KEYTAKEAWAYS
- Iggy Azalea to integrate $MOTHER tokens for transactions in her new telecom venture; token value up 18% post merchandise store launch.
- Record crypto inflows with $1.97 billion in Bitcoin and $70 million in Ether, buoyed by SEC’s approval of Ether ETFs.
- Post-$400M liquidation, Bitcoin and Ether maintain stability amid expectations of increased market volatility tied to upcoming economic events.
CONTENT
In the Crypto Pre-drink, we serve up a daily shot of the hottest crypto news and market insights to fuel your investment decisions.
IGGY AZALEA EXPANDS $MOTHER UTILITY TO TELECOMMUNICATIONS
Iggy Azalea has announced that her cryptocurrency, MOTHER tokens, can soon be used to purchase phones and services from her upcoming telecommunications company. Following the launch of a $MOTHER merchandise store, the token saw an 18% increase in value within 24 hours.
The singer revealed that her company would offer various service plans and that Sphere Labs would handle the payment infrastructure. Azalea’s engagement in the telecommunications sector aligns with broader trends in celebrities endorsing digital currencies, sparking debates about the potential and risks of such ventures.
CRYPTO MARKET RALLIES WITH SIGNIFICANT INFLOWS INTO BTC AND ETH
The cryptocurrency investment sector reported nearly $2 billion in inflows last week, with Bitcoin and Ether leading the pack. CoinShares highlighted that this influx supports a five-week streak totaling over $4.3 billion.
Bitcoin attracted $1.97 billion, while Ether experienced its best week since March, pulling in nearly $70 million. This surge is attributed to the SEC’s approval of several Ether ETFs, boosting investor confidence and setting the stage for potential end-of-year rallies.
STABILITY IN BITCOIN AND ETHER FOLLOWING $400M LIQUIDATION
Over the weekend, Bitcoin and Ether prices remained stable despite a $400 million liquidation on Friday that dampened market momentum. This event occurred after a stronger-than-expected U.S. jobs report, which led to widespread impacts across various asset classes.
Analysts expect that the upcoming week could see a return of market volatility, driven by key economic events and data releases. Trading volumes have decreased, and open interest in futures contracts also saw a significant drop.
