Cryptocurrency Market has faced volatility during the last week. Where Bitcoin, which is the largest used coin for trading also covered market at large after long with value crossing $55,000 which made a tenure of massive rally. Whereas other Altcoins had followed the speed in largest cryptocurrency.
To come in picture, largest AltcoinEther had crossed a mark of $3600, where JP Morgan gave certain information to his clients suggesting that price action was at large the outcome of institutional investors who were in search of protection against inflation. Therefore, all this showed the interest amongst large investors of acknowledging merits of BTC when compared with gold.
The most famous cryptos as Polkadot had hold equally good in latest market up n downs. But Polkadot is yet in queue for initiating its parachain slot auctions. Dot would profit at large, in case such auctions start. Weak was also occurring concerning the macro news which was affecting the market of cryptocurrency. Certain reports affirmed that various protective funds have soon raised their holdings in asset class of Cryptocurrency.
Statement of US Federal Reserve
In Large turn of events, US Federal Reserve had effectively mentioned that there isn’t any planning for banning cryptocurrencies. Faith and potential is build up due to the action of certain policy makers in US who wonder and stand with the incredible potential of cryptocurrency and blockchain technologies that are going to flourish in near future. Set up of National Cryptocurrency enforcement team for protection against crimes in cryptocurrencies was suggested by the US Department of Justice for setting it up.
Ecosystem of NFT is spreading up as in Q3 2021 NFT sales volume had increased with 10.7 billion dollars. This is at large rise of 900 percent quarter on quarter. To this, Coinbase being the huge cryptocurrency exchange recently noted that around 6000 accounts were affected when their databases were being hampered by the hackers. For the same, Coinbase recently send letter to every 6000 expected and thought of being affected customers.
The social media interventions of influencers, continue to affect the cryptocurrency industry. Most popular influencer being Elon Musk, again made a buzz in the crypto market by introducing his pet dog Floki. With His single tweet over introduction and investment in Floki, made all Floki-themed cryptocurrencies to raise. The coin which benefited the most till the end of the week, was meme coin, Shiba Inu. This manipulation technique, continues to be of high concern for various investors, who are there for long in the cryptocurrency market. To support the week’s hikers, here is the detail list of top 5 crypto gainers:
• Shiba Inu, raised up to 275%
• KLAYTN, raised up to 37.38%
• Fantom (FTM) rose to 56.59%
• Harmony’s ONE Token by 31%
• SIA Coin raised by 36%
Whereas, Top 5 crypto losers are:
1. dYdX went down to 10.4%
2. eCash went down by 11.5%
3. Huobi token went down by 8.2%
4. Avalanche, AVAX token went down by 9.42%
5. XDC Network lowered by 7.3%
Therefore, it is very clear that social media influencers or huge business tycoons aid in raising the value of crypto coins at large and thus effect the investment decision of those investors who are there in the crypto world for long. Such investors help in economic growth of the country as well by trading at large with digital currencies. The only reason for worry of investors is the market manipulation technique attached with meme coins and that also gets sorted with rise in the value of respective coins.
Leave a Reply