maxine Waters Questions Fed’s Approval Of Crypto Exchange
Rep. Maxine Waters (D-Calif.) has sought further clarification on the decision to grant cryptocurrency exchange Kraken access to Federal Reserve services. This approval, a first in U.S. history for a cryptocurrency company, gives Kraken direct access to Fedwire, a core payment infrastructure used by thousands of U.S. banks and credit unions.
Tom Lee Advocates For Crypto Over Gold
Tom Lee, who chairs Bitmine Immersion Technologies and serves as head of research at Fundstrat Global Advisors, has suggested that crypto is a stronger wartime store of value than gold. Despite the ongoing Middle East conflict, Lee believes that crypto is a “money trade” for the next year.
Coinbase Shares Dip Amid Broad Crypto Market Sell-Off
Coinbase Global shares were down 3.44% at $167.41 during premarket trading on Friday. This comes as the crypto market faces a broad sell-off. Meanwhile, CFTC Chairman Mike Selig expects to approve crypto perpetual futures within weeks, aiming to bring offshore trading volume back to U.S. markets.
Crypto Trading Compared To Casino Gambling
Renowned cryptocurrency analyst Willy Woo has likened all cryptocurrency trading other than Bitcoin to gambling, unless you’re an insider. Woo argues that without an informational or structural edge, one shouldn’t invest in crypto.
Leading Cryptocurrencies Dip Amid Trump’s Warning To Iran
Leading cryptocurrencies, including Bitcoin, Ethereum, XRP and Dogecoin, edged lower alongside stocks on Thursday following President Donald Trump’s warning to Iran. Over $330 million in cryptocurrency positions were liquidated in the past 24 hours, with $293 million in bullish long positions alone erased.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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