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Bitcoin’s Surge Boosts Altcoins and More in Crypto Weekly Roundup

Altcoins, Bitcoins, Boosts, Crypto, Roundup, Surge, Weekly

“Bitcoin’s remarkable surge not only showcases its dominance in the crypto market, but also acts as a catalyst for altcoins, propelling them to new heights and opening up exciting opportunities for investors.”



Bitcoin and Ethereum continue to make headlines in the cryptocurrency world. According to Deribit, the combined notional open interest in Bitcoin and Ether options has reached a record high of $20 billion. CoinShares reports that Bitcoin products saw the largest inflows, while Solana saw the largest inflows for altcoins.

Bitcoin itself reached a new high for the year at $35,000, signaling that its bull market is in full swing. Meanwhile, Microstrategy, the largest corporate holder of Bitcoin, has seen unrealized gains of over $100 million for its Bitcoin holdings. Additionally, BlackRock’s proposed spot Bitcoin ETF, the iShares Bitcoin Trust, has appeared on a list maintained by the Depository Trust and Clearing Corporation.

In the world of altcoins, Vodafone’s Digital Asset Broker has partnered with Chainlink Labs to demonstrate successful trading operations on the blockchain. Altcoins like Injective and Solana are taking advantage of Bitcoin’s surge to make even greater gains. Chainlink has also announced the release of Chainlink Staking V0.2.

In terms of technology, the Fantom Foundation has launched testnets for its revamped tech stack, Sonic. Polygon Labs has deployed contracts for its next-generation cryptocurrency, POL, on the Ethereum mainnet. Coinbase’s layer-2 network Base has made its code repositories and smart contracts accessible to the public.

In the business world, former FTX CEO Sam Bankman-Fried has taken the stand in his criminal fraud trial, defending his actions in running FTX. Solana Labs has also launched its first startup incubator to attract founders to its blockchain. Ripple has partnered with crypto exchange Uphold and is giving away 20,000 XRP for eligible trades in the US.

Grayscale Bitcoin Trust shares have seen a 220% increase in value since the beginning of the year, surpassing even Nvidia. BlockFi, the crypto lending platform that faced bankruptcy, is now back on track to fulfill its obligations to its creditors. However, Polkadot blockchain developer Parity Technologies has laid off around 100 employees as part of its restructuring efforts.

In terms of security, Coins.ph, the Philippines’ top crypto exchange, has reportedly lost around 12.2 million XRP tokens to an exploit. And in the world of central bank digital currencies (CBDCs), Spain’s Banco de España is preparing its customers for the potential benefits of the digital euro, while the Shanghai Petroleum and Natural Gas Exchange has confirmed using China’s CBDC for cross-border trade.

Please note that this article is for informational purposes only and should not be considered legal, tax, investment, financial, or other advice.

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