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Cryptocurrencies Market Update ➡️ Solid ECN
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[QUOTE="Solid ECN, post: 206274, member: 83167"] [HEADING=1][JUSTIFY][B]Cryptocurrency market review[/B][/JUSTIFY][/HEADING] [JUSTIFY]The cryptocurrency market has been actively growing this week. BTC is currently trading at 44200.00 (+6.3%), ETH is at 3140.00 (+8.2%), USDT is at 1.0003 (-0.01%), BNB is at 415.00 (+5 .7%), and USDC is around 0.9994 (-0.03%). The total market capitalization has grown to 2.004T dollars, while the share of BTC has decreased by 41.8%. The crypto market is growing as investors remain hopeful that the current geopolitical tensions, rising inflation, and the war of sanctions will lead to greater adoption of cryptocurrencies and popularize them both among ordinary citizens and large institutional investors. Although regulators sent negative signals to the market during the week, members of the crypto community are optimistic. Arthur Hayes, the co-founder of the BitMEX cryptocurrency exchange, noted that due to global uncertainty, digital assets would also become popular among ordinary citizens since, unlike the dollar, they have a limited supply and are less subject to inflation. Galaxy Digital CEO Mike Novogratz said that cryptocurrencies are insurance against the authorities' actions pursuing an inefficient monetary policy. For example, Novogratz cited the United States and Turkey, whose leadership cannot cope with inflation and makes citizens go to BTC as a more reliable asset. On the other hand, the expansion of the digital asset market raises the issue for the authorities to determine clear rules for its functioning, and their development can significantly limit the freedoms that have developed in the cryptocurrency community. This week, the head of the US Federal Reserve, Jerome Powell, confirmed that cryptocurrencies in general and stablecoins, particularly, carry risks for the existing financial system. He stated that many digital assets could be unstable in stressful economic conditions, and investors who buy them do not realize the scale of possible losses. Powell added that digital financial activity would soon be subject to regulation, which is necessary to level the playing field in the market and protect investors' rights. Officials of the Bank of England adhere to a similar opinion. The British regulator has published a report that the further adoption of cryptocurrencies may carry financial risks. The bank also requested additional powers to regulate the digital sector and called on private financial institutions to exercise maximum caution when dealing with digital assets. The Securities and Exchange Commission of Thailand announced a ban on the use of digital currencies for payments in the country. This decision was justified by the wide possibilities of fraud, but there is no talk of a complete ban on cryptocurrencies yet. From the news of the crypto industry, it is also worth noting that the Coinbase exchange announced the launch of the staking of the Cardano coin, which led to an additional increase in the currency. The annual income from staking will be 3.75%, and users will be able to withdraw their assets from the service. European investment company CoinShares, together with the FTX exchange, is launching a new investment product backed by Solana tokens, called CoinShares FTX Physical Staked Solana. Previously, CoinShares has already released similar products but with the support of Polkadot, Cardano and Tezos. Ripple continues to expand its presence in the financial sector, despite the ongoing process against the US Securities and Exchange Commission (SEC). Currently, 55 of the world's leading banks use the company's technologies for making cross-border payments, and one of Canada's leading banks, the Canadian Imperial Bank of Commerce, has recently joined the company. Next week, quotes of most cryptocurrencies may consolidate or continue to grow.[/JUSTIFY] [/QUOTE]
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