Saturday is the time to sum up the week with Sebastian Seliga from the zondacrypto exchange. What happened in the world of cryptocurrencies in the last 7 days? We give the floor to the expert!
Indian exchange WazirX loses $230 million in major security breach
This week, Indian cryptocurrency exchange WazirX confirmed a major breach of its security system that led to the theft of $230 million worth of digital assets. The incident also caused a temporary drop in the prices of various cryptocurrencies on Indian platforms.
The WazirX security breach highlights the need to strengthen security measures and adopt decentralized solutions to minimize this type of risk in the future.
Bitcoin Tests $65,000 Amid Political Changes and ETF Speculation
Bitcoin has been testing $65,000 this week, boosted by news that former President Donald Trump has chosen pro-cryptocurrency JD Vance as his vice presidential candidate. Investors are hoping that the next U.S. administration will be sympathetic to cryptocurrencies and could lead to favorable regulatory changes, potentially paving the way for broader adoption and integration of blockchain currencies into the financial system.
The bullish sentiment is fueled by the anticipation of the approval of spot ETH ETFs. The approval of such ETFs is seen as a significant milestone that could attract significant institutional investment, providing a new level of legitimacy and stability to the market.
XRP increases by 40%
XRP, the cryptocurrency developed by Ripple Labs, has surged by about 40% in the past week alone, up 13% on Wednesday alone. The price increase for XRP has been attributed to several factors. Some point to Ripple’s legal battle with the SEC and the company’s increased adoption of cross-border payments technology. The legal transparency provided by recent court rulings is boosting investor confidence, leading to increased purchasing activity. Additionally, Ripple’s strategic partnerships and collaborations with financial institutions have strengthened XRP’s utility and value proposition.
The rally has sparked heated discussions about whether XRP could overtake other major cryptocurrencies like Solana, with analysts now speculating on potential further gains.
Impressive results of the first round of public sale of the ZND token
On July 18, 2024, the ZND platform launched a public sale of the ZND token. In the first round, 5,600,000 ZND were put up for sale at a price of EUR 0.074 per unit, with a total number of tokens amounting to 700,000,000.
During the first round, the tokens were sold out in 25 minutes. A total of 416,000 euros was raised. In total, it is planned to raise 12,207,000 euros during all rounds of financing, both private and public.
The next round is scheduled for September, and TGE (Token Generation Event) itself for October 2024.
Details regarding the roadmap can be found in the whitepaper: https://assets.znd.co/token/pl/whitepaper.
Summary
This week has been a whirlwind for the cryptocurrency market. The WazirX security breach is a reminder of the urgent need to strengthen security measures and the potential benefits of decentralized solutions.
Meanwhile, bitcoin’s price movement reflects the market’s reaction to political and regulatory news, with the potential approval of an ether spot ETF leading the way.
Finally, the impressive XRP rally underscores the importance of legal clarity and strategic partnerships in driving adoption and value. Additionally, the success of the ZND public sale demonstrates growing investor interest and confidence in new cryptocurrency projects.
The cryptocurrency market continues to evolve. Investors should stay informed and exercise caution, recognizing both the opportunities and risks associated with this dynamic and rapidly changing landscape.
