This week in the world of cryptocurrency saw some interesting developments across various projects and initiatives.
Bitcoin ETFs saw a resurgence in investor interest, with net inflows reaching $555.9 million on Oct. 14. This marked a significant increase in investment, with a cumulative flow of $1.6 billion over a four-day period. By the end of the week, Bitcoin ETFs had added a total of $2.13 billion in BTC, surpassing $21 billion in cumulative flows for the first time.
The price of Bitcoin also saw a significant increase, breaching $68,000 after a 5.12% intraday gain on Oct. 14. The cryptocurrency continued its upward trend, hitting a two-month peak above $67,000 and eventually surpassing $68,000 on Oct. 16. Despite a slight pullback, Bitcoin closed the week above $68,000 with an 8.7% gain.
On the political front, GOP presidential nominee Donald Trump launched the World Liberty Financial (WLFI) token, which saw some challenges in its initial launch. Despite whitelisting 100,000 accredited investors in the U.S., the project failed to meet its fundraising target, selling below 800 million tokens for $11 million.
Meanwhile, Democratic nominee Kamala Harris made promises to enact pro-crypto policies for black investors, while Trump widened his lead on Polymarket, a platform where crypto holders can gamble on real-world events. Bets on the presidential election spiked beyond $2 billion, with Trump holding a 59.7% odds compared to Harris’ 40.4%.
In the world of altcoins, Trump-themed meme coins like MAGA Hat (MAGA), Super Trump (STRUMP), and Doland Tremp (TREMP) saw some price movements. MAGA was down over 6%, STRUMP showed little movement, and TREMP was up 0.35%.
Ripple also made headlines during its Ripple Swell conference, announcing exchange partners for its Ripple USD (RLUSD) stablecoin. Uphold, Bitstamp, Bullish, MoonPay, and Bitso were confirmed as partners for the stablecoin, although regulatory approval is still needed for the official launch.
Overall, it was an eventful week in the world of cryptocurrency, with developments in Bitcoin ETFs, political initiatives, and altcoin projects like Ripple’s RLUSD stablecoin. Stay tuned for more updates and insights in the ever-evolving world of digital assets.