This week in crypto news, Shaquille O’Neal received court approval for an $11 million settlement with Astrals NFT buyers, while New York lawmakers proposed a bill to allow state agencies to accept cryptocurrency payments. Additionally, Synthetix USD faced significant losses, dropping to its lowest value in five years. The SEC and Ripple agreed to pause their appeals in the XRP case, indicating a possible settlement. Meanwhile, Bitcoin’s recent price surge sparked optimism for a potential rise to $100,000, supported by positive Market sentiment following a pause on tariffs announced by President Trump. Overall, crypto stocks also benefited from the stock Market rebound, marking a promising week for the industry.
Top Stories in Crypto This Week
In a week filled with significant events in the cryptocurrency world, here are the highlights you shouldn’t miss.
Shaquille O’Neal Settles $11M NFT Lawsuit
Former NBA star Shaquille O’Neal has received court approval to settle a class-action lawsuit related to the Astrals NFT project for $11 million. A federal judge decided the agreement is fair, establishing a fund for NFT buyers who made purchases between May 2022 and January 2023. This decision provides much-needed closure to those affected by the troubled NFT Market.
New York Moves Towards Crypto Integration
A new bill introduced in New York aims to allow state agencies to accept cryptocurrency payments. Assemblyman Clyde Vanel has proposed this legislation, reflecting a growing trend across the United States to incorporate digital assets into everyday transactions. If passed, the bill will permit payments in Bitcoin, Ether, Litecoin, and Bitcoin Cash.
Synthetix USD Faces Major Decline
Synthetix’s stablecoin, Synthetix USD (sUSD), has hit a hard low of $0.83, struggling to maintain its $1 peg. The drop is attributed to ongoing Market instability, prompting users to raise concerns about the reliability of crypto-collateralized stablecoins.
Ripple and SEC Pause Appeals in XRP Case
In a significant development, the SEC and Ripple Labs have agreed to pause their ongoing appeals concerning the XRP token. This could indicate a potential settlement agreement is within reach, as both parties aim to conserve resources while negotiating a resolution.
Bitcoin Price Target Rises Again
Bitcoin has seen a remarkable rebound, currently trading around $83,430, sparking renewed hopes that a price surge towards $100,000 could be on the horizon. This upswing follows a recent announcement from President Donald Trump regarding a tariff pause, which positively affected Market sentiment.
Top Prediction for Bitcoin
Market analysts are buzzing with optimism that Bitcoin could soon hit the coveted $100,000 mark again, thanks to improving conditions and renewed bullish sentiments. If the current positive trend continues, Bitcoin might break through its resistance levels in the coming days.
In conclusion, this week has been pivotal for both established and emerging trends in the cryptocurrency space. As developments unfold, investors and observers will be keeping a close eye on how these dynamics evolve in the coming weeks.
Keywords: cryptocurrency news, Bitcoin rebound, NFT lawsuit settlement
Secondary Keywords: Shaquille O’Neal NFT, New York crypto legislation, Synthetix USD decline
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