Weekly recap: last week, there were many significant developments in the crypto and NFT markets

These events highlight the evolving landscape of crypto, DeFi, and NFTs.

Last week saw several key developments in the crypto and NFT markets, shaping investor sentiment and market trends. These events highlight the evolving landscape of crypto, DeFi, and NFTs.

SEC Delayed Its Decision on Grayscale’s XRP ETF

On Tuesday, the U.S. Securities and Exchange Commission (SEC) delayed its decision on Grayscale’s application for an XRP ETF. This move was not unexpected, as the SEC continues to grapple with classifying XRP as a commodity or security.

The delay, however, is likely to prolong uncertainty for investors, who are also awaiting the SEC’s verdict on other crypto ETFs, like Dogecoin or Solana. In a surprising turn of events, following the SEC’s big announcement, Franklin Templeton, a well-known name in the industry, has also filed an application with the regulator for a spot XRP ETF.

Ripple (XRP) Gradually Became Mass Adopted

In a significant development, Ripple (XRP) secured licenses from the Dubai Financial Services Authority (DFSA). Being the first blockchain to gain such approval in the region, signals the growing role of crypto in the Middle East.

This allows Ripple to offer cross-border payment services in the UAE. The move strengthens Ripple’s foothold in the Middle East, and could potentially boost XRP’s adoption for international transactions.

Moreover, through this event, greater cooperation between crypto institutions and financial regulators around the world has been highlighted. From the U.S. to Singapore, Ireland and several other countries (nearly 60), these institutions have joined forces to support the development of the blockchain industry.

These moves have somewhat proven that XRP is gradually becoming a widely adopted payment coin on an international scale with high practical applicability.

Ethereum Recently Added Hoodi Testnet for Pectra Upgrade

This upcoming week will be tough days for the Ethereum ecosystem and its supporters when ETH starts with a $1.873 price on Monday. Last week, there was a slight green signal in the ecosystem, especially in terms of technology.

Ethereum introduced the Hoodi Testnet—the third test network for the Pectra Upgrade, slated for March 17. After issues on Holesky and Sepolia, Hoodi aims to test validator exits and ensure stability. If successful, Pectra could hit the mainnet by late April 2025, bringing scalability and user experience enhancements.

Market reactions were mixed when ETH edged up slightly, reflecting hope, but some traders remained wary after past upgrade delays. The Pectra upgrade promises better user experiences and lower costs, potentially reigniting DeFi enthusiasm.

Hyperliquid’s Incidents

A decentralized trading platform, Hyperliquid, encountered a notable incident last week. As the story unfolded, a significant liquidation on a large trading position led to a setback for Hyperliquid.

The incident, occurring amid a volatile week, forced Hyperliquid to slash leverage limits, sparking a 5% drop in its native token. Two notable trading positions (a whale’s ETH long position worth 6 million USDC and another short position worth $3.75 million) have significantly impacted Hyperliquid and their traders until now. Only two trading positions from “whales” on this platform led to a significant loss for Hyperliquid, of nearly a $4M loss.

Several DeFi experts engaged in a debate about the platform’s risk management, with some citing it as a warning against unrestrained speculation in decentralized finance. Market sentiment soured briefly, but Hyperliquid’s quick response—tweaking protocols and reassuring users—helped stabilize confidence. The episode underscores DeFi’s growing pains, with Hyperliquid’s next steps likely to shape its reputation in a cutthroat market.

Furthermore, as macroeconomic news, on March 20 this week, there would be an FOMC (Federal Open Market Committee) about interest problems. They will not be expected to cut interest rates as the fixed income market. This is a signal for a not-too-promising week for the crypto and traditional finance market.

OpenSea Hinted at Listing Ronin Ecosystem’s NFT Collection

In a move that sparked excitement among NFT enthusiasts, OpenSea hinted at adding an NFT collection from the Ronin ecosystem, renowned for Axie Infinity.

Although not officially confirmed yet, rumors swirled about the upcoming listing of an NFT collection from the Ronin Ecosystem on OpenSea. This tidbit of news had a noticeable impact on market sentiment, with traders placing their bets on a potential resurgence of gaming-related NFTs.