Source: www.financialexpress.com
Bitcoin and Ethereum recorded a sharp drop in price from $38,000 and $2,800 on Monday to $35,000 and $2,600 on Sunday. On Sunday, the two cryptocurrency breached the $35,000 and $2,600 levels.
Although cryptocurrency prices rose after the US Central Bank raised interest rates, it didn’t last for long. Bitcoin traded low on Saturday on most cryptocurrency exchange platforms after Friday’s massive sell-off.
Ethereum is trying to find support at around $2,600. However, not all cryptocurrency have recorded a drop in cryptocurrency price. Dogecoin, Axie Infinity, Algorand, STEPN recorded significant growth.
Bearish Trend Persists
Since last month, Bitcoin price has been on a bearish trend. This can be attributed to a number of macroeconomic factors happening globally.
After the US central bank made the announcement, it’s like cryptocurrency investors, traders, and institutions have paused for a while to observe the impact on the cryptocurrency market. Retail sales have dropped in the UK, keeping the crypto market down than usual.
A closer look at the Bitcoin features contract reveals that the crypto has traded lower than the spot price for most of the month, a clear indication that crypto market traders are not willing to open long positions on Bitcoin.
“HOP” Spurs Hope
In some of the exciting news, the Hop protocol has announced Hop DAO and an airdrop of $HOP token in the near future. The Hop protocol is a cross-chain bridge that facilitates the transfer of tokens across different Ethereum layer 2 scaling solutions.
It will provide a cheaper and faster way of bridging tokens. Its early adopters are excited since this is the second scaling solution to announce news of an airdrop shortly after Optimism’s announcement.
DeFi coin Launches DeFi Swap and the Crypto Price Rises by 180%
DeFi Coin (DEFC) launched its decentralized cryptocurrency exchange platform, DeFi Swap, which saw the price of the coin surge by 180%. The exchange is meant to provide a deflationary token that can stand the test of time. This decentralized platform will provide crypto traders with everything they need to grow in the cryptocurrency world.
Source: www.reddit.com
DeFi swap allows crypto investors to buy and sell cryptocurrency in a decentralized and low-cost manner. DeFi Swap also provides its users with an opportunity to earn coins through farming and staking across several tokens and blockchain networks.
The project is based on the Binance smart chain blockchain. DeFi Swap is expected to push the price of DeFi Coin upwards.
Binance to Invest in Twitter
Binance, the largest cryptocurrency exchange platform by trading volume, has promised a $500 million Twitter investment alongside Elon Musk and 18 co-investors. This is according to data from the United States Securities and Exchange Commission.
Changpeng Zhao, Binance CEO, tweeted, “A small contribution to the cause.” The crypto exchange has also won regulatory approval to run in France.
Gucci Accepts Cryptocurrency Payments
Gucci, the most popular fashion brand, is about to start accepting cryptocurrency payments in some parts of the US. To pay with crypto, the buyers will only have to scan a QR code.
Source: www.breezyscroll.com
It will accept coins like Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dogecoin, and Shiba Inu. This is good news for the acceptance of cryptocurrency by major brands.
About the cryptocurrency price movement, the following are the gainers and losers of last week.
Gainers of the week:
- Algorand (ALGO): 24% up
- Tron (TRX): 23% up
- Curve DAO Token (CRV): 10% up
- Helium (HNT): 7% up
- Zilliqa (ZIL): 5% up
Top losers of the week:
- ApeCoin (APE): 30% down
- Cronos (CRO): 26% down
- STEPM (GMT): 26% down
- Nexo (NEXO): 19% down
- Terra (LUNA): 19% down
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