STORY: From Bitcoin’s high to Bullish’s blistering debut… This is Crypto Weekly.
The biggest cryptocurrency, climbed nearly 1% to over $124,000.
Analysts say a recent rally is driven by expectations of Federal Reserve rate cuts, institutional buying, and pro-crypto moves by the Trump administration.
Do Kwon, the South Korean entrepreneur behind the failed cryptocurrencies TerraUSD and Luna,
pleaded guilty at a New York court this week.
That was to two charges of conspiracy to defraud and wire fraud.
He admitted to misleading investors and committing fraud while leading Terraform Labs, the Singapore-based company that launched the two tokens.
Their collapse in 2022 wiped out an estimated $40 billion in investor wealth.
:: Retirement risks?
President Donald Trump has opened the cryptocurrency industry to trillions of dollars in new investments from U.S. retirement savers.
Some say it adds a new layer of risk for ordinary investors that may not fully understand the sector.
David Nicholas from XFUNDs though told Reuters that crypto could be the next boost for retiree portfolios, but only in a diversified way in order to ‘not get burned’.
“We really think that crypto has become more mainstream. And with that, we’ve seen volatility come down. But one of the things that we’ve done in our blocks ETF is really try to pair give a broad diversified approach to crypto. So about half of the fund has exposure to Bitcoin and Ethereum ETFs, so you get that direct crypto exposure. But again, like the Warren Buffett model, right Warren Buffett was so against Bitcoin. Why? Because there was no real earnings or revenue growth. So about half of the fund has direct exposure to Bitcoin and Ethereum ETFs. So we pair the fund, we have about 11 to 12 publicly traded companies that we consider crypto industry companies that have real earnings that have real revenues, but they benefit as the price of crypto goes higher.”
:: Bullish debut
Crypto exchange operator Bullish was valued at over $13 billion after its shares more than doubled in their NYSE debut on Wednesday.
It lifts prospects for future U.S. listings by other digital asset firms.
The parent of crypto news website CoinDesk raised over $1 billion in its IPO, valuing the company at $5.4 billion.
