As an experienced analyst, I’ve been closely monitoring the crypto market for quite some time now. This week has undeniably brought about significant developments that have piqued my interest and those of many investors. Let me walk you through some of the major happenings within the realm of Bitcoin (BTC), Ethereum (ETH), XRP, and Terra Luna (LUNC).
In the world of cryptocurrencies, another week has come to an end, generating significant buzz among investors. Bitcoin (BTC) and Ethereum (ETH) experienced extreme price swings, while XRP and Terra Luna (LUNC) have recently drawn attention due to their innovative developments in the field of cryptography.
Here’s a closer look into the major developments that unfolded within the crypto realm this week.
Bitcoin & Ethereum Battle Crypto Market Turbulence
As an analyst, I’ve observed significant volatility in the cryptocurrency market this week. Bitcoin, in particular, experienced a notable dip, reaching a price of $66K on its weekly chart. Likewise, Ethereum mirrored this trend, with its weekly chart reflecting a fall to the $3,500 price level.
Although the recent U.S. Producer Price Index (PPI) data suggests a decrease in inflation, and there’s optimism from the latest Consumer Price Index (CPI) figures, the cryptocurrency market has shown lackluster performance this week. Bitcoin Exchange-Traded Funds (ETFs) have experienced withdrawals following previous inflows.
As a researcher observing the financial markets during this downturn, I came across an interesting announcement from Microstrategy’s CEO, Michael Saylor. Amidst the bearish market conditions, he announced plans to raise $700 million through senior convertible notes offerings. The ultimate objective: To acquire more Bitcoin for his company.
XRP News
This week, Ripple, the company backed by Ripple Labs, has made several significant strides. In collaboration with Archax, they have boosted the capabilities of the XRP Ledger, making it a frontrunner in the real-world asset (RWA) tokenization sector. Additionally, Ripple announced the launch of the XRPL EVM Sidechain, which grants Ethereum Virtual Machine (EVM) compatibility to the XRP Ledger.
Instead of “On the other hand,” you could use “However” or “In contrast.” Regarding the latest news, XRP Healthcare announced the appointment of Whitney Lynn as its new chairman. The week’s most noteworthy event was the SEC’s assertion that Ripple’s arguments regarding penalties and injunctions were insufficient, potentially endangering the XRP price. On a different note, XRP lawyer Bill Morgan criticized the SEC for their allegedly inappropriate stance towards Ripple Labs.
Terra Luna Advances
As a crypto investor in Terra Luna Classic, I’m excited to share that our community recently approved a proposal backed by Genuine Labs to distribute 256 million LUNC tokens as compensation for the development work carried out within our ecosystem. Additionally, we are now in the process of voting on another proposal to revise and implement a LUNC burn tax distribution.
This week, Terra Luna Classic is planning to introduce the Tax2Gas proposition, which will eliminate the necessity for separate handling of tax calculations on my end.
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2024-06-16 08:36