Skip to content Skip to sidebar Skip to footer

A Slow Week for Bitcoin and Ethereum is Coming to an End

Over the course of the day, 57 of the top 100 cryptos were trading in positive territory, making it the most evenly balanced and stationary period for digital currencies in recent weeks.

Coins such as bitcoin and Ethereum were generally flat on Friday morning after two days of contrasting performances on the news that US President Joe Biden signed an order directing US government agencies to examine whether to establish a central bank digital dollar, among other crypto-related concerns.

Bitcoin dropped 0.5 percent to US$39,177, bringing it back below the $40,000 mark. Ethereum, Bitcoin’s main rival, gained 0.4 percent to $2,607, bringing it back above the US $40,000 milestone.

When Treasury Secretary Janet Yellen announced the news on Wednesday, cryptocurrency prices skyrocketed, but the rally was short-lived.

Cryptocurrency getting around Sanctions 

In other news, the head of the FBI, Christopher Wray, said that fiat currencies were a more likely way for Russia to get around Western sanctions because the US has the power to stop efforts to use cryptocurrency.

Terra, Avalanche, and Polkadot, on the other hand, increased by 4.2 percent, 3.5 percent, and 4.5 percent on the day, respectively.

In addition to advancing by 3.0 percent, Elrond moved by 10.5 percent, and Zcash advanced by 8.6 percent, all of which were outside of the top 20.

Despite the fact that the world of digital currencies is a mixed bag of red and green, BNPB and Shiba Inu were the biggest losers in the top 20, with 1.3 percent and 1.7 percent, respectively, falling out of the top 20.

Fantom and Waves both had large value declines, with Fantom losing 5.0 percent and Waves losing 7.4 percent, respectively.

Over the course of the day, 57 of the top 100 cryptos were trading in positive territory, making it the most evenly balanced and stationary period for digital currencies in recent weeks.

***

Leave a comment