While Bitcoin (BTC) remained stagnant between $92,000 and $93,000, the crypto market surged by $40 billion on Wednesday. Ripple’s (XRP) $25 million donation to Fairshake, a pro-crypto Political Action Committee, sparked this rally, aimed at promoting crypto-friendly policies in the 2026 U.S. midterm elections.

XRP gained 6%, breaking the $1.40 resistance, while Stellar (XLM) soared by 11%, crossing the $0.50 threshold. Cardano (ADA) rebounded 12%, regaining the $1 level after slipping below $0.90.

Stablecoins Signal Market Optimism

The stablecoin market cap rose 2.9% to $199.6 billion, reflecting a $5.8 billion inflow despite BTC and ETH declines. Analysts interpret this as a bullish sign, as traders use stablecoins to hedge during downturns and prepare for reinvestment. This trend suggests potential growth for BTC, altcoins, and memecoins in the coming weeks.

Kraken Ends NFT Marketplace to Focus on Innovation

Kraken announced plans to shut down its NFT marketplace by February 2025. Users are advised to transfer NFTs to secure wallets. This move highlights Kraken’s shift toward new projects in a rapidly evolving crypto landscape.

Brazil Proposes National Bitcoin Reserve

Brazil introduced a bill to establish a Sovereign Strategic Reserve of Bitcoin, holding up to 5% of the nation’s international reserves. The initiative aims to diversify treasury assets and leverage blockchain and AI, potentially positioning Brazil as a leader in crypto adoption.

A U.S. federal court declared Treasury Department sanctions on Tornado Cash unlawful, stating they exceeded legal authority. The ruling emphasised that smart contracts are open-source software, not property, setting a precedent for decentralised technology regulation.

The crypto market continues to evolve, with altcoin rallies, stablecoin inflows, and significant policy developments shaping its future.