MON Crypto Launches with $3.9B FDV, Marking Green Surge
In an exciting development for the cryptocurrency market, MON Crypto has launched with a remarkable fully diluted valuation (FDV) of $3.9 billion. This launch marks a significant moment, particularly as MON’s value surged by 24% in a market that showcases mixed performance among major cryptocurrencies.
Current Market Overview
The cryptocurrency market experienced slight declines for some leading assets. Bitcoin (BTC) recorded a dip of 1%, trading at $86,600, while Ethereum (ETH) also fell by 1%, settling at $2,910. In contrast, Binance Coin (BNB) showed resilience with a 1% gain, reaching $856. Solana (SOL) maintained its value at $136.
Top Market Movers
- MON: +24%
- SPX: +13%
- IP: +7%
Institutional and Policy Developments
Recent developments in institutional crypto policy are noteworthy. Texas has initiated its Bitcoin reserve strategy with a $5 million investment in BlackRock’s IBIT ETF. This move marks the first use of the state’s approved $10 million BTC budget.
Additionally, U.S. Bank has completed a successful test for issuing its proprietary stablecoin on the Stellar network. Meanwhile, MoonPay has secured a necessary New York trust charter, joining the ranks of notable firms like Coinbase and Ripple to enhance their custody services.
Regulatory Updates
- Polymarket regained approval from the CFTC to operate in the U.S., allowing for the onboarding of domestic users and brokers.
- Kalshi faced setbacks in Nevada, as a judge obstructed its plans to offer markets on sports and elections.
Furthermore, Klarna has launched its own stablecoin, KlarnaUSD, on the Tempo platform. In a more concerning development, the Department of Homeland Security is investigating Bitmain as a potential national security risk, particularly regarding remote access to its equipment.
