This week in the crypto world has seen significant developments, including major market shifts, legal disputes, and large investments. Ethereum saw a sharp decline, Brazil continued its ban on Elon Musk’s social media platform X, and MicroStrategy made another large Bitcoin purchase. Here’s a look at the key stories driving the industry.
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Ethereum Tumbles Amid Market Jitters
Ethereum (ETH-USD) has been hit hard, falling 6% in the last 24 hours and sinking to its lowest point since January. The dip followed a wave of uncertainty in the market, with ETH dropping from $2,425 to $2,260. This decline was fueled by anticipation surrounding the U.S. Federal Reserve’s upcoming decision on rate cuts and reports of a second assassination attempt on Donald Trump, creating an atmosphere of fear, uncertainty, and doubt (FUD). According to Cointelegraph, the ETH/BTC ratio hit its lowest level since April 2021, further rattling investor confidence.
Brazil Backs Ban on X
Meanwhile, in Brazil, a legal battle over social media platform X continues to unfold. Brazil’s top prosecutor recently defended the country’s Supreme Court decision to ban the platform, citing compliance issues with Brazilian law. The platform, owned by Elon Musk, refused to appoint a local representative and failed to block misinformation accounts, which led to the suspension. Although the financial penalties have been paid—totaling around $3.3 million—X remains inaccessible to Brazilian users. According to Cointelegraph, this case is stirring up debates about free speech and compliance with national regulations, with no resolution in sight just yet.
MicroStrategy Adds $1.11 Billion Worth of Bitcoin
In the midst of these tensions, MicroStrategy is making waves with its continued bullish stance on Bitcoin (BTC-USD). Michael Saylor’s company recently purchased 18,300 more BTC for a whopping $1.11 billion, bringing its total Bitcoin holdings to an impressive 244,800 BTC, valued at around $14.14 billion. The company filed the purchase with the U.S. Securities and Exchange Commission (SEC), noting the average price of their latest buy at $60,408 per coin. This massive acquisition demonstrates that despite market fluctuations, institutions like MicroStrategy still see Bitcoin as a solid long-term investment.
Key Takeaway
This week’s crypto updates showcase a range of key developments. Ethereum is under market pressure, X is dealing with legal challenges, and MicroStrategy is making significant Bitcoin investments. As the Federal Reserve prepares to announce its decision, the market’s response in the coming days is uncertain.
At the time of writing, Bitcoin and Ethereum are priced at $58,605.42 and $2,290.49, respectively.
