The crypto market had a busy week, with most of the crypto assets showing a high degree of fluctuation. The world’s oldest cryptocurrency, Bitcoin, dropped by over 4 per cent during the week while Ether shed over 8 per cent.
XRP witnessed a mega rally due to the positive news around the ripple lawsuit and jumped by 30 per cent during the week. The third consecutive rate hike announced by the US Federal Reserve will have a significant impact on the crypto market in the coming weeks.
Here are some important crypto developments of the week:
Iran’s tryst with CBDC
Iran’s central bank has started CBDC trials to turn banknotes into programmable currency. The crypto rial will be a digital version of the country’s fiat currency, which could be a game changer for the country’s digital economy.
Iran recently approved a detailed regulatory framework for cryptocurrency, and the authorities have also restarted the process of providing licenses to the crypto miners under the new law.
UK government introduces new bill for crypto
The United Kingdom’s government announced a new bill to counter money laundering and fraud by empowering the authorities to scrutinize the crypto assets deployed for illegal activities. The proposed legislation is expected to wipe out the dirty money from the country and prevent crypto-related fraud.
Coinbase gets a license to operate in the Netherlands
Crypto exchange Coinbase has secured a license to offer full spectrum crypto services in the Netherlands. The Dutch regulator approved the Nasdaq-listed crypto exchange to operate in the Netherlands.
The Netherlands is a booming market for crypto-related products, and more crypto companies are expected to explore the huge business potential of the European market shortly.
Top 5 gainers of the week (as of 14.00 hours IST on September 25, 2022)
-Reserve Rights (RSR): 33% up
-Algorand (ALGO): 28% up
-XRP (XRP): 26% up
-Compound (COMP): 14% up
-Chiliz (CHZ): 11% up
Top 5 losers of the week (as of 14.00 hours IST on September 25, 2022)
-Terra Classic (LUNC): 25% down
-Toncoin (TON): 20% down
-Ravencoin (RVN): 17% down
-EOS (EOS): 16% down
-Unus Sed Leo (LEO): 15% down
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