Introduction to the latest week crypto news. The crypto world is always full of surprises and developments. Here are some of the most important news stories that happened in the past week.
Spot Bitcoin ETFs Approved by SEC
One of the biggest news of the week was the approval of several spot Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC). The regulator gave the green light to 11 applications from different issuers, including VanEck, WisdomTree, NYDIG, Valkyrie, and Bitwise. These ETFs will track the price of Bitcoin directly, rather than through futures contracts, and will be listed on various stock exchanges such as NYSE Arca and Cboe BZX.
The approval came after a US congressional panel requested an SEC briefing on a fake tweet that claimed the regulator had authorized a Bitcoin futures ETF. The tweet, which was later deleted, caused a brief spike in Bitcoin’s price on Tuesday. The spot Bitcoin ETFs are expected to attract more institutional and retail investors to the crypto space, as they offer a convenient and regulated way to gain exposure to the leading cryptocurrency. Analysts are anticipating a substantial influx of $4 billion on the first day of trading for spot Bitcoin ETFs in the US .
X Ends Support for NFT Profile Pictures
Another major news that shook the crypto community was the announcement by X (formerly Twitter) that it will end support for NFT profile pictures. The social media platform had introduced a feature in October 2023 that allowed users to verify their ownership of NFTs and display them as hexagonal avatars on their profiles. The feature was meant to boost the popularity and adoption of NFTs, as well as to prevent fraud and impersonation.
However, today, the X Premium support page offers no references to the NFT profile picture feature. The social media platform has yet to disable the hexagonal NFT avatars for users who already enabled it as their profile pictures, though, but it’s likely impending. Competitors like Meta already removed support for NFTs in March 2023. The reason behind X’s decision is unclear, but some speculate that it may be related to legal or technical issues, or to a change in strategy by Elon Musk, who acquired X in December 2023.
Cryptocurrencies Under $1 to Buy Next Week
If you are looking for some undervalued cryptocurrencies to invest in next week, you may want to consider these three coins that are trading under $1 and have strong fundamentals and growth potential.
– **Rally (RLY)**: Rally is a social token platform that allows creators and communities to launch their own branded cryptocurrencies and monetize their content and interactions. Rally has partnered with several influencers, musicians, artists, and gamers, who have issued their tokens on its network. Rally also offers a decentralized exchange (DEX) and a bridge to Ethereum and other blockchains. Rally has a market cap of $238 million and a price of $0.48 at the time of writing.
– **Flow (FLOW)**: Flow is a blockchain designed for building mainstream applications, games, and digital assets. Flow is the home of popular NFT projects such as NBA Top Shot, CryptoKitties, Dapper Labs, and others. Flow also supports smart contracts and has a native token that is used for staking, governance, and paying transaction fees. Flow has a market cap of $933 million and a price of $0.87 at the time of writing.
– **Bonk (BONK)**: Bonk is a meme coin that aims to be the ultimate digital currency for online gaming. Bonk allows users to create and trade NFTs, play games, and earn rewards. Bonk also has a unique feature called Bonk Burner, which burns 1% of every transaction and distributes it to holders. Bonk has a market cap of $21 million and a price of $0.007 at the time of writing.
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These are some of the latest week’s crypto news that you should know. Stay tuned for more updates and insights from the crypto industry.
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