SEC greenlights listing standards for cryptocurrency ETFs.
The last 7 days have been quite the rollercoaster of for the crypto market, with prices cooling by almost 6%.
However, despite the bearish sentiment, there was some noteworthy crypto news that may signal what’s to come, especially as Q4 rolls in.
This recent pullback underscored the relative sideways movement of crypto prices since late July.
The crypto prices retracement this week also led to a short-term support retest within the $3.6 trillion market cap range.
This support retest raised the stakes, with a capitulation on the table if the support fails to hold. On the other hand, prices had a solid chance at recovery if healthy demand makes a comeback.
The latest crypto news released this week had the potential to boost market sentiment. Here are some of the top developments that occurred in the last 7 days.
Google has reportedly acquired a 5.4% stake in New York-based Bitcoin mining company Cipher Mining. This marked the second time that Google invested in a crypto mining company.
This crypto news development highlighted Google’s increasing involvement in crypto, particularly through the crypto mining industry.
However, a deeper dive into the development revealed that it had more to do with an AI hosting deal secured with Fludstack.
In other words, the investment could also be aimed at repurposing the computing power for AI.
However, some argued that the move recognized Bitcoin’s proof of work network as a critical infrastructure.
Crypto heists are quite common in this day and age, but the fact that most blockchain-based transactions are on public chains makes it easier for lawmakers.
On a related note, the latest crypto news this past week revealed that law enforcement conducted yet another successful crackdown on wallets believed to be involved in illicit activity.
According to the report, Interpol collaborated with global law enforcement to crack down on hundreds of wallets.
In more crypto news, the U.S has been aggressively pushing its crypto strategy mostly through stablecoins in what many describe as its efforts towards the great reset.
This focus has also encouraged other countries and regions to adopt similar efforts.
Recent reports revealed that a consortium consisting of 9 European banks planned to launch a Euro-backed stablecoin in 2026.
The collaborative effort reportedly involved major banks such as Banca Sella & Raiffeisen Bank, DekaBank, Danske Bank and UniCredit among others.
The collaborative effort may boost the popularity of the upcoming stablecoin.
However, this was not the only Euro-based stablecoin effort announced this year. A MiCA compliant stablecoin called Europ (Euro-based) rolled out in May.
These developments underscored efforts to compete with the U.S dollar and perhaps even to detach from it.
The more stablecoin options, especially those not backed by the US dollar, are better for traders. Especially those aiming to limit their exposure to the USD amid rising debt concerns.
Multiple companies applied for altcoin ETFs for cryptocurrencies other than Ethereum.
However, those applications have mostly been delayed, and one of the reasons for this was the regulatory uncertainty and lack of proper frameworks.
Earlier in the week in crypto news, the U.S Securities and Exchange Commission (SEC) approved generic listing standards for cryptocurrencies.
The approval agreed to proposed rule changes that will pave the way for commodity-based trust shares. These changes will reportedly make it easier to launch spot crypto ETFs.
The announcement could potentially fast-track the approval of some of the currently pending altcoin ETFs.
This could also pave the way for more ETF applications and facilitate the flow of institutional liquidity into spot ETFs.
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