Senator Cynthia Lummis (R-WY) has given a specific date for when her long-awaited crypto regulator bill will be unveiled. The legislation will help to sort cryptocurrencies under appropriate regulatory labels and federal jurisdictions. According to a tweet from the senator on Friday, the final version of her bill will be released on Tuesday, June 7th. Lummis has spent months working on the bill alongside Senator Kirsten Gillibrand (D-NY), announcing it as early December 2021. The bill will reportedly provide sweeping…
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This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $1,892 trillion.
- Bitcoin is up by almost 2% after a short-lived bull run this week.
- Ethereum decreased by over 4% to trade again below $3,000.
- XRP is up by more than 20% after a good run over the past seven days.
- Almost all altcoins are trading in the red after a highly volatile week.
- The DeFi sector lost only $0.2 billion from the Total Value Locked in protocols, which now stands at $84.53 billion.
Crypto Trends 07th – 13th February 2022: Market Analysis and Performance
The crypto market had a surprisingly good week, or at least it seemed so until Sunday. Most assets followed an uptrend in the footsteps of Bitcoin, which recorded an 18% surge at one point. Even the market capitalization had regained the $2 trillion level.
Unfortunately, most of these gains disappeared on the last day of the week. The market cap dropped back at around $1.85 trillion, and most assets started trading in the red. At the time of writing, the crypto market is shrinking under immense volatility.
Bitcoin was trading at little over $41,000 last Sunday. Then, as the new week rolled out, the investors rejoiced as BTC started trading above $43,000. Furthermore, on Wednesday, it tried to overcome the $45,000 level. However, the celebrations didn’t last for too long as the king coin started bleeding. At the moment, its value boost amounts to only 1.35%, and BTC is trading at a little over $42,000.
Ethereum also had a good week up to one point. The second crypto in command was riding on the back of a 16% value increase mid-week. At that point, very few expected it to drop below the $3,000 level again. Nevertheless, the worst-case scenario happened as Ethereum started dropping. After a nearly 5% loss, ETH is trading at around $2,900.
Altcoins & DeFi
Generally, Ripple’s XRP goes down with the ship as soon as the crypto market takes on a bit of water. However, XRP went the opposite way of BTC and ETH this time around. In fact, it registered a 20% value boost, which took its trading price at $0.80. This is a big step for a coin that many expected to drop below $0.5 before March.
Elsewhere, most altcoins are trading in the red, as we speak. For example, Solana dropped by 17% and Polkadot by 11%. On the other hand, Avalanche is up by over 5% and Dogecoin by almost 4%. Meanwhile, Shiba Inu stole the show with a remarkable 36% value boost.
The Metaverse sector is also bleeding, with most projects losing precious value points. For example, Decentraland is down by 13%, and The Sandbox is down by 11%. Lastly, Axie Infinity dropped by 11%, and only Theta Network can celebrate a 6% value increase.
Crypto Market Analysis – What’s in the News?
- A white-hat hacker received $2 Million for fixing an ETH-Creation bug.
- Uber says it will “absolutely” accept crypto payments at some point.
- NYC Mayor opposes Bitcoin mining.
Next Week’s Crypto Market Forecast
The crypto market is still struggling to find its rhythm in 2022. After a poor start, it recovered and saw most of its assets trading in the green. Now, it shows signs of contraction again. Indeed, it seems that these yo-yo movements will continue for a bit longer. We can only hope that a long bull run is not too distant in the future.