Crypto Highlights: Airdrop Euphoria Meets Monetary Policy
This week’s crypto roundup captures the thrill of a massive airdrop event and the implications of the Federal Reserve’s interest rate decision on the digital currency world.
Jupiter’s JUP Token Soars After $700 Million Airdrop
Jupiter’s JUP tokens have seen a meteoric rise in trading volumes and holder count following a colossal $700 million airdrop within the Solana ecosystem on Wednesday. Despite some distribution concerns, the token’s value hit 60 cents, propelling its market cap to over $800 million.
Evergrande Ordered to Liquidate by Hong Kong Court
The world’s most indebted developer, Evergrande, faces liquidation as per a Hong Kong court’s ruling after an 18-month hearing.
Despite having $300bn in liabilities, Evergrande’s restructuring plans failed to win court approval, even after seven extensions since June 2022. The company, however, retains the right to appeal.
Neuralink Implants Brain Device in Humans for the First Time
Elon Musk’s neurotech startup, Neuralink, achieved a significant milestone by implanting its deevice in a human for the first time.
The patient is reportedly recovering well, as noted in a post on X. This development follows Neuralink’s patient recruitment efforts for its inaugural in-human clinical trial, which began in the fall after receiving FDA approval in May.
German Police Seizes 50,000 bitcoin Over Piracy
German authorities have announced a landmark cryptocurrency seizure, confiscating 50,000 bitcoins valued at approximately $2.17 billion. This operation, linked to a 2013 piracy website breach of the Copyright Act, represents the country’s most significant crypto haul. Remarkably, one suspect cooperated by voluntarily transferring the substantial bitcoin sum to the Federal Criminal Police Office.
AI Companies Lose $190 Billion in Market Value
AI-related companies experienced a significant loss of $190 billion in stock market value following the release of quarterly results by tech giants Microsoft, Alphabet, and Advanced Micro Devices (AMD).
These results failed to meet the high expectations of investors, who had previously driven stock prices to record highs amidst an AI-fueled market rally.
Binance Unveils New Inscriptions Marketplace
Binance has officially launched its “Binance Inscriptions Marketplace,” a cutting-edge platform for buying, selling, and minting inscription tokens.
Hosted within a self-custody crypto wallet on the Binance app, this innovative marketplace offers users the unique opportunity to trade and inscribe a variety of tokens, including BRC-20 and EVM tokens.
Federal Reserve Holds Rates Steady with Future Cuts Anticipated
In their inaugural 2024 meeting, Federal Reserve officials maintained the central bank’s benchmark interest rate, aligning with Wall Street’s predictions. However, they hinted at potential rate reductions later in the year, sparking investor speculation about the timing of such moves.
