Last week was definitely a positive one for the entire crypto market, as Bitcoin’s great price development seemed to boost altcoins performance, and many international regulators presented great initiatives that could potentially bring crypto closer to mass adoption. Without further ado, let’s see the best of the crypto world from the past seven days.
Starting with the price analysis of last week, which clearly shows a mildly bullish sentiment after last week’s healthy correction. Bitcoin (BTC) closed with more than 3% in the green, which means that the biggest cryptocurrency added a whopping $25B to its total market cap over the past seven days alone. Altcoins followed suit, with Ethereum (ETH), Terra (LUNA), and XRP (XRP) being among the best performers of the week, with 2%, and 9%, and 10% gains respectively.
The SEC alleged that Ripple Labs had raised over $1.3B through unregistered ongoing digital asset security offerings upon launching XRP back in the day. The case has been active since autumn 2020, but last week, a judge ruled that the SEC release documents that may prove it has selectively enforced regulations in the cryptocurrency industry, which could very well become a turning point in the gigantic case. Ripple Labs CEO Brad Garlinghouse also commented that he thinks the case suit the SEC is going “better than expected”.
The great news might be the direct reason behind the price jump of XRP, as investors also seem as hopeful and positive as the lawyers and executives of the firm behind one of the most popular crypto assets.
Russia’s Ministry of Finance submitted a finalized bill titled “on Digital Currency” which contains a detailed regulatory framework on the circulation of cryptocurrencies in Russia and suggests adopting crypto as legal tender. This is a huge step in Russia’s relationship with crypto, but a full-blown adoption stills seems far, as the country’s Central Bank does not seem to be keen on implementing the proposed policies in the short run.
Germany moves three spots on Coincub’s 2022 Q1 International Crypto Ranking Guide to become the world’s most crypto-friendly country. Coincub’s report cites the growing institutional adoption of crypto and the country’s progressive taxation as the main reasons behind Germany’s rise in the ranking. This is also great news for the European investors, as Germany has a significant say in how the EU approaches finance and, as such, digital currencies.
There you have it, the top crypto news of last week and their impact on markets. Keep an eye out for our recap next week, and let’s bring you up to speed about the most important and exciting events of the crypto world.
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