Bitcoin and Ethereum Prices Hold Steady
Over the past week, the prices of leading cryptocurrencies have remained relatively stable. Bitcoin (BTC) saw a 3% increase and is currently trading at $26,564, while Ethereum (ETH) maintained its price at $1,636.
Ethereum’s growth may have been affected by reports of inflation in its supply. Last week, there was an increase of 4,092 ETH tokens worth approximately $6.6 million.
Sideways Trading Despite Inflation Report
Despite the U.S. Bureau of Labor Statistics’ report on rising inflation, the leading cryptocurrencies traded sideways throughout the week. Only two tokens experienced notable price movements: Bitcoin Cash (BCH) grew by 11.5% to $213.79, and Toncoin (TON) surged by 23% to reach $2.20.
TON Integrates Web3 Wallet into Telegram
Toncoin’s significant price movement was driven by news that Telegram, its parent company, has integrated The Open Network blockchain’s Web3 wallet into its messaging app. This integration provides access to TON for Telegram’s 800 million users and represents a symbolic win for Telegram after its legal disputes with the U.S. Securities and Exchange Commission.
Stellar Depreciates Following Hyped Tweet
Stellar (XLM) experienced a 9.3% decline in value as a correction from last week when it rallied by 10% due to a tweet promising something cool in ten days. However, it turned out to be a big-budget commercial featuring Idris Elba.
In the News: Crypto Adoption
This week showed positive signs of crypto adoption globally:
Sony Collaborates on Blockchain Network
Sony Network Communications announced its collaboration with crypto tech firm Startale Labs to develop a blockchain network. The joint venture, known as Sony Network Communications Labs Pte. Ltd., aims to explore the potential use cases for the platform.
PayPal Launches Crypto to USD Off-Ramps
PayPal introduced crypto to USD off-ramps, following its recent integration with MetaMask and Ledger. This move further solidifies PayPal’s presence in the crypto space after the launch of its own stablecoin, PayPal USD.
Taurus Partners with Deutsche Bank
Taurus, a Swiss crypto fintech firm, announced an agreement with Deutsche Bank to provide custody and tokenization services using Taurus’ infrastructure. This partnership highlights the increasing interest of traditional financial institutions in the crypto industry.
Hot Take: Crypto Market Remains Steady Amidst Adoption and Inflation Concerns
The cryptocurrency market continued to show stability this week, with Bitcoin and Ethereum maintaining their prices. Despite inflation concerns and sideways trading, there were positive developments in terms of adoption. Sony’s blockchain network collaboration, PayPal’s expansion into off-ramps, and Taurus’ partnership with Deutsche Bank demonstrate growing interest from established companies in the crypto space. While some cryptocurrencies experienced notable price movements, overall market conditions remained relatively steady. As the industry evolves, it will be interesting to see how these adoption efforts and external factors like inflation continue to impact the market.
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