What Happened in the Crypto Market This Week?
This cryptocurrency market ended the week at $2.33 trillion, down 0.45 percent. Trading volumes also fell sharply, with the 24-hour volume down 16.02% to $80.78 billion, indicating caution among traders. Effectively, the fear and greed index remained neutral at 57, indicating mixed market sentiment.
Bitcoin remains the market leader, rising 3.91% this week and reaching a high of 59.01%. Ethereum, on the other hand, increased slowly, only 0.65%, as traders waited for network updates and ecosystem expansion. Solana is down 2.91% this week, perhaps reflecting the larger market sentiment. Meanwhile, XRP is very consistent, with little variation in its price tag.
Want to know about the future price of BTC? Our Bitcoin price forecast answers that and much more!
Weekly Crypto Market Summary
Crypto.com spins off Coinbase in North America
Crypto.com made news this week, surpassing Coinbase's trading volume in North America. This addition reflects Crypto.com's growing popularity and appeal among traders, who are drawn to its competitive offerings. Coinbase is now facing heightened competition as exchanges vie for dominance in the North American industry.
BlockFills introduces Crypto-to-Fiat payment service
BlockFills, a digital asset startup, has created a new crypto-to-fiat payment processing solution aimed at enterprises and fintech firms. This solution caters to the needs of major organizations and facilitates cryptocurrency transactions with a seamless conversion to fiat cash.
Visa joins Coinbase for Crypto transactions
Visa's recent partnership with Coinbase allows eligible debit card customers in the United States and Europe to make instant cryptocurrency deposits and withdrawals. This is a major milestone for the cryptocurrency industry, demonstrating institutional acceptance and user friendliness.
Michael Saylor's Fake Trump Post Sparks Debate
Michael Saylor, CEO of MicroStrategy, mistakenly tweeted the false comment that “Bitcoin is money” to Donald Trump and endorsed the tax-free cryptocurrency. Although it was soon dismissed, the post illustrates the ongoing issue of misinformation in the cryptographic field. As one of the industry's most important players, Saylor's delay sparked a heated debate over the importance of data verification, especially in volatile markets like cryptocurrencies.
The United States recovered 19.3 million dollars from the recent hacking
The United States government recently recovered $19.3 million from a $20 million cyberattack, 88 percent of the money stolen. This result shows the efficiency of regulatory bodies in asset recovery, which gives some assurance about security improvements to the cryptocurrency industry.
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