This week, the crypto world continues to experience stagnation and expected breakthroughs, focusing on Bitcoin and interesting new initiatives in DeFi.
Bitcoin Holds Steady before Possible Breakout
Bitcoin remains around $108,000 after briefly exceeding $110,000. Analysts highlight the $116,000 resistance level as crucial for further growth. A breakout from this level could drive Bitcoin up to $165,000, representing a 52.5% increase. Technical indicators such as the MACD and RSI support a bullish sentiment.
WLFI and the Decentralization Attempt
World Liberty Financial (WLFI), a DeFi protocol linked to Donald Trump's family, proposed making its governance token tradable. This proposal aims to shift WLFI from a closed, centralized structure to a more open, decentralized model. Meanwhile, the Trump family reduced its stake by 20%, despite earning $57 million from WLFI.
Regulatory Moves by Ripple and Other News
Ripple Labs has applied for a national banking license in the U.S., a significant step towards legitimacy in traditional finance. They are also seeking a Federal Reserve Master Account for their RLUSD stablecoin. In another news, FTX has requested a court to freeze creditor payouts in 49 countries with unclear cryptocurrency laws.
This week in crypto was marked by market movements and new decentralization initiatives, hinting at potential changes in future.
