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"Bitcoin Plunges, USDT Exits Europe, XRP Shines Amid Crypto Market Turmoil"
Generated by AI AgentCoin World
Sunday, Feb 2, 2025 3:21 am ET1min read
Crypto Market in Flux: BTC Drops, USDT Exits Europe, XRP Shines
The crypto market experienced a week of volatility, with Bitcoin (BTC) dropping below $98,000 and stablecoin Tether (USDT) announcing its exit from Europe. Meanwhile, Ripple's XRP saw significant inflows and outperformed other major cryptocurrencies during the market dip.
Bitcoin's Price Plunge
Bitcoin's price fell below $98,000 this week, wiping out nearly $900 million in market value. The drop was linked to the success of DeepSeek, a Chinese AI app that became the top free app on Apple's App Store. The app was built for under $10 million, much less than ChatGPT's $157 billion valuation.
MicroStrategy's BTC Buying Spree
Despite the market drop, MicroStrategy continued to add Bitcoin to its portfolio. The company recently bought 10,107 BTC for $1.1 billion at an average price of $105,596 per bitcoin. As of now, MicroStrategy holds 461,000 BTC, worth about $29.3 billion.
Ripple's XRP Outperforms
Ripple's XRP saw $2.1 million in weekly inflows, beating Bitcoin and Ethereum during the market drop. Meanwhile, Ripple CEO Brad Garlinghouse pushed for XRP to be part of national crypto reserves, upsetting Bitcoin supporters who want it to be Bitcoin-only.
Stablecoin Cap Hits $200M: USDT Exits Europe
Stablecoins, the top traded crypto, surpassed a $200 million market cap. Meanwhile, Tether, the leading stablecoin issuer, reported $13 billion in profit for 2024. Interestingly, Kraken will delist USDT and four other stablecoins in Europe due to MiCA rules. Earlier, Coinbase and Crypto.com also announced plans to delist Tether in Europe.
XRP's Recent Milestones
Ripple CEO Brad Garlinghouse recently shared the company's latest XRP Markets Report, summarizing key
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