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Weekly Price Analysis: Total Crypto Market Cap Gains By 27%

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May 31, 2021 at 11:32 // News

Is the cryptocurrency market recovering after a drop?

The last week in May was a bullish period for the entire cryptocurrency market. The entire cryptocurrencies opened the week with the total market capitalization of $1.23 trillion, it kept on increasing and it is now standing at $1.558 trillion, indicating a gain of about 27%.

Screenshot_2021-05-30_Global_Cryptocurrency_Market_Charts_CoinMarketCap.png

Top gainers and losers of the week

In the past 7 days, some tokens such as Doge Token (DOGET) increased dramatically as higher as 623149.72%, Crypto Village Accelerator (CVA, +1355%), Pegazus finance (PEG, +1043%), BlossomCoin (BLOSM, +825%), and Bezoge Earth (BEZOGE, +624%). 

Screenshot_2021-05-30_See_The_Top_Crypto_Gainers_And_Losers_Today_[Updated]_CoinMarketCap.png

However, not all cryptocurrencies enjoyed the week. We have seen the prices of several cryptocurrencies touch the ground. For instance tokens like Bogged Finance (BOG) declined by about 99.99%, Polar (POLARV3, -97.66%), Zurcoin (ZUR, -97.07%), JustLiquidity Binance (JULB, -81.77%), and Amun Bitcoin 3x Daily Short (BTC3S, -80.49%).

Among the top 100 coins, the best performer of the week was Polygon (MATIC) with a 7d gain of over 84.29%, followed by BakeryToken (BAKE, +72.37%), Enjin Coin (ENJ, +59.16%), Helium (HNT, +54.43%), and THORChain (RUNE, +43.69%). Last time the best performer was TrueUSD (TUSD, +0.15).

Screenshot_2021-05-30_Polygon_price_today,_MATIC_live_marketcap,_chart,_and_info_CoinMarketCap.png

Also, the top losers among the top 100 tokens globally were Internet Computer (ICP is among the top 10 coins by market cap) that dropped by about 19.4%, followed by Synthetix (SNX, -14.42%), Waves (WAVES, -13.3%), UNUS SED LEO (LEO, -9.79%), and Revain (REV, -7.02%). Last time, the worst performer was 3X Long OKB Token (OKBBULL, -98.28%) and SHIBA INU (SHIB).

Screenshot_2021-05-30_Internet_Computer_price_today,_ICP_live_marketcap,_chart,_and_info_CoinMarketCap.png

Bitcoin is struggling to recover

The week was also not friendly to Bitcoin, the world’s biggest cryptocurrency by market cap. In the past 7 days, the price of Bitcoin touched a low of $31,227.34 and a high of $40,782.08. The price may seem good to many since it is still trading above other rival coins such as Ethereum that is currently trading at $2,436 (with a 7d gain of +20.28%.

BTC is changing hands at $35,770  which is a big loss to several investors who predicted further growth after the coin registered a new all-time high of $64,000 in April. Unfortunately, the rally has ended with Bitcoin declining by over 44.65%, and it’s hard to predict its next price movement. 

However, at the beginning of the week, BTC had a market cap of $602.681 billion but at press the MC is standing at $674.314 billion, indicating that the coin is experiencing a positive trajectory.

Screenshot_2021-05-30_Bitcoin_price_today,_BTC_live_marketcap,_chart,_and_info_CoinMarketCap.png

At the beginning of last week, Bitcoin had a trading volume of $67,359,584,098, but as of now, its volume is $45,199,631,557, indicating a heavy fall of about 33% in just 7 days. In the last 24 hours, its volume has plummeted by over 11.72%. This shows how high volatile cryptocurrencies are.

Bull run among the giant coins

Among the top 10 cryptocurrencies by MC, the best performer is Uniswap (UNI) that has gained over 44.5% in the past 7 days, followed by Binance Coin (28.96%), Cardano (ADA, +28.81%), Ethereum (ETH, 17.43%) and Ripple (XRP, 10%). Last time it was only Tether and USD Coin that had survived the 7d bearish trend.

Screenshot_2021-05-30_Cryptocurrency_Prices,_Charts_And_Market_Capitalizations_CoinMarketCap.png

Also, ICP and Dogecoin (DOGE, -3.57%), USD Coin (USDC, -0.07%) and  Tether (USDT, -0.02%) are the worst performers among the top 10 coins. 

Source: https://coinidol.com/weekly-crypto-market-cap/

Blockchain

SEC chief Gensler now eyeing crypto staking and ‘poker chip’ stablecoins

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In recent weeks, the U.S. Securities and Exchange Commission [SEC] has brought several crypto companies into the regulatory spotlight. Coinbase was warned about its high-interest crypto-product Lend, with the SEC threatening to sue if it launched.

Unsiwap also felt the heat as it was reportedly investigated. Meanwhile, the SEC vs Ripple lawsuit saw the court denying Ripple’s request for documents revealing SEC’s trading policies on digital assets.

Even as these events unfolded, SEC Chair Gary Gensler spoke to Washington Post journalist David Ignatius about cryptocurrency and the SEC’s powers.

Cop on the beat

Gensler first stressed that crypto tokens were a “highly speculative asset class” and defended his dedication to investor and consumer protection. He admitted that the SEC had a broad definition of securities and that it gave the agency a “great deal of authority.”

Encouraging crypto trading platforms to come in for SEC registration, Gensler said,

“Now, not many have, and so I do really fear that we’ll keep bringing these enforcement cases, but there’s going to be a problem. There’s going to be a problem on lending platforms or trading platforms. And frankly, when that happens, I think a lot of people are going to get hurt.”

Gensler also voiced concerns about staking and added,

“We’ll also be the cop on the beat and bringing those enforcement actions, as well.”

Coming to stablecoins, Gensler used his familiar crypto-Wild West comparison and likened stablecoins to poker chips at the casino. He also explained that though the SEC had “robust authorities,” there were some gaps. He hinted the agency might work with the U.S. Congress to regulate stablecoins.

Notes on Evergrande

With liabilities worth around $300 billion, the crisis of Evergrande, China’s second largest property developer, has shocked the world market – and the crypto sector. Soon the Hong Kong-based, dollar-pegged stablecoin Tether [USDT] came under scrutiny. The company had to confirm that it did not hold commercial papers, debts, or securities issued by Evergrande.

Ignatius also asked Gensler whether Evergrande could affect the American market. Gensler just confirmed that Evergrande was not registered and did not trade on American capital markets.

However, he added,

“…it is possible, from time to time, that we too in America will react to other economies’ and nations’ shocks. And particularly China’s economy is so large relative to Europe’s or our own.”

In essence, the interview came with a familiar promise for crypto innovators and traders. Referring to warning signs and flashing lights signaling a spill in aisle three, Gensler said he would rather “get ahead of it.”

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Source: https://ambcrypto.com/sec-chief-gensler-now-eyeing-crypto-staking-and-poker-chip-stablecoins

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Robinhood to Launch Crypto Wallet in 2022

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You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

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Source: https://cryptobriefing.com/robinhood-to-launch-crypto-wallet-in-2022/?utm_source=main_feed&utm_medium=rss

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Blockchain

Denied: Ripple’s request for documents on SEC’s ‘trading policies governing digital assets’

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In what seems like an apparent win for the United States Securities and Exchange Commission [SEC], Ripple‘s request for documents detailing the watchdogs’ “trading policies governing digital assets” has been denied by Judge Sarah Netburn.

As per the ruling provided by attorney James K. Filan, the US magistrate judge declined to grant the defendants access to documents that would prove whether SEC employees were carrying out transactions in Bitcoin, Ether, or XRP, as it was more likely to “cause confusion” than provide any relevant findings.

The regulator had previously been ordered by the court to present its crypto trading policies, leading to the revelation that none existed at the time that it began investigating Ripple. The crypto firm in turn contended that when its representatives had met with the SEC counsel last month, the latter had stated that since formal investigation against Ripple began in 2019, SEC employees were barred from trading in XRP.

Although, any formal documentary evidence backing up this claim is yet to be produced by the regulator despite being compelled by the court, according to Ripple’s claims. Additionally, Judge Netburn’s analysis in the denied motion summarized the firm’s request as,

“Defendants argue that individual trading decisions will, at a minimum, expose the lack of
clarity regarding XRP’s status and whether the SEC believed XRP to be a security. Such
evidence arguably would undermine the SEC’s allegations that the Individual Defendants acted recklessly and would bolster the Defendants’ fair notice defense.”

However, Netburn does not believe such an argument to be pertinent to the case, as the motion added that,

“Defendants have not shown that such individual trading decisions bear on the issues in this case. Although the SEC’s policies (or absence of policies) may provide relevant evidence related to fair notice or recklessness, how an Ethics Counsel viewed a trading decision is more likely to cause confusion or create collateral litigation disputes.”

In addition to this, Netburn also noted that SEC employees’ financial conduct disclosures are protected under the Privacy Act, and Ripple is yet to provide proof that suspending these statutory protections would make a material difference to the case.

In his tweet regarding the recent decision, Attorney, James K. Filan, also noted that,

“The Court directed the SEC to provide Defendants any documentation supporting SEC counsel’s statement during the August 25, 2021 meet and confer that, after the formal order of investigation was issued as to Ripple on March 9, 2019, SEC employees could no longer trade XRP.”

While the SEC’s individual trading records might be out of bounds for Ripple now, this recent motion reaffirmed that the watchdog still has to provide documentation that would prove its claims that agency employees were barred from trading XRP in 2019. Even as this fight has been won by the SEC, the war between the two is far from being over.

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Source: https://ambcrypto.com/denied-ripples-request-for-documents-on-secs-trading-policies-governing-digital-assets

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