Sunday, July 23, 2023

LAST WEEK’S ALTCOIN RALLY: CHAINLINK, XRP, XLM, STELLAR, AND TRX LEAD THE WAY

https://preview.redd.it/fv4hwmy8fodb1.png?width=1920&format=png&auto=webp&s=33b745339564fb0f79d9d7f64c5796bdf121989d

Introduction

In the fast-paced world of cryptocurrencies, last week witnessed a blistering altcoin rally that has now tapered off. While Bitcoin (BTC) and Ethereum (ETH) experienced slight dips in their prices, some altcoins managed to buck the trend and post notable gains. Among these winners were Chainlink (LINK), XRP, XLM, Stellar, and TRX, each of which showcased impressive performances over the past seven days.

Altcoin Performance

Bitcoin and Ethereum’s Minor Dips

Bitcoin, the leading cryptocurrency, saw a 1.5% drop in its price, settling at $29,869 according to CoinGecko. Ethereum, the second most popular coin, experienced a slightly larger dip of 2.5%, trading at $1,888 at the time of writing.

Solana and Avalanche Suffer Steepest Pullbacks

Among the major cryptocurrencies, Solana (SOL) and Avalanche (AVAX) endured the steepest pullbacks this week. Solana lost 9.8% of its value, sliding to $25.68, while Avalanche shed 8.1%, reaching $13.77.

Notable Altcoin Appreciations

Several altcoins managed to appreciate significantly during the week. Notably, Toncoin (TON) demonstrated strong growth, surging by 8.3% to reach $1.46. Stellar (XLM) was another standout performer, blowing up with a remarkable 23% increase, resulting in a price of $0.163126. Chainlink (LINK) also rallied impressively, surging by 15% to hit $7.98.

Chainlink’s Cross-Chain Interoperability Protocol (CCIP) Boost

Chainlink’s impressive rally was initiated by the launch of its Cross-Chain Interoperability Protocol (CCIP) on its mainnet. This groundbreaking protocol currently supports Avalanche, Ethereum, Optimism, and Polygon networks. Additionally, it is fully integrated with popular DeFi lending protocols such as Aave and Synthetix. Chainlink aims to serve as an onramp for traditional finance (TradFi) institutions to enter the world of tokenized digital assets.

News Highlights of the Week

G20 Watchdog’s Recommendations for Crypto Regulation

On Monday, the Financial Stability Board (FSB) of the G20 issued nine top-level recommendations for regulating crypto companies and markets. The FSB also presented revised recommendations regarding the oversight of stablecoins. These measures are designed to prevent large-scale crypto crashes and are the result of feedback from the FSB’s public consultation on the matter. The recommendations include calls for cross-border cooperation between regulators, governance requirements for crypto issuers, and mandatory disclosures for the industry.

SEC’s Review of Bitcoin Spot ETF Proposal

The U.S. Securities and Exchange Commission (SEC) has accepted Valkyrie’s Bitcoin Spot ETF proposal for official review. This is the second spot ETF application to progress to the next round, following BlackRock’s application on July 13. If approved, the ETF could provide traditional investors with an accessible avenue to invest in Bitcoin.

Nasdaq Delays Digital Assets Custodian Service

On Wednesday, Nasdaq, a major exchange operator, announced a delay in its plans to launch a digital assets custodian service. Nasdaq CEO Adena Friedman cited the shifting business and regulatory environment in the U.S. as the reason for the decision. However, Friedman reassured the market that Nasdaq remains committed to supporting the evolution of the digital asset ecosystem.

Bipartisan Bill for DeFi Services Compliance

A bipartisan group of Senators introduced a bill on Wednesday that aims to subject decentralized finance (DeFi) services to the same compliance rules as traditional financial firms like banks and centralized crypto exchanges. The bill’s primary objective is to prevent criminal activities, such as drug trafficking, and thwart the efforts of hostile state actors, including North Korea.

UK Treasury Rejects Crypto Trading as Gambling

The UK Treasury rejected a recommendation from the House of Commons Treasury Committee to classify crypto trading as gambling. The Treasury firmly disagreed with this classification, indicating that they view cryptocurrencies as a legitimate asset class and not merely speculative activities.

Republican Lawmakers’ Financial Innovation and Technology Act

On Friday, Republican lawmakers in Washington introduced the Financial Innovation and Technology for the 21st Century Act, a comprehensive 212-page bill. The act seeks to provide regulatory clarity to the crypto industry and establish a certification process for blockchain projects to be recognized as decentralized. The SEC would play a pivotal role in assessing the validity of these projects, while the act would also establish a disclosure regime for digital asset issuers.

Conclusion

The past week has been eventful in the cryptocurrency space, with altcoins shining brightly amid a minor dip in Bitcoin and Ethereum prices. Chainlink, XRP, XLM, Stellar, and TRX emerged as the standout performers, showcasing significant gains. Additionally, crucial developments in the regulatory landscape, ETF approvals, and industry initiatives indicate the ongoing maturation and evolution of the crypto market.


No comments:

Post a Comment