Key developments in the crypto industry this week
Bitcoin once again tested the $80,000 level but failed to hold above it. According to analysts at XWIN Japan, selling pressure emerged as the market’s recovery put more investors back in profit, prompting some to lock in gains. At the same time, demand for Bitcoin remains supported by inflows into spot ETFs and declining U.S. Treasury yields. Analysts believe current indicators point to improving market conditions, but also suggest that a significant share of Bitcoin holders now sit on unrealized profits that could be taken. The key question, therefore, is whether fresh demand will be strong enough to absorb potential selling pressure. Fintech platform Revolut has announced the launch of its own stablecoin. EURR is the company’s first cryptocurrency and is designed to maintain a value of €1 per token. The stablecoin has already been integrated into the Revolut app, although transactions are currently available only to customers in Portugal, Denmark, and Poland. Users elsewhere in Europe are expected to gain access by the end of the year. Revolut also said it plans to launch additional stablecoins pegged to other currencies. The UAE president's brother is backing Donald Trump’s cryptocurrency banking venture. StringZ Holding RSC, a company linked to Sheikh Tahnoun bin Zayed Al Nahyan, has emerged as the owner of a 49% stake in WLTC Holdings, a group of companies established by World Liberty Financial (WLFI), the crypto venture backed by the Trump family. Another company associated with the Sheikh previously invested $500 million in World Liberty Financial. According to The Wall Street Journal, an entity linked to the Trump family owns a further 38% of WLTC Holdings. U.S. authorities had previously approved WLFI’s application to establish a federally chartered trust bank. The institution is expected to focus on issuing, acquiring, and safeguarding USD1, World Liberty’s U.S. dollar-backed stablecoin.AML analyzer | Mini App | X.com | New website
