Bitcoin Hits $116K on Inflation Cooldown

Bitcoin climbed 4% last week, reclaiming levels above $116,000, driven by softer US inflation data and continued signs of weakness in the labor market. The rebound has coincided with five consecutive days of inflows into spot bitcoin ETFs, totaling $2.32 billion, suggesting renewed institutional interest in cryptocurrency amid expectations of potentially lower interest rates.

“Investors are rotating back into bitcoin with renewed confidence, as softer inflation data could lead to a more accommodative interest rate environment,” said Simon Peters, Crypto Analyst at eToro.

Altcoins Rally, Led by Solana

Major altcoins have also seen strong gains. Solana surged 16%, adding $20 billion to its market capitalization and overtaking BNB to claim the fifth spot in the total market capitalization rankings. Total Value Locked (TVL) in the Solana ecosystem reached an all-time high of $13 billion, reflecting growing confidence in the network.

Investors are now awaiting the US Federal Reserve meeting, including the interest rate decision and Chairman Powell’s press conference on Wednesday. Markets are pricing in a 25-basis-point cut, though a larger reduction of 50 basis points or more could further boost cryptocurrency prices.

Biggest Movers

Serum ($SRM), a Solana-based protocol for decentralized exchanges, was among the biggest gainers, up 90% last week due to increased buying momentum in the Solana DeFi ecosystem.

Discover more here: eToro Market Movers

EYE-CATCHING STORIES

Nasdaq Files Proposal for Tokenised Securities Trading

Nasdaq, the world’s second-largest stock exchange, has submitted a filing to the US Securities and Exchange Commission (SEC) to enable trading of tokenised securities. Under the proposal, investors could choose to trade securities in either their traditional form or as blockchain-based tokenised assets, with clearing and settlement handled by the Depository Trust Company.

If approved, this would represent the first instance of tokenised securities being traded on a major stock exchange, marking a significant milestone for the crypto and blockchain industry.

CleanCore Solutions Launches Dogecoin Treasury Strategy
Publicly listed CleanCore Solutions (ZONE) has launched a Dogecoin Foundation-backed treasury strategy. Following a $175 million private investment in public equity (PIPE) offering, the company has already acquired over 500 million DOGE, worth approximately $130 million, with a target of reaching 1 billion DOGE within 30 days.

The long-term goal is to secure up to 5% of Dogecoin’s circulating supply, currently at 150.9 billion DOGE. Since the announcement, CleanCore Solutions’ share price has risen over 50%, while Dogecoin itself has gained 15% over the past week, buoyed by broader crypto market momentum and anticipation for the REX-Osprey DOJE ETF.

Disclaimer:

This press release is for informational purposes only and does not constitute investment advice, a personal recommendation, or an offer to buy or sell any financial instruments. Cryptocurrency and other cryptoassets are highly volatile and may not be suitable for all investors. Your capital is at risk.