Stable Prices for Bitcoin and Ethereum
Over the past week, the prices of leading cryptocurrencies have remained stable. Bitcoin (BTC) maintained its price at $26,569, while Ethereum (ETH) experienced a slight drop of 2.8% to trade at $1,592.
This week was relatively less volatile for the crypto market, with no major price swings among the top forty cryptocurrencies by market capitalization, except for Chainlink. Holders of Chainlink (LINK) saw a 12% increase in value, reaching $7 on Saturday.
Toncoin (TON) experienced a rapid rally earlier in the week, posting seven-day gains of 31%. However, this rally seems to have cooled off by the weekend, with Toncoin now up only 3.7% at $2.33.
Adoption News
The recent Federal Reserve policy meeting concluded without any new interest rate hikes, which has contributed to stabilizing crypto prices. When borrowing becomes more difficult, people tend to sell off speculative assets like stocks and cryptocurrencies.
In terms of global adoption, there were notable developments this week. Citigroup launched a digital token service that utilizes blockchain and smart contract technology to facilitate rapid cross-border payments between institutions. PayPal also announced that Venmo users will soon be able to purchase the company’s dollar-pegged Ethereum-based stablecoin PYUSD.
Political Developments
In the political realm, there were significant developments related to crypto. The former chair of the UK’s Financial Conduct Authority (FCA) revealed that during his tenure, there was political pressure to accept several firms currently approved to offer crypto services in the country. He expressed concerns about this decision.
The FCA publicly urged British crypto companies to register with existing financial promotions legislation. Additionally, in the United States, the House Financial Services Committee passed the CBDC Anti-Surveillance State Act, which aims to block the Federal Reserve from issuing a Central Bank Digital Currency (CBDC) to individuals.
Hot Take: Crypto Market Stabilizes with Fewer Volatile Weeks
The past week has shown stability in the crypto market, with leading cryptocurrencies like Bitcoin and Ethereum maintaining their prices. This period has been relatively less volatile, indicating a trend that has become more frequent this year.
While Chainlink experienced a notable increase in value, other major cryptocurrencies remained steady. The adoption of digital tokens and stablecoins by major financial institutions like Citigroup and PayPal further supports the growing acceptance and integration of cryptocurrencies into traditional finance.
On the political front, there have been mixed developments, with both pressure for acceptance and regulatory measures being implemented. However, these developments indicate that governments and regulators are actively engaging with the crypto industry, which can lead to greater clarity and stability in the future.
By
By
By