This week in the cryptocurrency market, Bitcoin recorded a new all-time high, XRP's price was shaken by social media hype, and experts predicted that Ethereum would soon lead the next altcoin season.
These are just some of the major events in recent days. Institutional adoption is driving momentum everywhere. Check out all of this and more on BeInCrypto.
CPI Data Leads to Bitcoin ATH
This week in the cryptocurrency market, various macroeconomic factors pushed Bitcoin to a new peak. In addition to substantial ETF inflows, the recent US CPI report was surprisingly positive. Following the gloomy jobs report earlier this month, this further fueled the upward trend and drove BTC's rise. Yesterday, this asset temporarily reached a new all-time high.
Of course, subsequent trading activity caused the price to drop again a day later. Nevertheless, this record sparked interest in Bitcoin, and institutional adoption continues to set new milestones. Individual holders are being rewarded for BTC investments, and analysts can point to many positive trends.
XRP Escrow Unlock... FUD
Another major event in this week's cryptocurrency market was related to XRP. XRP had been showing an upward trend. However, Ripple unlocked $3.28 billion worth of tokens from escrow, raising concerns about a massive sell-off. This temporarily disrupted XRP's upward momentum, but it was all just social media fear. Whales seized the opportunity to accumulate tokens at a low price.
A few days later, everything looks much more positive. XRP has largely recovered its lost momentum, and Ripple has secured another major breakthrough. Ripple and the SEC have finally withdrawn cross-appeals, and the commission issued a waiver allowing the company's key requests.
This was a very unusual move, but it offers significant advantages to Ripple. While failing through conventional legal channels, Ripple can theoretically now sell securities to retail investors. This alone represents a substantial untapped revenue stream.
Experts Predict ETH-Centric Altcoin Season
The cryptocurrency community has been waiting for the next altcoin season, and this week it seems very close. Two days ago, Jamie Elkaleh predicted that Ethereum's recent performance makes it a strong candidate to drive this market change. In an exclusive interview with BeInCrypto, Ray Youssef agreed that we are very close:
"Institutional capital inflow into Ethereum will extend the summer for altcoins. But the real question is how long it will last and which coins will benefit. When the crypto winter arrives, coins supported by these institutions are most likely to maintain their value. Speculative tokens without real utility, without users, and with no role in the growing web3 economy will disappear forever." โ Youssef, in an interview with BeInCrypto.
This morning, Coinbase also predicted that the next altcoin season will occur in Q3 2025. There is vast data supporting these claims among these experts. Ethereum is showing strong performance and could transform the entire sector.
UK to Introduce New Tax Regulations
Lastly, BeInCrypto wants to remind UK readers that HMRC is changing cryptocurrency tax policies next year. Lee Murphy, Managing Director of The Accountancy Partnership, provided some cryptocurrency tax tips earlier this week.
"If you're earning cryptocurrency as part of your profession, you should consider income tax rather than [capital gains]. If you mine or stake cryptocurrencies and receive rewards, HMRC will consider this part of your income and it will be taxed like any other income," Murphy argued.
In most cases, he warned that HMRC is becoming much stricter in collaborating with exchanges and analyzing blockchain data. UK readers should look for potential loopholes to avoid the worst obligations, but obvious tax evasion is more dangerous than ever. If caught, tax evaders can face serious penalties.
These are just some of the biggest events in cryptocurrency this week. As always, BeInCrypto is here to provide information about the most important market trends.
