Crypto Weekly Roundup (19th Oct 2024): XRP SEC Appeal, Tesla’s Bitcoin Move, and More

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Cryptocurrency Market Overview: The global cryptocurrency market saw a modest rise this week, with the total market cap increasing by 0.64% to $2.34 trillion. Despite this growth, 24-hour trading volume dropped by a significant 16.82%. The Fear & Greed Index has shifted to 61, reflecting a “Greed” sentiment among investors, while Bitcoin continues to dominate the market at 57.6%, followed by Ethereum at 13.6%.

Top Crypto News This Week:

Worldcoin Unveils Layer-2 Network
Worldcoin, the brainchild of Sam Altman, has officially launched its new Layer-2 network, “World Chain,” built on Ethereum. The new network aims to enhance efficiency and cater to 15 million verified users. With its focus on prioritizing human users over bots, the platform offers free gas allowances for those with a verified “World ID”.

Tesla’s Bold Bitcoin Move
Tesla made headlines by transferring nearly $765 million worth of Bitcoin out of its wallet, leaving just $7 behind. As the fourth-largest public holder of Bitcoin, this move has raised eyebrows, with many speculating about Tesla’s future crypto holdings. Whether they retain control over the transferred assets remains to be seen.

SEC Appeals XRP Ruling
In a significant regulatory development, the SEC has appealed the July 2023 ruling on XRP’s programmatic sales. This could have far-reaching effects on XRP’s future, potentially influencing demand as the appeal unfolds.

Grayscale Eyes XRP ETF
Grayscale is the latest in a line of companies looking to tap into XRP’s potential, applying to convert its Digital Large Cap Fund into a crypto-spot ETF. This move is seen as a nod toward growing institutional interest in the asset class, even as XRP’s price action stays relatively subdued.

Litecoin Hits 4 Billion Transactions
Litecoin has reached a major milestone, completing 4 billion transactions in 24 hours, marking a surge in activity as the coin eyes the $100 price target.

Stay tuned for next week’s top developments in the fast-paced crypto space!