Weekly Crypto Review: Ripple Gains and Bitcoin Holds Steady
The crypto market has seen a range of developments this week, with crypto exchanges experiencing closures and troubles at hardware wallet manufacturer, Ledger. Despite this, there has been a lot of positive hype surrounding crypto news. In this article, we will explore the recent happenings in the crypto world, including Ripple’s upward price trend and Coinbase’s plea for proper crypto regulation in the US.
Bitcoin Price Update
Although the price of Bitcoin has not broken the pattern it has been in since March, it has actually fallen slightly to $27,200 at the time of writing. However, there is hope for the cryptocurrency. Former institutional investor PlanB thinks that Bitcoin is in a bull market if the price exceeds $ 29,500. That is a special resistance level formed by on-chain transactions.
One Bitcoin Satoshi is not the Other
While Bitcoin price has remained stable, ‘sat hunters’ have been on the hunt for rare units of BTC that are worth more than a whole Bitcoin. These units, known as ‘sats,’ are being fished out of purchasable coins. However, 1 BTC remains worth 1 BTC, even if the rare sats are fished out.
Ripple To $250?
The price of XRP has actually increased about 10% this week, making it one of the few green coins. This increase is partly due to network activity hitting a new all-time high this week. Ripple’s attorney John Deaton believes that Fear Of Missing Out (FOMO) will arise if the price breaks the $ 2 mark. Meanwhile, there are rumors that the price could reach $ 250, adding to the FOMO craze.
Coinbase Fights For Proper Crypto Regulation
Coinbase’s CEO, Brian Armstrong, believes that US policymakers need to implement proper crypto regulation in the United States to support innovation and ensure that China does not overpower the US. This comes after China has become increasingly open to crypto and blockchain. Meanwhile, the US Securities and Exchange Commission is still embroiled in lawsuits against US companies that seem to want to comply.
Popularity of Floki Inu in China
While the US struggles with crypto regulation, the memecoin Floki Inu is reportedly gaining popularity in China. The token would be used for the new video game, Valhalla.
The crypto world is alive with hype and FOMO this week as Ripple experiences an upward trend and Bitcoin holds steady. Meanwhile, Coinbase continues to fight for proper crypto regulation in the US.