The cryptocurrency market faced continued pressure last week following the Federal Reserve’s relatively hawkish interest rate decision. This uncertainty persisted even as the Securities and Exchange Commission (SEC) approved spot crypto ETFs for assets like Solana, Hedera, and Litecoin. This article highlights some key crypto news that could impact the industry in the coming week.
Ripple Swell Will Deliver Key Crypto News
The first major crypto news of the week will be the upcoming Ripple Swell event in New York. This will be an important event that brings together senior Ripple executives and representatives from top companies such as JPMorgan, BlackRock, CME, and Franklin Templeton.
These events are notable because companies often make major announcements during them. A potential notable one would be for BlackRock to announce an XRP ETF filing, as its head of digital assets will be one of the speakers.
The event comes as Ripple has made some major announcements in the past few months. For example, it has made three major acquisitions, including Rail, Hidden Road (now known as Ripple Prime), and GTreasury.
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BitWise XRP ETF Approval
Another potential crypto news of the week is the listing of Bitwise’s spot XRP ETF. While the listing has not been confirmed, the company updated its filing to include the exchange (NYSE) and the 0.34% fee.
Eric Balchunas, the senior ETF strategist at Bloomberg, noted this filing is one of the last boxes to tick. Given that the Bitwise Solana ETF has already started trading, it is likely that the XRP ETF will begin trading this week.
ADP Private Payrolls Data
The other notable crypto news to watch this week will come on Wednesday, when ADP publishes the latest jobs report.
Economists polled by Reuters expect the data to show that the economy added 25,000 jobs in October after shedding 32,000 in the previous month.
This will be an important report because it will provide more context on the state of the economy. It will come a week after the Federal Reserve slashed interest rates by 0.25% for the second consecutive time.
Top Crypto Unlocks
The other key cryptocurrency news will be the unlocks of tokens worth millions of dollars.
Ethena will unlock tokens worth over $5.4 million on Tuesday, which are equivalent to 0.2% of the market capitalization.
EigenLayer, the biggest player in the retaking industry, will unlock tokens worth over $1.1 million, equivalent to 0.29% of the supply.
The other top crypto unlocks this week will be Solayer, Flare, Stepn, and Aptos.
Sonic Mainnet Upgrade and Monad Airdrop Claims
Sonic, the crypto project launched by Andre Cronje, will have a mainnet launch on Monday. This is an important upgrade that will improve compatibility with Pectra.
Pectra introduced top features in the network, including enhanced scalability and layer-2 efficiency, account abstraction, and staking upgrades.
The other major crypto news will be the opening of the Monad airdrop claims, an important process that will take place before the official token listing and mainnet launch.
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