Last updated on August 2nd, 2022 at 05:57 pm
The Weekly Crypto Market Wrap released on Tuesday was relatively light on news, as it was the public holiday of Queen’s Birthday in Australia. But the report contained some important facts, including the fact that the US inflation rate rose to 8.6% in May, the European Central Bank is planning to increase interest rates by 25 basis points starting in July, and the US Senate has released a bipartisan bill to regulate digital assets. This bill would classify cryptocurrencies as commodities and place them under the authority of the CFTC, while a separate bill would ban decentralised crypto market projects without legal registration.
Ripple (XRP) is largest altcoin by market cap
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Ripple (XRP) is the native token of the California start-up Ripple Labs. Its mission is to revolutionize the world’s infrastructure through cross-border transactions. Its value has skyrocketed this month, rising from $0.25 USD on 1st December to $2.50 on Bitfinex. Ripple is now the largest altcoin by market cap.
Ripple’s newly launched token, Luna 2.0, is off to a rocky start
Do Kwon, one of the founders of Luna 2.0, has continued to make assertions about the token even after the launch, despite the fact that it’s a year old. Do Kwon’s Twitter account retweets announcements from exchanges that the token is listed. The coin’s price performance has drawn varying reactions on Twitter. Some cryptocurrency exchanges have publicly expressed support for Luna 2.0, while others have warned of a rocky start.
Cryptocurrency prices have seen a whirlwind week of ups and downs, but Bitcoin has remained largely in the green on Friday. While most digital assets are up in the morning and down in the afternoon, bitcoin stayed above its previous high of $21,000 in mid-November. Celsius Network, backed by the Ethereum blockchain network, was up nearly two thirds before noon eastern time.
Tezos is only altcoin in the red
While other cryptocurrencies have seen significant gains and losses this year, only Tezos has been stuck in the red. This has caused speculators to prepare upside positions in anticipation of Coinbase’s planned sale of XTZ tokens. These new buyers should drive demand for the token against its finite supply. Time will tell if the speculations are right or not. spotlite360 stock
Ether prices have remained steady despite the recent turmoil in the cryptocurrency markets. The second largest cryptocurrency, it hit an all-time high of $1,440 on January 19, breaking through a previous high set three years ago, when the price of ether reached a total value of US$160 billion. Since then, however, ether’s price has slid back to the US$140 billion mark.
While most altcoins have sunk in the red in recent months, dogecoin is still among the best performers of the past 24 hours. The cryptocurrency rose by more than fourteen percent on the first day of trading and is still well below its all-time high of $0.73. Elon Musk, the billionaire investor, pumped the price of dogecoin several times with light-hearted tweets about the cryptocurrency. Also read about spotlite360 stock
Despite growing turbulence in the crypto markets, Altcoin prices are in the green on Friday. Although most digital properties spiked in the morning and subsequently retreated in the afternoon, the majority remained up on the day. One notable exception was Celsius Network coin, which continued to rise, rising nearly 23% early in the japan time zone.
The latest price rally of Bitcoin Cash was driven by the recent announcement by the president of El Salvador that he plans to buy cryptocurrency during the current market turmoil. El Salvador spent over $6 million in recent months to increase its cryptocurrency holdings. This announcement comes at a time when inflation is skyrocketing in the US. Despite this, prices of Bitcoin Cash are still in the green, despite recent volatility. Share your thoughts with the help of write for us