This week in cryptocurrency delivered a mix of regulatory clarity, ecosystem growth, and market volatility. Ripple's RLUSD stablecoin officially debuted on Uphold, bringing new rewards for XRP holders. Federal Reserve Chair Jerome Powell made it clear that the Fed cannot hold Bitcoin due to legal restrictions. Meanwhile, Strike CEO Jack Mallers dropped a bombshell about President-elect Donald Trump potentially establishing a U.S. Bitcoin strategic reserve. On the Solana front, decentralized applications (dApps) achieved a record $365 million in monthly revenue, while Bitcoin suffered a sharp correction to $92,118.
XRP Community Gains New Rewards with RLUSD Stablecoin
Ripple's compliant stablecoin RLUSD went live on the Uphold exchange this week, offering XRP holders exclusive rewards and benefits. The move is part of Ripple's broader strategy to deepen utility within the XRP ecosystem. Editorial commentary notes that Ripple must capitalize on the recent XRP price appreciation by giving the community more engaging opportunities, and RLUSD could be a crucial tool to retain and attract users.
Fed Chair Powell Rules Out Bitcoin Reserves
Federal Reserve Chair Jerome Powell explicitly stated that the central bank is "not allowed to own Bitcoin," effectively killing any speculation that the Fed might hold the digital asset as part of its reserves. Powell cited legal restrictions as the primary barrier. However, some market analysts argue that the executive branch might find a way to create a Bitcoin holding vehicle through executive action, bypassing the Fed's limitations.
Strike CEO Claims Trump Eyeing U.S. Bitcoin Reserve
Jack Mallers, CEO of Strike, set the crypto world buzzing this week when he revealed that President-elect Donald Trump is seriously considering establishing a strategic Bitcoin reserve for the United States. While unconfirmed, the rumor has gained traction as multiple reputable figures predict such a reserve could materialize. The editor's comment highlights that the rumor mill continues, but the credibility of predictors is rising.
Solana DApps Achieve Record $365 Million Monthly Revenue
Solana's decentralized application ecosystem reached an all-time high in November with monthly revenue hitting $365 million. Platforms like Pumpfun were major contributors. Although SOL token price may be consolidating, the underlying network activity remains robust, underscoring Solana's position as a leading high-performance blockchain for dApps.
Bitcoin Plunges to $92,118
Bitcoin experienced a sharp drop on Friday, falling over 9% to a 24-hour low of $92,118 (6:30 a.m. Eastern Time). The selloff triggered panic among traders, but seasoned investors were reminded that even in bull markets, drawdowns of 20% or more are common. The editor's advice: don't get shaken out of positions based on short-term volatility.
In summary, the week featured a mix of bearish regulatory signals from the Fed, bullish rumors of a U.S. Bitcoin strategic reserve, positive ecosystem developments from XRP and Solana, and a classic market correction in Bitcoin. Traders should stay informed and maintain a long-term perspective.