Weekly Crypto Wrap: Bitcoin Hits New ATH, Ripple Partners With BNY, Trump Tariffs Resurface, Crypto ETFs Record Milestones
Highlights
- Bitcoin price has surged to a new peak in a meteoric rally during the last week.
- The rally to a new ATH came amid Trump's move to impose new tariffs on several countries.
- Ripple teamed up with BNY Mellon during the week amid a spike in XRPL onchain activity.
- Crypto ETFs stole the show with BlackRock's Bitcoin ETF reaching $80B AUM in record time.
In a week marked by watershed shed developments across the cryptoverse, Bitcoin price soared to a new all-time high, braving a slew of macroeconomic headwinds from Trump tariffs. Cryptocurrency ETFs latched onto Bitcoin’s rally to post impressive figures while Ripple inked a historic deal with BNY Mellon to custody its RLUSD reserves.
Bitcoin Spikes To New ATH Amid Trump Tariffs
Crypto bull rubbed their hands in glee after Bitcoin embarked on a meteoric rally to reach previously unseen highs. Bitcoin set a new ATH, surging as high as $118,856 after weeks of sideways trading.
The rally comes amid fresh trade wars stoked by Trump tariffs. During the week, US President Donald Trump issued trade letters to several countries, imposing tariffs as high as 30% while the Federal Reserve highlighted inflationary risks stemming from the tariffs.
Bitcoin price fell from its all-time high after Trump imposed 30% tariffs on the European Union (EU) and Mexico. Despite the uncertain macroeconomic climate, pundits like Robert Kiyosaki are predicting an even bigger rally for the asset.
Cryptocurrency ETFs Record New Milestones
Crypto exchange-traded funds (ETFs) have notched impressive levels over the last week, mirroring the surge in BTC price. Right off the bat, BlackRock’s Bitcoin ETF broke records to become the fastest fund to clinch $80B in assets under management (AUM). According to available data, BlackRock’s IBIT reached the milestone in 374 days, weeks after breaking the $70B mark.
Ethereum ETFs also posted impressive numbers over the last week. SoSoValue data reveals that Ethereum ETFs pulled in $907M during the week, its highest level since launch. The inflows come amid an impressive weekly performance for Ethereum that saw the largest altcoin surge by 17%.
The double-leveraged XXRP ETF rallied 55% over the last week ahead of the ProShares XRP ETF launch, matching Bitcoin ETFs. A high-profile ETF filing from the Trump Media & Technology Group has added to the buzz around crypto funds during the week.
Ripple Taps BNY Mellon For Custody As XRPL Activity Booms
Last week, Ripple sent waves of excitement across its ecosystem after announcing a partnership with BNY Mellon. Under the Ripple-BNY Mellon partnership, the bank will become the primary custodian of RLUSD stablecoin reserves as the circulating supply exceeds the $500M mark.
Amid the reports of America’s oldest bank custodying Ripple’s reserves, the XRP Ledger is racking up glowing metrics. On-chain data revealed that XRPL whale activity surged to an all-time high. Last week, Ripple whales, holding over 1 million XRP, surged 2,742 wallets, to hold a cumulative 47.32 billion XRP between themselves.
During the week, XRP price reached a seven-week high of $2.39 amid Bitcoin’s rally as experts eye a double-digit price point in the near future. Ripple CEO Brad Garlinghouse appeared at the US Senate’s CLARITY Act hearing to cap off an eventful week.
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