In summary
- The price of Bitcoin (BTC) remained stable at $26,569 over the past week, while that of Ethereum (ETH) fell 2.8% to $1,592.
- There was little volatility in the major cryptocurrencies, except for Chainlink, whose holders saw a 12% increase reaching $7 per LINK.
- The Federal Reserve did not increase interest rates, which stabilized the prices of major cryptocurrencies.
Illustration by Mitchell Preffer for Decrypt.
Prices of major cryptocurrencies have remained stable over the past seven days. Bitcoin (BTC), the market leader, was stable at $26,569, roughly the same price as last week, while Ethereum (ETH) fell slightly by 2.8% and was trading at $1,592.
This was another relatively less volatile week for cryptocurrencies, which seems to be happening more frequently this year. There were no major price changes among the forty largest cryptocurrencies by market capitalization, except for Chainlink.
LINK holders saw their holdings rise 12% this week to hit $7 on Saturday.
On Wednesday, Toncoin (TON) was posting seven-day gains of 31%, but the coin’s rapid rally, which lasted just over a week on news that parent company Telegram had integrated an autosave TON wallet into the messaging app, seems to have cooled down for the weekend.
Toncoin closes Saturday up 3.7% at $2.33.
Adoption News
This week’s Federal Reserve monetary policy meeting concluded without further interest rate increases, which contributed positively to stabilizing cryptocurrency prices. The harder it is to borrow, the more people dump speculative assets like stocks and cryptocurrencies.
There were more headlines indicating that global cryptocurrency adoption continues apace.
On Monday, banking giant Citigroup launched a digital token service using blockchain technology and smart contracts to facilitate fast cross-border payments between institutions.
On Wednesday, PayPal announced that Venmo users will be able to purchase the payments giant’s Ethereum-based stablecoin PYUSD, pegged to the dollar, “in the coming weeks.”
Policy
There were also several political developments regarding cryptocurrencies this week.
The former chairman of Britain’s top regulator, the Financial Conduct Authority (FCA), confessed at a conference on Tuesday that during his tenure (2018-2022), the FCA faced “political pressure” to accept several of the 43 companies currently approved to offer cryptocurrency services in the United Kingdom. Furthermore, he said that “all the evidence” suggested it was “not a very good idea.”
The FCA subsequently publicly urged British cryptocurrency companies to register under existing legislation on financial promotions. All businesses promoting cryptocurrencies in the UK, whether located in the territory or not, must apply and pay a fee to be approved or promote their services through approved parties.
“We are concerned about the low participation of many unregistered overseas cryptocurrency firms that have customers in the UK in this important change,” the FCA wrote in its statement.
In the United States on Wednesday, the House Financial Services Committee (HFSC) approved the CBDC State Anti-Surveillance Act, setting the stage for a future vote on the legislation on the House floor.
Proposed by pro-crypto Congressman Tom Emmer (R-MN), the bill hopes to block the Federal Reserve from issuing a Central Bank Digital Currency (CBDC) to individuals. Emmer has called CBDCs “financial surveillance tools.” Likewise, presidential candidates Ron DeSantis and Robert F. Kennedy Jr. have opposed CBDCs for similar reasons.
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source: decrypt.co
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