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 $1,765 trillion.
- Bitcoin increased by almost 2% after a highly volatile week.
- Ethereum is up by over 4% this week.
- XRP lost over 5% of its value in the past seven days.
- Almost all altcoins are trading in the red after a rough period.
- The DeFi sector lost roughly $2 billion from the Total Value Locked in protocols, which now stands at $68.91 billion.
Crypto Trends 21st – 27th February 2022: Market Analysis and Performance
The world stood and watched in shock as Russia invaded Ukraine on Thursday, February 24. Meanwhile, worldwide financial markets took a nosedive, and the crypto market did not make an exception. Most digital assets started bleeding heavily as they recorded massive sell-outs.
Fortunately, someone’s always there to buy the dip. And thanks to them, some of the cryptocurrencies recovered over the past few hours. Even the market capitalization managed to snatch back almost $20 billion and stay north of $1,75 trillion.
Rumors of a war breaking out have been around for three months. However, it was only in the past couple of weeks that they inflicted on financial markets. When the rumors turned real, every asset started plummeting, including stocks and the gold price.
Bitcoin dropped from nearly $40,000 to almost $33,000 in less than 24 hours. At that point, the king coin was ripe for dip buyers. Fortunately, the U.S., the U.K, and most E.U. states announced severe sanctions for Russia for its aggression. This helped boost most financial sectors, including the crypto market. BTC managed to regain the $39,000 level, but it is still subject to intense volatility.
Ethereum followed in Bitcoin’s steps and took a turn for the worse when news of the war broke out. The second crypto in command struggled to remain above the $2,000 level. And, it owes its recent, yet slight, recovery to the international community sanctioning the Russian invasion of Ukraine.
Altcoins & DeFi
Ripple’s XRP did not enjoy the same speedy revival as Bitcoin or Ethereum. On the contrary, XRP continues to trade in the red as we speak. Following a 5% value loss this week, the coin is trading at only $0.74.
Elsewhere, most altcoins are currently trading in the red. For example, Cardano dropped by 6% and Solana by 4%. Furthermore, Dogecoin is down by 8%, and Shiba Inu decreased by more than 5%.
On the other hand, Polkadot is among the few cryptocurrencies trading in the green following an increase of over 8%. However, the best performer is LUNA, with a massive 55% increase in value.
The Metaverse sector is also bleeding, with most projects losing precious value points. For example, Decentraland is down by 2%, and The Sandbox dropped by more than 6%. Lastly, Axie Infinity decreased by over 5%, and Theta Network lost 2%.
Crypto Market Analysis – What’s in the News?
- Ukrainian military raised over $4 million from crypto crowdfunding.
- BitConnect founder faces indictment over alleged $2.4 billion fraud.
- The police have confirmed the death of Apple store gunman demanding €200 million in crypto.
Next Week’s Crypto Market Forecast
These are delicate times for all financial sectors, not only the crypto market. It is difficult to foresee how the situation will evolve from here. Unfortunately, everything depends on the fast changes happening in the Russian invasion of Ukraine. We can only hope for peace and a quick return to normality.