The crypto market has been experiencing a lot of ups and downs lately. With political events influencing the price movement, it has been quite a volatile period. Ethereum even dropped below the $2,000 mark. But as always, we are here to keep you updated on the latest happenings in the world of crypto. From the rise of WLFI to Coinbase in India, let’s dive into the latest news.
1) Trump-Backed World Liberty Financial Nets $550M in Token Sales
World Liberty Financial (WLFI), a decentralized finance (DeFi) project backed by the Trump family, has raised $550 million through its token sales. This marks a significant achievement for the project, which aims to shift financial systems away from traditional banking. WLFI’s second token sale raised $250 million, following its first sale of $300 million.
The project offers DeFi and stablecoins pegged to the US dollar. With the backing of President Donald Trump and his sons, WLFI plans to revolutionize the financial system. The sale price increased by 230% from the first round, reflecting the massive interest in the project.
WLFI aims to bring financial innovation and has already garnered significant attention from the market. I managed to get in on the first round—let’s see how it goes.
2) Sen. Lummis Reintroduces Bitcoin Act, Allowing US to Buy $80 Billion in BTC
U.S. Senator Cynthia Lummis has reintroduced the Bitcoin Act, which would allow the U.S. government to purchase $80 billion worth of Bitcoin. This bill aims to make Bitcoin a part of the U.S. financial strategy and is seen as a critical step toward legitimizing the cryptocurrency in traditional finance.
The Bitcoin Act is a continuation of President Trump’s Bitcoin reserve plan, with the goal of tackling national debt while maintaining economic competitiveness. Lummis has already gained support from five other senators, all Republicans. The bill’s passage would further solidify the role of cryptocurrency in national finance.
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4) Coinbase Plans Indian Comeback Amid Regulatory Engagements
Coinbase, one of the largest cryptocurrency exchanges, is planning its return to the Indian market after ceasing operations more than a year ago. The company is in talks with Indian authorities, including the Financial Intelligence Unit (FIU), to ensure compliance with regulatory requirements.
Despite India’s complex stance on cryptocurrencies, Coinbase is optimistic about the opportunities in the market. India’s regulatory environment is evolving, especially with recent changes in U.S. policies. If approved, Coinbase’s return could mark a significant step in expanding the crypto ecosystem in India.
5) Ethereum Foundation Not Behind $56M Sky Deposit
Ethereum community members have dismissed rumors that the Ethereum Foundation (EF) was behind a $56 million deposit into the Sky protocol. The deposit was initially linked to the EF, raising concerns that the foundation might be using DeFi protocols for funding instead of selling ETH.
However, blockchain experts quickly refuted the claims, suggesting that the wallet likely belonged to an early Ethereum investor. This incident serves as a reminder of the importance of verifying information before jumping to conclusions in the crypto world.
Ngl, I wouldn’t be shocked if even the foundation lost hope and was leveraging their stack.
Final Thoughts
As the crypto market continues to face challenges, from regulatory hurdles to fluctuating prices, the importance of staying informed remains critical. We’re seeing significant strides in crypto innovation, with projects like WLFI raising millions and governments exploring the integration of crypto into financial systems. While the market may be unpredictable, the potential for growth in the crypto space is undeniable. Stay tuned for more updates as we continue to monitor the exciting world of cryptocurrencies.
Let us know your thoughts on these developments!
If you enjoyed this blog, you may want to check our other crypto news updates.
As always, don’t forget to claim your bonus below on Bybit, yes we still support them, and See you next time!
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