This week in crypto witnessed several pivotal developments: Ripple's RLUSD stablecoin debuted on Uphold, offering exclusive rewards to XRP holders; Federal Reserve Chair Jerome Powell ruled out any possibility of the Fed holding Bitcoin due to legal constraints; Strike CEO Jack Mallers suggested that President-elect Donald Trump is seriously considering a U.S. Bitcoin strategic reserve; the Solana decentralized application ecosystem generated a record $365 million in monthly revenue; and Bitcoin experienced a sharp correction, dropping over 9% to $92,118.
XRP Community Gains New Rewards via RLUSD
Ripple's regulated stablecoin, RLUSD, launched on the trading platform Uphold this week. XRP holders can earn RLUSD rewards and exclusive benefits by participating in liquidity pools and other ecosystem activities, further cementing RLUSD's role within the Ripple network. Analysts note that given the recent appreciation in XRP price, it is crucial for Ripple to incentivize community engagement to sustain token value and network activity.
Federal Reserve Chair Powell: 'We Are Not Allowed to Own Bitcoin'
During a recent monetary policy meeting, Federal Reserve Chair Jerome Powell explicitly stated that the Fed is legally prohibited from owning Bitcoin or other digital assets. "We are not allowed to own Bitcoin," Powell affirmed. This statement dashed market expectations of the Fed potentially establishing a Bitcoin reserve. However, some commentators argue that the executive branch could potentially use executive orders to create a vehicle for holding Bitcoin, bypassing the Fed's limitations. All eyes are now on the incoming Trump administration's policy approach.
Strike CEO Drops Bombshell: Trump Eyeing U.S. Bitcoin Reserve
Strike CEO and founder Jack Mallers dropped a major bombshell this week, claiming that President-elect Donald Trump is actively studying the feasibility of creating a U.S. Bitcoin strategic reserve. While no official details have materialized, Mallers' remarks added fuel to the ongoing speculation. The rumor mill continues to churn, with more reputable figures now predicting that a Bitcoin strategic reserve could become reality under the new administration.
Solana Dapps Revenue Hits Record $365 Million
The Solana decentralized application ecosystem achieved a historic milestone in November, generating $365 million in monthly revenue. The surge was largely driven by the meme coin launch platform Pumpfun, which attracted massive user traffic. Although SOL token prices are currently in a consolidation phase, on-chain activity remains robust. Analysts believe that continued ecosystem vitality will be key to Solana's long-term value proposition, and the record revenue could attract further developer interest.
Bitcoin Drops to $92,118 Amid Sharp Correction
Bitcoin suffered a sharp 9% decline on Friday, hitting a 24-hour low of $92,118 at 6:30 a.m. Eastern Time. This marks the first significant pullback after Bitcoin breached the $100,000 threshold. Historical data shows that even in strong bull cycles, Bitcoin can experience corrections of up to 20%. Market participants advise investors to stay calm and avoid panic selling during volatile periods.