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Highlights
- Major cryptos, including Bitcoin, Ethereum, Cardano, Solana, etc., relatively fared well this week as compared to previous week.
- Even meme tokens like DOGE and SHIB saw a surge in their prices over the last seven days.
- Meanwhile, US-based agencies like CFTC and FDIC have called for regulating the digital asset market as they pose risks to both the investors as well as financial systems.
The global crypto market performed relatively well this week following positive news from Russia, which is now working on regulating these new-age digital assets instead of putting a blanket ban on them.
Do Read: Why is Russia tightening the screws on crypto instead of banning it?
The total crypto market volume was recorded at US$113.78 billion in the last 24 hours, a jump of 46.12% from previous day.
Source: © 2022 Kalkine Media®
Bitcoin makes a comeback over the week
The world’s oldest and the most popular cryptocurrency, Bitcoin, though witnessed a dip by nearly 2% since Thursday to US$43,213.01, it relativity had a smooth run throughout the week, i.e., the crypto climbed by 16.19% over the last seven days.
Must Read: Bitcoin: Why is its price surging? Will it touch $60K mark again by 2022 end?
The token saw a downfall last month when its price hovered around US$35,000. However, since the beginning of February 2022, Bitcoin has started recovering, driven by a rise in institutional demand.
How are altcoins performing?
Other major cryptos, too, did fairly well during the week. Ethereum, another hugely popular crypto, surged by 13.80% over the last seven days and is currently trading at US$3,051.87.
XRP, Cardano and Solana rose by 34.73%, 7.93% and 2.98%, respectively, during the week. Similar trends were demonstrated by tokens like AVAX, DOT and MATIC, which all have recorded growth over the last seven days.
Coming to meme cryptos, canine-based digital currency Shiba Inu witnessed a growth of nearly 46% over the week, thereby sending cheer among its ardent admirers.
Related Read: What’s behind Shiba Inu’s latest spike? More steam in memecoin’s rally?
Initiatives being taken to regulate cryptocurrencies
As major cryptos attain decent growth since last week, agencies like US-based CFTC, i.e., Commodities and Futures Trading Commission, are working towards regulating these new-age digital assets.
Interesting Read: Where does the U.S. stand on cryptocurrency regulation?
Rostin Behnam, CFTC Chairman, opines that the body is well positioned to offer protection to investors against risks associated with these cryptocurrencies.
Meanwhile, the Acting Chairman of the Federal Deposit Insurance Corporation has stated that the priority focus for 2022 would be cryptos and risks involved as they might impact the safety and soundness of the financial system.
Bottom Line
Though cryptocurrencies are witnessing a winning streak after dipping for a while, crypto investors must always be cautious and keep in mind that they are investing at their own risk, for this market is very volatile and speculative.
