Bitcoin
Bitcoin and ETH Ride Rollercoaster, XRP and LUNC Make Waves
The crypto kingdom ends another week, sparking substantial interest from investors. Bitcoin (BTC) and Ethereum (ETH) traded with immense volatility, while XRP and Terra Luna (LUNC) caught the attention of market enthusiasts with their cryptographic advances.
Here’s a closer look at the key developments taking place in the crypto world this week.
Crypto Market Turmoil Battle Between Bitcoin and Ethereum
Notably, BTC has traded quite volatile this week, with its chart illustrating a drop over the last 7 days to the $66K price level. Similarly, ETH traded mimicking this volatility, with the weekly chart showing a drop to the $3,500 price level.
Despite data from the US Producer Price Index (PPI) suggesting a lower inflation rate, accompanied by optimism with the most recent US CPI data, the crypto market it traded slowly this week. Bitcoin ETFs we saw exit after consistent entry.
However, amid the bearish turmoil, Microstrategy Michael Saylor announced $700 million in senior convertible note offerings, aiming to get more Bitcoin.
XRP News
The Ripple Labs-backed crypto embarked on a stock of advances this week. Ripple collaborated with Arcax to grow the XRP Ledger and become a leader in real-world asset (RWA) tokenization. Furthermore, the American blockchain payments company introduced the XRPL EVM Sidechain
to bring Ethereum Virtual Machine (EVM) compatibility to the XRP Ledger.
On the other hand, XRP Health named Whitney Lynn as its new president. The most attention-grabbing development this week was the SEC’s assertion that Ripple’s arguments about penalties and injunctions are inadequate, putting the XRP Price
at risk. On the other hand, XRP Lawyer Bill Morgan highlighted the SEC’s inappropriate stance towards Ripple Labs.
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Terra Luna advances
Meanwhile, the Terra Luna Classic community approved a proposal backed by Genuine Labs to shell out 256 million LUNCH for the work done by developers in the ecosystem. The community also began voting on a proposal to implement an overhaul LUNC burn tax distribution.
Lastly, Terra Luna Classic proposed implementing the Tax2Gas proposal this week, eliminating the need to take care of calculating taxes separately.
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