AVAX Leads Crypto Market with Major Surge Amid Various Developments
By: Isha Das
The cryptocurrency market remains in a state of fluctuation ahead of Federal Reserve Chairman Jerome Powell's speech, but certain assets are showing impressive gains. Notably, AVAX has surged by 15% after Grayscale launched a trust for the cryptocurrency. Similarly, NEAR has seen a 7.3% increase, contributing to a 1.5% climb in the CoinDesk 20 Index.
In other news, the adoption of Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) continues to show a mixed trend with Bitcoin ETFs seeing an inflow of $65 million, while Ethereum ETFs experienced a minor outflow of $1 million. Russia has unveiled plans to introduce stablecoins for BRICS countries, a move that could potentially have significant implications for the global crypto market.
El Salvador remains a staunch advocate of Bitcoin, having recently purchased 162 BTC through daily buys. Tron has strategically removed 12,000 BTC from its USDD reserves, and former U.S. President Donald Trump is promoting a new crypto DeFi project. Additionally, Half of corporate political donations are now funneled towards cryptocurrency initiatives, illustrating the growing political interest in the sector.
Tether has made headlines after deciding to abandon its plans to launch its own blockchain. Meanwhile, Sony is backing a new Layer 2 solution that is scheduled to launch in the coming weeks. Babylon has introduced a Bitcoin staking service, adding another avenue for crypto investors to earn yields on their holdings.
There have also been significant corporate maneuvers in the crypto mining space. Bitfarms has acquired Stronghold Digital Mining as part of its strategic defense, while PayPal and Anchorage have partnered to offer bank crypto rewards. According to JP Morgan, the Bitcoin mining market is valued at $74 billion, underscoring the immense scale and economic impact of this growing industry.
Finally, Binance CEO Changpeng Zhao (CZ) has been released from prison and transferred to a halfway house, a development that could have far-reaching consequences for the crypto exchange giant.
