It’s that time of the week when we take a look back at the top news stories from the worlds of Forex, Fintech, and Crypto, in our best of the week segment.<\/p>\n
The trading week started with\u00a0Mike Novogratz, the billionaire founder of the crypto merchant bank Galaxy Digital, making some critical remarks on two of the moment\u2019s most popular cryptocurrencies: XRP and Dogecoin (DOGE).<\/p>\n
Looking Forward to Meeting You at iFX EXPO Dubai May 2021 – Making It Happen!<\/strong><\/p>\n Novogratz told Bloomberg TV on Friday that in spite of recent upward price movements in DOGE markets, he will not be jumping onto the Dogecoin bandwagon. Why? \u201c[Dogecoin] is a memecoin\u2026it doesn\u2019t really have a purpose,\u201d he said.<\/p>\n Read more on Mike Novogratz’s XRP and DOGE comments here.<\/p>\n As Finance Magnates<\/em> reported on Tuesday,\u00a0XRP attracted nearly $33 million worth of weekly institutional inflows last week, its highest level on record. XRP remained the most popular cryptocurrency among institutional investors during the last 7 days amid a massive jump in its price.<\/p>\n According to the latest weekly digital asset inflows report published by CoinShares, XRP nearly doubled its total digital assets under management to $83 million last week. Overall, the cryptocurrency market attracted $233 million inflows last week as the total value of the global digital assets under management reached $64 billion for the first time.<\/p>\n Read more on the XRP institutional Inflows here.<\/p>\n Following Tuesday’s news of XRP institutional inflows, Finance Magnates<\/em> delved deeper into institutional investment into altcoins.<\/p>\n In just 24 hours, the total market cap of all altcoins rose from $933 billion to $1.01 trillion, recovering some of the losses that took place earlier this week. We found evidence\u00a0that money may be flowing into altcoins from new institutional sources.<\/p>\n With expert insights from\u00a0Artem Tolkachev, the Founder of BondAppetit.\u00a0James Putra, Head of Product Strategy at TradeStation Crypto and\u00a0Digital currency consultant, Shaune Clark, this is a must-read analysis of institutional investment into altcoins.<\/p>\n Read more on altcoin institutional investing here.<\/p>\n Plus500 announced this week that the company has conditionally agreed to acquire all of the membership interests of the US-based Cunningham Commodities, a regulated Futures Commission Merchant (FCM), along with the acquisition of the technology trading platform provider, Cunningham Trading Systems.<\/p>\n According to an official announcement, the acquisition will be the first entry of Plus500 into the US futures & options on the futures market. Plus500 is planning to expand the company\u2019s product offering in the US market.<\/p>\n Read more on the Plus500 Cunningham Commodities acquisition here.<\/p>\n Dror Efrat, the founder of Investing.com, has sold the major online trading industry data and analysis provider to an international investment fund based in Asia.<\/p>\n Israeli local media house Globes first reported that the deal was closed for around half a billion dollars, but Finance Magnates confirmed that the number was less. The identity of the new owner is still unknown.<\/p>\n Read more on the Investing.com sale here<\/p>\n Dogecoin (DOGE) became the 5th most valuable cryptocurrency this week after the total market cap of DOGE crossed $50 billion. The cryptocurrency rose by more than 25% in just 24 hours on Tuesday.<\/p>\n According to the latest data published by Coinmarketcap, Dogecoin crossed the market cap of the world\u2019s most valuable stablecoin Tether (USDT). As of writing, DOGE is trading near $0.41 with a market cap of approximately $53 billion.<\/p>\n Read more on the Dogecoin (DOGE) rise here.<\/p>\n The trading week ended with a crash in crypto.\u00a0The cryptocurrency market cap dropped below $1.8 trillion on Friday as\u00a0Bitcoin dipped below $49,000 today for the first time since 7 March 2021.<\/p>\n The overall value of cryptocurrency assets dropped by more than $250 billion in just 24 hours.<\/p>\n Read more on the crypto crash here.<\/p>\n <\/p>\nXRP Reports Massive Jump in Weekly Institutional Inflows<\/h2>\n
Are Institutional Investors Buying Altcoins? XRP, ETH Products Get Popular<\/h2>\n
Plus500 to Acquire Cunningham Commodities<\/h2>\n
Dror Efrat Sells Investing.com to a Foreign Fund<\/h2>\n
DOGE Enters Top 5 Cryptocurrencies<\/h2>\n
Cryptocurrency Market Loses $250 Billion in 24 Hours<\/h2>\n