hours to $19.4K. Quotes have stabilised near the lower bound of the three-month
range. Ethereum gained temporary support after falling below $1300 and is up 6.7% in
24 hours. </p><p class=“MsoNormal“>XRP jumped 28% overnight and 66% over the
week to $0.54, posting the highest gain among top-100 cryptocurrencies. There
are rumours that crypto whales have switched from ETH to XRP after the SEC and
Ripple Labs asked the court to speed up hearings for their case.</p><p class=“MsoNormal“>Other top altcoins are rising between 4.5%
(BNB) and 7.1% (DogeCoin).</p><p class=“MsoNormal“>Despite this upward move, the technical
picture does not yet point to a break in the downtrend, and widespread monetary
policy tightening leads us to expect further pressure on markets.</p><p class=“MsoNormal“>On the other hand, we see precious metal
prices rising with a 5% increase in crypto market capitalisation over the past
24 hours. This could be the start of a new trend, where investors are looking
at alternatives as a safe haven for capital due to concerns over the solvency
of countries.</p><p>News background</p><p class=“MsoNormal“>Changpeng Zhao, CEO of the world’s largest
cryptocurrency exchange Binance, said bearish trends are common and healthy for
the crypto market. He said the crypto industry still has room to grow, while
inflation and rising energy prices have drawn attention to cryptocurrencies.</p><p class=“MsoNormal“>According to Oklink, the recent drop in
Ethereum resulted from miners‘ activation. Mining pools have dropped almost
17,000 ETH in the last seven days alone.</p><p class=“MsoNormal“>The final version of the European Draft
Crypto Asset Markets Act (MiCA) equates NFTs with securities. Technically, the
MiCA is still open for amendments, but other reports suggest that the European
Union has finalised the bill’s full text.</p>
This article was written by FxPro FXPro at forexlive.com.
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