Bitcoin and Ethereum Stable, XRP and Solana See Price Movements

In a week filled with cryptocurrency headlines, it was notable that Bitcoin and Ethereum, the market leaders, remained relatively stable. This suggests that cryptocurrencies are less reactive to the news cycle compared to the volatile bull run and subsequent crash of 2021 and 2022. Bitcoin grew by a modest 2.7% over the week, reaching a two-month high of $28,000, while Ethereum lost 2.1% and traded at $1,636.

Despite Ethereum’s weak performance, there were positive announcements, including a UBS asset tokenization trial supported by the Monetary Authority of Singapore (MAS) and the launch of nine Ethereum Futures ETFs in the U.S. Grayscale also revealed its plans to convert its Ethereum trust into a spot ETF, following its courtroom victory against the Securities and Exchange Commission (SEC) regarding its Bitcoin trust.

Speaking of the SEC, the regulatory body lost an appeal in its lawsuit against Ripple, the progenitor of XRP. The court upheld that selling XRP to retail consumers does not breach American securities laws. Ripple also obtained a Major Payments Institution license from MAS. However, this positive news was overshadowed by XRP’s 1.6% decrease in price over the week.

Two cryptocurrencies stood out with significant price movements. Avalanche (AVAX) and Solana (SOL) rallied by around 15%. Solana hit a new 2023 high for its total value locked (TVL) at $338.82 million.

In other news, Coinbase secured a Major Payment Institution license from MAS, building on the In-Principle Approval it received last year. The British Treasury aims to launch a Digital Securities Sandbox by the end of Q1 2023, allowing for controlled testing of innovative products in the market. Hong Kong’s police force and Securities and Futures Commission launched a joint task force to monitor illegal activities on crypto exchanges after the suspension of trading on the JPEX exchange, which was involved in a significant financial fraud case.

Additionally, both Starbucks and the Museum of Modern Art embraced the trend of non-fungible tokens (NFTs) by launching their own NFTs.

Source: Crypto Briefing, Chainalysis