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The crypto market this week has concluded on a high note with several developments. Some of them stood out, like the launch of Bitcoin Miners ETF along with other altcoin ETF filings. Further, the U.S. FOMC happened this week and was able to offer clarity about what the cryptocurrency community can expect in terms of investments or price fluctuations. Meanwhile, Elon Musk pushed for DOGE, triggering speculation that the meme coin could rally by 900%.
Here’s a brief report of some of the most buzz-worthy market updates reported by CoinGape Media in the last week.
Crypto Market Updates: Bitcoin Miners ETF and Other Altcoin ETFs Filings
Grayscale Bitcoin Miners ETF
Grayscale helmed the launch of Bitcoin Miners ETF, ticker MNRS, with the aim to boost BTC ($100,211.26) mining and related ecosystems. The asset management firm, with MNRS, has enabled investors to gain passive exposure by allocating a portion of their portfolios to companies that comprise the Indxx Bitcoin Miners Index. David LaValle, Global Head of ETFs at Grayscale, talked about the launch of MNRS and acknowledged that Bitcoin miners were the backbone of the network.
Filings for XRP ($2.90), Polkadot and Other ETFs
Also, Grayscale made another major development this week by filing for spot XRP ETF with NYSE. Grayscale is aiming to convert its XRP trust into ETF, which will be listed and traded on the New York Stock Exchange. The asset manager earlier filed for Litecoin ETF with the US SEC.
21Shares filed S-1 Registration with the US SEC for Polkadot ETF approval. If approved, this would be one of the first ETFs for the Polkadot ecosystem. The US SEC also cleared dual Bitcoin and Ethereum holding by Bitwise ETF.
US FOMC Rate Update
The US FOMC two-day meeting concluded with the no rate cut and cautious outlook by the US Fed. It is now expected that the Federal Reserve will hold the current rate still for most of the year. The effective interest rate is in the range of 4.25% and 4.50% after the favorable vote of all twelve members of the committee. Interstingly, traders had predicted an unchanged rate which happened despite Donald Trump seeking rate cuts from authorities.
An unchanged interest rate by the US Federal Reserve aims to control inflation amid heavy speculation of the implementation of high tariffs and craft a better outlook for the economy. A lower interest rate enables investors to set aside a larger allocation to riskier investments in crypto. Nevertheless, overall sentiments are bullish, with MicroStrategy acquiring more BTC and asset managers filing for more ETFs with the US SEC.
Elon Musk Pushes for DOGE
Department of Government Efficiency Hints At Targeting US Debt
Tesla CEO Elon Musk pushed for DOGE by outlining that he plans to cut unnecessary spending by the Federal Government. An official announcement has highlighted that the Department of Government Efficiency was able to save almost $1 billion a day. DOGE is now targeting a $36 trillion US debt. The ticker symbol of the department has in turn brought attention to the meme coin, Dogecoin, as it is linked to D.O.G.E. The meme coin is speculated to rally by almost 900% in the future.
MuskIt and Dogecoin Meme Coins
That being said, Elon Musk’s father Errol Musk made it to the headlines by emphasizing his plan to raise $200M by capitalizing on the MuskIt coin, a meme coin that shares their family name. Funds that he raises will be allocated to the Musk Institute, a for-profit think tank. MUSKIT coin, after this development, skyrocketed by 262.73% in 24 hours and its 24-hour trading volume surged by 7723.53%.
The post Crypto Highlights This Week: Altcoins ETF Filings, US FOMC, & Elon Musk’s DOGE Push appeared first on CoinGape.
