Bitcoin barely budged, but rendering and SHIB surge

This week in coins

This week in coins. Illustrated by Mitchell Preffer for Decoding.

After dipping for a short time last weekBitcoin and Ethereum continue to grow steadily into 2023 with modest gains this week. Meanwhile, however, several other top cryptocurrencies have posted sizable rallies.

Bitcoin (BTC) is up just over 1% of its value in the past seven days, currently trading just above $23,400. Bitcoin Mining Difficulty Reaches High new all-time high this week as miners continue to deploy more hardware to mine the largest cryptocurrency by market capitalization, despite the sector being hit by soaring energy prices and a flurry of recent bankruptcies.

The share price of Bitcoin-exposed cloud software company MicroStrategy is up nearly 100% since the start of 2023 and 12% increase in five days this week. MicroStrategy President Michael Saylor is a huge Bitcoin speculator and has filled the company’s war stock with 132,500 BTC—worth more than $3.1 billion today.

Ethereum (ETH) has gained 5% and is currently trading at around $1,680, according to data from CoinGecko. Network on Wednesday have tested the withdrawal feature about the highly anticipated upcoming Shanghai upgrade, which will eventually allow validators to withdraw their earnings. Validators must deposit 32 ETH (worth almost $54,000) to validate transactions and earn rewards.

Both market leaders embed briefly on Monday in anticipation of another rate hike by the Federal Reserve. Last year, the US central bank raised interest rates by 75 basis points—the biggest increase since 1994—four times in total, before ending the year with another 50 basis point hike. Cryptocurrency price quick recovery on the news of the latest increase, announced on Wednesdaythat’s just 25 basis points.

The MATIC token of the Ethereum Polygon extension network is up nearly 10% on the week to trade at $1.27 at press time. Many individual NFTs were sold on polygon than Ethereum through the leading marketplace OpenSea for second month in a row in January, according to Dune’s analysis, amid the growing push for Web3 brands and games on the platform.

OpenSea Ethereum Top Polygon NFT Sales for Second Month in a Row

Other notable rallies among the top 30 cryptocurrencies by market cap include Ethereum Classic (ETC), up 9% to around $24, Cosmos (ATOM) also up 9% to under 15 dollars, Litecoin (LTC) is up 12% to around $99, and the popular Ethereum-based meme token Shiba Inu (SHIB) is up 29% to $0.00001513 as of this writing.

Render (RNDR), the token behind the blockchain-based distributed rendering solution Render Network, has skyrocketed by one 95% eye-catching this week after a new foundation was established and the DAO voters adopted a new token model.

Meanwhile, holders of the LEO (LEO) token have suffered a hefty 11% loss this week. The official utility token of crypto exchange Bitfinex currently trades at $3.41.

Finally, on the political front, the UK Treasury on Wednesday outlined a regulatory regime for crypto businesses in the UK. The proposal says that companies looking to set up shop in the UK will need to get permission from regulators. The Treasury also acknowledges the need to provide cryptocurrency.”unique features.”


News7F: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button