This week was a whirlwind of activity in the cryptocurrency world. From Binance matching the trading volume of major Asian commodities exchanges to predictions of Bitcoin hitting a million dollars, the crypto market was buzzing with news.
Here’s a quick recap of the top stories.
Binance Matches Major Asian Exchanges In Gold Perpetuals Trading
Co-CEO of Binance, Richard Teng, revealed that the platform’s gold perpetual trading volume is now on par with several national commodity exchanges. This information is based on Binance’s research, which underscored the swift growth of perpetual futures on cryptocurrency exchanges for traditional assets like stocks, gold, and silver. These are leveraged contracts, not physical ownership or spot trading.
Bitcoin Could Reach $1 Million By 2035, Says Bitwise’s Matt Hougan
Bitwise CIO Matt Hougan predicts that Bitcoin could potentially reach $1 million by 2035, provided the store of value market continues to grow as it has for the past 20 years. Hougan believes Bitcoin is entering a long-term institutional adoption phase, driven by ETF growth, geopolitical instability, and rising demand for “digital gold.” He estimates that Bitcoin could reach seven-figure valuations if it captures 15%–17% of the global store-of-value market, up from roughly 6% today.
Banking System Will Move To Ethereum, Says Raoul Pal
Macro investor Raoul Pal predicts that the entire banking system will transition to Ethereum as ETH tests the 100 exponential moving average at $2,355 for the first time since October. Pal refutes the “ETH is dead” narrative from 1.5-2 years ago, arguing that banks care about Lindy effects—things that survive, things you don’t get fired for, things that are proven.
Dogecoin Whales Accumulate Amid Iran Peace Optimism
As geopolitical tensions ease, cryptocurrencies, including Dogecoin, are experiencing a lift. Large investors, or “whales,” have started accumulating the memecoin. Cryptocurrency analyst Ali Martinez noted that whales bought around 330 million DOGE tokens this week, amounting to $32.34 million. The positive remarks from President Donald Trump on the Iran conflict have reignited risk-on sentiment, boosting cryptocurrencies, including Dogecoin, which has rallied over 6% in the past week.
Changpeng Zhao Claims Biden Administration Targeted Him
Crypto billionaire Changpeng Zhao, also known as CZ, claims that the Biden administration tried to make an “example” out of him. During an interview with Fox Business, CZ stated that the administration had declared a “war on crypto,” creating a “hostile” environment for the industry. He believes that Democrats underestimated the number of pro-crypto voters in the last election, which, according to him, were swayed by President Donald Trump’s pro-crypto agenda.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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