This week on currencies: Bitcoin and Ethereum lead the biggest returns among high -end Cryptocurrencies

This week on money. By Mitchell Preffer for Decrypt.

Crypto markets have gained a bit, after all the disaster of the past week where more than 30% of the value comes from lead funds Bitcoin a Ethereumwhich has fallen to unprecedented levels since 2020.

Bitcoin has risen more than 10% in the past seven days, trading at $ 21,013 as of this writing, and Ethereum has returned to other countries, up more than 19 percent. % a $ 1,189.

Polygon’s Week is better: It’s up about 59% and better than $ .57, raised by the six weeks of the whale collection — according to data at the chains from. Opinion-challenge accepted The meeting was announced this week with the carbon market in the KlimaDAO chain.

Cryptocurrencies rose less than 40% in seven days Uniswap, up 45% to $ 5.33, and Shiba Inu, up 43% to $ 0.00001122. Right away, Avalanche added nearly 33%, to $ 20.10, and Solana rose nearly 33%, to $ 40.05.

In fact, every top 30 cryptocurrency executed will be returned by double digits over the weekend, with the exception of Cardano, which added 4% to hit $ 0.4845, and TRON, which rose 8%. % i $ 0.06445.

Bitcoin Cash actually fell 5.4% on the week, to $ 113.7 as of this writing, while TRON’s stablecoin USDD has been available for two weeks now sold it under his peg. It is currently at $ 0.9768.

‘Fragmentation’

It’s been a week of slow news, which may have helped the crypto market grow.

On Tuesday, the Bank for International Settlements (BIS), a global group of 63 major banks, closed. Financial Report for the Year 2022. The report said there are two major shortcomings of crypto: the need for a “nominal recognition” and “fragmentation.”

A “name anchor” applies to stablecoins, which hold their value in fiat currencies, such as the American currency (with different levels of exchange). BIS said the availability of stablecoins “demonstrates the importance of the crypto sector to restore the trust provided by the central bank issued.”

The report argues that cryptocurrencies cannot compete with the hegemony of central banks in providing a monetary component for the economy: “The fact that stablecoins should bring monetary confidence central banks highlight the shortcomings of crypto construction.Stablecoins are smaller than their issuers indicating that a non -crypto currency is better for good cryptocurrency.

The report also reveals that the “share” of the segment, many cryptocurrencies are competing for high status, while “most cryptocurrencies are the basis for a financial system.”

The BIS report highlights the usefulness of blockchain technology for central bank digital currencies, or CBDCs — state -issued stablecoins that are denominated in local currencies. It also points to Smart agreement Technology — to effectively execute financial agreements on blockchains — is one of the advantages of being able to “enable transactions between financial institutions to go beyond the traditional approach of central bank banks.”

The US and EU central bank head honchos, Jerome Powell a Christine Lagardeindependent debate over the regulation of cryptocurrencies this week, highlighting the rapid growth of the blockchain, on the side of economic problems, while both said crypto is not an immediate threat.

On Wednesday, U.S. Attorney Jim Himes (D-CT) released a statement explaining how the country could implement a CBDC, saying it could help keep the role of money as the world’s primary savings currency.

“The longer the United States government has to wait to accept this innovation, the more we fall behind other governments and private sector,” Himes said. spoken in a language. “Now is the time for Congress to think and move forward with legislation to approve a U.S. CBDC.”

The next day, Powell told House Committee on Finance to be received by the Legislature lead from the Fed how it can achieve a CBDC.

“We’re doing a lot of work,” he said, adding that when the Fed makes a policy advice, it’s up to Congress to draft appropriate legislation.

Finally, Arcane Research’s data has been made public Bitcoin miners, such as Marathon Digital and Riot Blockchain, sell Bitcoin is worth more than their currency last month — a significant change from the first four months of the year, when miners sold 30% of their profits.

Jaran Mellerud, a mining researcher at Arcane Research Bitcoin, wrote the report: “If they are forced to separate most of these bonds, it could help lower the Bitcoin price.”

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