Crypto Scoop: Bitcoin and Ethereum Lead Crypto Market Surge as Total Market Cap Surpasses $1 Trillion

Amidst a flurry of positive news in the crypto space, top cryptocurrencies recorded significant price gains this week. In this edition of the Crypto Scoop, we'll provide you with a detailed insight on the following:

• Price Moves of Top Cryptocurrencies
• New Developments with SEC and Crypto Regulation
• Ripple shifts focus as regulatory challenges persist, while Fireblocks acquires Blockfold

Price Moves of Top Cryptocurrencies

This week, Bitcoin, Ethereum, and other top cryptocurrencies saw significant price gains. Bitcoin, in particular, scaled to a new high above $27,000 with a market cap worth $530 billion and a tiny increase in its dominance over the altcoins to 49%.

Ethereum, on the other hand, got close to $1,700 while other top cryptocurrencies like Cardano, Solana, Polygon, and Litecoin saw gains, with ADA the best-performing stock in this group, rising 2.7% from last week. The overall increase in crypto prices pushed the overall value of the cryptocurrency market to over $1.080 trillion.

Despite Bitcoin's price remaining below $30,000, many companies, including business intelligence firm MicroStrategy, are buying more BTC, with MicroStrategy acquiring 5,445 more BTC worth approximately $2.7 billion. Their continued accumulation of Bitcoin suggests that they see the cryptocurrency as a long-term investment. 

According to Chainalysis, the cryptocurrency market in Sub-Saharan Africa is primarily driven by retail transactions, with a significant portion of transaction volume in the region coming from transactions under $60 billion. This indicates that cryptocurrencies are increasingly being used in the daily lives of many residents, particularly in important markets such as Nigeria, Kenya, Ghana, and South Africa. In addition, several businesses across Africa have started accepting cryptocurrencies as a means of payment, with Yellow Card leading the way.

New Developments with SEC and Crypto Regulation

In a recent Congressional hearing, SEC Chair Gary Gensler discussed his views on crypto regulation and the possibility of approving a spot-traded Bitcoin ETF. Gensler emphasised the need for investor protection and urged more regulatory clarity in the crypto industry. He also noted that a spot-traded Bitcoin ETF would require more regulatory scrutiny than a futures-based ETF.

Gensler's comments on crypto regulation come amid growing concerns among regulators worldwide about the risks posed by cryptocurrencies. The SEC has been taking a more active role in regulating the crypto industry, and Gensler has been vocal about his views on the need for more investor protection. His comments in the Congressional hearing suggest that the SEC will likely take a cautious approach to approving new crypto products.

As a confirmation, the SEC has postponed its decision on approving spot Bitcoin ETFs, including those proposed by BlackRock, Invesco, and Bitwise.

Ripple shifts focus as regulatory challenges persist, while Fireblocks acquires Blockfold

Ripple has abandoned its plan to acquire the remaining 33% stake in crypto-focused investment firm Fortress Trust. The decision comes after months of negotiations between the two parties, with Ripple ultimately deciding to focus on other strategic initiatives. 

The move comes as Ripple faces increasing regulatory scrutiny in the United States, with the Securities and Exchange Commission (SEC) accusing the company of selling unregistered securities. Despite these challenges, Ripple has continued to expand its global presence and recently announced plans to establish a regional headquarters in Dubai.

Additionally, crypto infrastructure provider Fireblocks has acquired tokenization firm Blockfold for $10 million to expand its capabilities in the asset tokenization space and offer its clients more options for issuing and managing digital assets.

Asset tokenization seems like the future of investment as Blocksquare significantly tokenises a property and successfully registers it in the EU land registry. This is a huge achievement for the $16 trillion real estate industry, establishing a bridge between the blockchain and the traditional land registry system.

Overall, it was a positive week for the crypto space, with top cryptocurrencies recording significant price gains and adoption continuing to grow. As the crypto space matures, we expect to see more exciting developments.