It’s that time of the week when we take a look back at the top news stories from the worlds of Forex, Fintech and Crypto in our best of the week segment.
Novogratz: XRP Rise “Doesn’t Make Sense”; DOGE “Doesn’t Really Have a Purpose”
The trading week started with Mike Novogratz, the billionaire Founder of the crypto merchant bank, Galaxy Digital, making some critical remarks on two of the moment’s most popular cryptocurrencies: XRP and Dogecoin (DOGE).
Novogratz told Bloomberg TV on Friday that in spite of recent upward price movements in DOGE markets, he will not be jumping onto the Dogecoin bandwagon. Why? “[Dogecoin] is a memecoin…it doesn’t really have a purpose,” he said.
Read more on Mike Novogratz’s XRP and DOGE comments here.
XRP Reports Massive Jump in Weekly Institutional Inflows
As Finance Magnates reported on Tuesday, XRP attracted nearly $33 million worth of weekly institutional inflows last week, its highest level on record. XRP remained the most popular cryptocurrency among institutional investors in the last 7 days amid a massive jump in its price.
According to the latest weekly digital asset inflows report published by CoinShares, XRP nearly doubled its total digital assets under management to $83 million last week. Overall, the cryptocurrency market attracted $233 million inflows last week as the total value of the global digital assets under management reached $64 billion for the first time.
Read more on the XRP institutional Inflows here.
Are Institutional Investors Buying Altcoins? XRP, ETH Products Get Popular
Following Tuesday’s news of XRP institutional inflows, Finance Magnates delved deeper into institutional investment into altcoins.
In just 24 hours, the total market cap of all altcoins rose from $933 billion to $1.01 trillion, recovering some of the losses that took place earlier this week. We found evidence that money may be flowing into altcoins from new institutional sources.
With expert insights from Artem Tolkachev, the Founder of BondAppetit, James Putra, Head of Product Strategy at TradeStation Crypto and Digital currency consultant, Shaune Clark, this is a must-read analysis of institutional investment into altcoins.
Read more on altcoin institutional investing here.
Plus500 to Acquire Cunningham Commodities
Plus500 announced this week that the company has conditionally agreed to acquire all of the membership interests of the US-based Cunningham Commodities, a regulated Futures Commission Merchant (FCM), along with the acquisition of the technology trading platform provider, Cunningham Trading Systems.
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According to an official announcement, the acquisition will be the first entry of Plus500 into the US futures & options on the futures market. Plus500 is planning to expand the company’s product offering in the US market.
Read more on the Plus500 Cunningham Commodities acquisition here.
Dror Efrat Sells Investing.com to a Foreign Fund
Dror Efrat, the Founder of Investing.com, has sold the major online trading industry data and analysis provider to an international investment fund based in Asia.
Israeli local media house, Globes first reported that the deal was closed for around half a billion dollars, but Finance Magnates confirmed that the number was less. The identity of the new owner is still unknown.
Read more on the Investing.com sale here.
DOGE Enters Top 5 Cryptocurrencies
Dogecoin (DOGE) became the 5th most valuable cryptocurrency this week after the total market cap of DOGE crossed $50 billion. The cryptocurrency rose by more than 25% in just 24 hours on Tuesday.
According to the latest data published by Coinmarketcap, Dogecoin crossed the market cap of the world’s most valuable stablecoin Tether (USDT). As of writing, DOGE is trading near $0.41 with a market cap of approximately $53 billion.
Read more on the Dogecoin (DOGE) rise here.
Cryptocurrency Market Loses $250 Billion in 24 Hours
The trading week ended with a crash in crypto. The cryptocurrency market cap dropped below $1.8 trillion on Friday as Bitcoin dipped below $49,000 today for the first time since 7 March 2021.
The overall value of cryptocurrency assets dropped by more than $250 billion in just 24 hours.
Read more on the crypto crash here.