Crypto News Today: What’s Shaping the Crypto Market—Key Updates

Crypto Market Recap: Insights and Key Events You Should Be Aware Of

Ripple Moves 300M XRP —Is a Major Shift Coming?

Ripple has moved 300 million XRP (worth $682.6 million) to an unknown wallet, causing a stir in the crypto market. At an average price of $2.275, this transaction has sparked speculation about Ripple’s strategy and its impact on XRP's price action. XRP traders have two key entry points: $2.05, where the rising trendline offers solid support, and around $2.50, marking a breakout above the pennant. Both levels present potential opportunities for those looking to ride XRP’s bullish momentum.

Massive Bitcoin Options Expiry Sparks Market Uncertainty Ahead of NFP Data

A staggering 19,000 Bitcoin options worth $1.81 billion are set to expire ahead of the US Non-Farm Payrolls (NFP) data release today. Bitcoin's price experienced volatility, dipping to around $91,380 before recovering around $94,920.20. The drop in Bitcoin funding rates and exchange volume indicates potential short-term market turbulence. Alongside Bitcoin, 141,000 Ethereum options will also expire, contributing to growing uncertainty in the crypto market.

Senate Banking Committee Moves to Create Crypto Oversight Subcommittee

The Senate Banking Committee, led by Senator Tim Scott, plans to establish its first-ever subcommittee focused on cryptocurrency regulation. Amid increased government scrutiny, including the recent sale of $6.7 billion in Bitcoin from the Silk Road case, Senator Cynthia Lummis is expected to chair the subcommittee. This move aligns with bipartisan efforts to fill regulatory gaps in the rapidly expanding crypto sector, mirroring the 2023 initiative in the House Financial Services Committee.

Zypto Integrates Pi Network Wallet for Enhanced Crypto Experience

Pi Network, a controversial crypto project launched in 2019, allows users to mine cryptocurrencies through smartphones, though its mainnet and native token are still awaited. Zypto, a popular cryptocurrency app and payment gateway, is set to become one of the first third-party wallet providers for Pi Network. This integration will offer Pi users a seamless transaction experience, along with decentralized finance (DeFi) features, enhancing the practical use of Pi coins within the ecosystem. The collaboration aims to expand the Pi Network’s reach and usability.

Sui Network's First Hydropower Accelerator Graduates 12 Innovative Projects

The Sui Foundation recently announced the successful conclusion of its first Hydropower Accelerator program, with twelve projects graduating from the inaugural cohort. Selected from hundreds of applicants, these teams are now set to build on their solutions within the Sui ecosystem. The diverse projects span sectors like DeFi, DePIN, and real-world assets, with notable names such as 7k (smart trading ecosystem), AdToken (peer-to-peer ads), InsiDeX (DeFi insights), and Gifted (digital gifting platform), among others.