Weekly recap: last week, there were many significant developments in the crypto and NFT markets, shaping investor sentiment and market trends. These events highlight the evolving landscape of crypto, DeFi, and NFTs.
SEC delayed XRP ETF
On Tuesday, the U.S. Securities and Exchange Commission (SEC) delayed its decision on Grayscale’s XRP ETF application. This move was not unexpected, as the SEC continues to grapple with classifying XRP as a commodity or security. Market sentiment took a hit, with XRP prices XRP dipping slightly as traders expressed disappointments. The delay prolongs uncertainty for investors, amid a similar fate for other crypto ETFs like Dogecoin or Solana. However, following the SEC’s big announcement, Franklin Templeton, a well-known name in the industry, has also filed an application with the regulator for a spot XRP ETF.
Learn more: XRP Price Prediction: Will XRP Reclaim Its ATH?
Ripple (XRP) gradually gained mass adoption
Ripple (XRP) marked a milestone on March 13, securing licenses from the Dubai Financial Services Authority (DFSA). As the first blockchain to gain such approval in the region, Ripple’s move sent ripples through the market, boosting XRP’s price XRP by nearly 8% overnight. This allows Ripple to offer cross-border payment services in the UAE. The move strengthens Ripple’s foothold in the Middle East, boosting XRP’s adoption in global finance.
Moreover, through this event, Ripple has widened its strategic collaboration with regulators in nearly 60 countries across the world, like the U.S., Singapore, or Ireland. These moves have somewhat proven that XRP is gradually becoming a widely adopted payment coin on an international scale with high practical applicability.
Ethereum recently added Hoodi Testnet for Pectra Upgrade
This upcoming week will be tough days for the Ethereum ecosystem and its supporters when ETH starts with a $1.873 price on Monday. Last week, there was a slight green signal in the ecosystem, especially in terms of technology. Ethereum introduced the Hoodi Testnet—the third test network for the Pectra Upgrade, slated for March 17. After issues on Holesky and Sepolia, Hoodi aims to test validator exits and ensure stability. If successful, Pectra could hit the mainnet by late April 2025, bringing scalability and user experience enhancements.
Market reactions were mixed when ETH ETH edged up slightly, reflecting hope, but some traders remained wary after past upgrade delays. The Pectra upgrade promises better user experiences and lower costs, potentially reigniting DeFi enthusiasm
Hyperliquid’s incidents
Hyperliquid, a decentralized trading platform, faced notable incidents last week. The incident, occurring amid a volatile week, forced Hyperliquid to slash leverage limits, sparking a 5% drop in its native token. Two notable trading positions (a whale’s ETH long position worth 6 million USDC and another short position worth $3.75 million) have significantly impacted Hyperliquid and their traders until now. Only two trading positions from “whales” on this platform led to a significant loss for Hyperliquid, of nearly a $4M loss.
Several DeFi experts engaged in a debate about the platform’s risk management, with some citing it as a warning against unrestrained speculation in decentralized finance. Market sentiment soured briefly, but Hyperliquid’s quick response—tweaking protocols and reassuring users—helped stabilize confidence. The episode underscores DeFi’s growing pains, with Hyperliquid’s next steps likely to shape its reputation in a cutthroat market.
Furthermore, as macroeconomic news, on March 20 this week, there would be an FOMC (Federal Open Market Committee) about interest problems. They will not be expected to cut interest rates as the fixed income market. This is a signal for a not-too-promising week for the crypto and traditional finance market.
Opensea hinted at listing Ronin Ecosystem’s NFT collection
OpenSea hinted at listing an NFT collection from the Ronin ecosystem, known for Axie Infinity. Though not officially confirmed, the move was well-received, promising to expand Ronin’s reach in the NFT market. Market sentiment turned bullish, with traders betting on a resurgence of gaming-related NFTs. Ronin’s community expects this to draw new users to its ecosystem, potentially boosting Axie’s player base. This could be a strategic step by OpenSea to compete as NFT demand gradually recovers.
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