In the past week, the cryptocurrency world has been buzzing with activity, driven by optimistic predictions, high-profile endorsements, and surprising legal developments. From Coinbase’s CEO Brian Armstrong expressing confidence in upcoming regulations to notable figures like Melania Trump being cleared of meme coin fraud, this week’s events have captured the attention of investors and enthusiasts alike.
Coinbase CEO Sees Bright Future for Crypto Legislation
Brian Armstrong, the CEO of Coinbase Global Inc., has voiced a hopeful outlook regarding the future of cryptocurrency regulations in the United States. Even amidst a potential government shutdown, Armstrong is optimistic, stating that bipartisan momentum for market structure legislation has reached a peak. He emphasized that both Democrats and Republicans appear eager to finalize the regulatory framework, with 90% of the necessary legislative groundwork already laid out. The remaining pieces are being diligently pursued, indicating a strong collaborative effort in Washington.
Cathie Wood Backs Major Ethereum Holder
Cathie Wood, founder of Ark Invest, made headlines this week by backing Quantum Solutions, a major player in the Ethereum-focused cryptocurrency treasury landscape. As Japan’s first institutional-grade ETH treasury firm, Quantum Solutions is an exciting venture in which Wood sees significant potential. She highlighted the importance of increasing access to innovation across global capital markets, demonstrating her commitment to supporting emerging technologies in the cryptocurrency space. Although details about the investment amount were not disclosed, Wood’s endorsement is likely to bolster Quantum Solutions’ credibility and visibility.
Melania Trump and Argentina’s Javier Milei Cleared of Meme Coin Fraud
In a notable legal update, Melania Trump and Argentine President Javier Milei were cleared of allegations regarding meme coin fraud. The accusations stemmed from a class action lawsuit involving the launch of Official Melania and LIBRA meme coins. Plaintiffs alleged that Meteora and its co-founder, Ben Chow, misused the prominent figures’ names to promote controversial tokens in the cryptocurrency market while falsely operating under a decentralized finance model. This development highlights the complexities of celebrity involvement in the crypto space and the ongoing scrutiny surrounding it.
Millionaire Trader Continues to Accumulate Bitcoin
Despite experiencing significant losses, pseudonymous millionaire trader Unipcs remains undeterred in his investment strategy, actively accumulating Bitcoin. Unipcs advocates for a long-term investment perspective, asserting that corrections of 25% to 30% during Bitcoin bull runs are typical. He does not believe that a dip to $88,000 would be out of the question, though he doesn’t anticipate it happening. His resilient approach serves as a reminder of the volatile nature of cryptocurrency trading and the necessity for investors to stay focused on their long-term goals amidst market fluctuations.
Bitcoin Faces Resistance, But Bullish Fundamentals Remain
As Bitcoin grapples with resistance at the $115,000 mark, recent on-chain metrics suggest a complicated yet promising outlook. While some indicators point to short-term weaknesses, the fundamental indicators for Bitcoin remain confidently bullish. Data from CryptoQuant reveals that Bitcoin is currently in a late-stage accumulation phase, signaling that the bull cycle is not nearing its definitive end. Notably, large holders, known as the Dolphin cohort—which includes ETFs, corporations, and wallets holding between 100 and 1,000 BTC—control approximately 26% of the total supply, equating to around 5.16 million BTC. This concentrated holding power adds an interesting dynamic to Bitcoin’s performance and investor sentiment.
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Disclaimer:Â This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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