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Crypto week at a glance: Bears continue to rule, Binance goes big on Twitter

New Delhi: Bitcoin and Ethereum dropped sharply from $38,000 and $2,800 on Monday to $35,000 and $2,600 on Saturday. On Sunday, it breached $35,000 and $2,600 levels.

Even though cryptocurrencies rose following the US central bank hike on interest rates, it was for a brief period. Bitcoin traded lowest on Saturday after Friday’s massive sell-off.

Ethereum is also trying to find its support between $2,600. While most of the cryptocurrencies are still running in the red, Dogecoin, Algorand, Axie Infinity, STEPN, have gained a decent growth.

Bearish trend continues

Since last month, Bitcoin has been on a bearish trend because of several macroeconomic factors taking place across the globe.

Firstly, post the US central banks announcement, it seems like investors and institutions have paused for a while, carefully taking a look at the situation. Secondly, the U.K’s retail sales have also dropped marginally, which has kept the crypto market down than usual.

When we also look at the Bitcoin futures contract, it has traded lower than the spot price for most of the month, which shows that market participants are being a little reluctant to open long positions on Bitcoin.

High hopes from ‘HOP’

On the other hand, in an exciting turn of events, Hop Protocol announces Hop DAO and an airdrop of $HOP token in the near future. Hop Protocol is a cross-chain bridge that aids in transferring tokens across various Ethereum layer 2 scaling solutions.

It is supposed to be a faster, cheaper method to bridge tokens. Early adopters are excited as this is the second scaling solution to announce an airdrop shortly after Optimism’sOptimism’s announcement.

Binance to invest in Twitter

The largest crypto exchange by trading volume, Binance promises $500 million to invest in Twitter alongside Elon Musk and 18 co-investors, according to the data of the United States Securities and Exchange Commission.

Binance CEO Changpeng Zhao took to Twitter, saying, “A small contribution to the cause”. On the other side, the crypto exchange also wins regulatory approval to run in France too.

Gucci accepts cryptos

Gucci, the most famous fashion brand, is all set to accept crypto payments soon in some parts of the US. The buyers can make payments by scanning the QR code.

The store will be accepting cryptocurrencies such as Bitcoin, Ethereum, Bitcoin Cash, Dogecoin, Litecoin, and Shiba Inu. This is a great step towards the acceptance of cryptocurrencies by the well-known brand.

Coming to the price movement, among the top 100 cryptos by market capitalization, here are the best and worst-performing cryptocurrencies of the past week.

Top crypto gainers and losers this week as of May 08 2022, 12.30 pm

Gainers for week

Algorand (ALGO): 24% up

Tron (TRX): 23% up

Curve DAO Token (CRV): 10% up

Helium (HNT): 7% up

Zilliqa (ZIL): 5% up

Top 5 crypto losers for week

ApeCoin (APE): 30% down

Cronos (CRO): 26% down

STEPM (GMT): 26% down

Nexo (NEXO): 19% down

Terra (LUNA) : 19% down

(Note: Analysis includes top 100 cryptocurrencies only. Source: Coinmarketcap)

(The author, Edul Patel is CEO and Co-founder of Mudrex)

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)

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