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The crypto market has seen a mix of developments, with major coins experiencing varying degrees of volatility. Bitcoin has reached $78,000, while XRP has led the majors with an 8% weekly outperformance. Meanwhile, Circle has unveiled the USDC Bridge for native cross-chain stablecoin transfers, and Russia has introduced a bill to criminalize unregistered crypto services. Additionally, a US Senator has asked for a Binance monitor update amid scrutiny of Iran sanctions. These events have contributed to a complex and dynamic crypto landscape.

Markets

The crypto market has experienced significant liquidations, with $820M in liquidations as Bitcoin’s price tapped $78,000. XRP has led the majors with an 8% weekly outperformance, while Ether accumulation wallet balances have increased by 33%. The market has also seen a surge in crypto stocks, with digital asset treasury names leading the charge. According to CoinDesk, oil prices have slumped as Trump said Iran committed to open the Strait of Hormuz.

Regulation

Russia has introduced a bill to criminalize unregistered crypto services, marking a significant development in the country’s crypto regulatory landscape. A US Senator has also asked for a Binance monitor update amid scrutiny of Iran sanctions, as reported by CoinTelegraph. These regulatory moves highlight the ongoing efforts by governments to oversee and manage the crypto industry.

Technology and Adoption

Circle has unveiled the USDC Bridge for native cross-chain stablecoin transfers, a significant development in the stablecoin space. Sam Altman’s World project has launched a major upgrade to fight deepfakes and bots, and is expanding its partnerships with Tinder, Zoom, and Docusign, as reported by CoinDesk. Additionally, X’s new Cashtags feature has driven $1B in trading volume in its first two days, according to CoinTelegraph.

Sources: CoinDesk, CoinTelegraph

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