- The total crypto market cap has reached a record $4.1 trillion, driven by the Bitcoin and Ethereum surges, as well as big institutional investment
- Strategy once again acquired Bitcoin, this time buying 155 BTC at an average price of $116,401
- The LayerZero Foundation has proposed a $110 million acquisition of Stargate Finance, using a token swap to consolidate their cross-chain functionalities into a single protocol
The crypto industry has been doing rather well lately, with several trending stories that stand out.
The biggest story is the market itself, when the total crypto market cap reached a record $4.1 trillion. This was likely driven by a combination of optimism surrounding US inflation data and big institutional investment, including that from ETFs.
Bitcoin and Ethereum surging also helped, with BTC going over $122k and ETH going over $4,300.
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Speaking of institutional investment, Strategy once again acquired Bitcoin, this time buying 155 BTC at an average price of $116,401. Interestingly, the purchase is the company’s smallest since March, and its total holdings now sit at 628,946 BTC, valued at around $74 billion.
Even modest weekly purchases by Strategy can act as a bullish signal, which probably played a role in Bitcoin’s recent boost.
The Saylor buy: It was a small purchase, but the timing was key. Here’s our full report on his 5th-anniversary buy.
It’s worth noting that the crypto market is bracing for US inflation data reports (like CPI and PPI), as these could trigger either a continuation or correction of the bullish momentum.
Another trending news is Injective introducing the first on-chain Digital Asset Treasury, a notable innovation for DeFi infrastructure. The new platform (identified by the token $SBET) enables users to access 24/7 leveraged trading for Ethereum-based financial products.
Then, companies like SharpLink and BMNR are aggressively accumulating Ethereum, pushing their treasuries into the multi-billion-dollar territory. This again points to a growing institutional interest beyond Bitcoin.
LayerZero proposes to acquire Stargate
A rather big crypto market-related news revolves around the LayerZero Foundation and its proposed $110 million acquisition of Stargate Finance, using a token swap to consolidate their cross-chain functionalities into a single protocol. The plan would involve retiring the STG token and making the ZRO token the new central asset for the merged platform.
The deal would exchange STG for ZRO at a fixed rate (1 STG to 0.08634 ZRO), which has already driven double-digit rallies for both tokens. However, the proposal has sparked mixed community reactions, especially regarding the loss of STG staking rewards.
Still, this signals a consolidation in cross-chain infrastructure and could strengthen LayerZero’s ecosystem if the proposal is approved.
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