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This Week in Coins: Steady Week for Bitcoin and Ethereum Toncoin Balloons 23% [ad_1] Illustration by Mitchell Preffer for Decrypt. It was another week of fairly stable prices for leading cryptocurrencies. Bitcoin (BTC) grew 3% over the seven days and started Saturday trading at $26564 while Ethereum (ETH) remains more or less at the same price it was seven days ago at $1636. Ethereums growth may have been hobbled by reports that its supply recently turned inflationary (meaning more Ether is issued than burned) in one of few such periods since the Merge in September 2022 . Last week Ethereums supply increased by 4092 ETH tokens worth around $6.6 million per Ultrasound.money data . The leading cryptocurrencies traded sideways all week even after the U.S. Bureau of Labor Statistics (BLS) latest Consumer Price Index (CPI) on Wednesday revealed that inflation had risen a fraction above economists projections last month due to rising gasoline prices. Only three cryptocurrencies posted any...
This Week in Coins: Steady Week for Bitcoin and Ethereum Toncoin Balloons 23% [ad_1] Illustration by Mitchell Preffer for Decrypt. It was another week of fairly stable prices for leading cryptocurrencies. Bitcoin (BTC) grew 3% over the seven days and started Saturday trading at $26564 while Ethereum (ETH) remains more or less at the same price it was seven days ago at $1636. Ethereums growth may have been hobbled by reports that its supply recently turned inflationary (meaning more Ether is issued than burned) in one of few such periods since the Merge in September 2022 . Last week Ethereums supply increased by 4092 ETH tokens worth around $6.6 million per Ultrasound.money data . The leading cryptocurrencies traded sideways all week even after the U.S. Bureau of Labor Statistics (BLS) latest Consumer Price Index (CPI) on Wednesday revealed that inflation had risen a fraction above economists projections last month due to rising gasoline prices. Only three cryptocurrencies posted any...
This Week in Coins: Steady Week for Bitcoin and Ethereum, Toncoin Balloons 23% [ad_1] Illustration by Mitchell Preffer for Decrypt. It was another week of fairly stable prices for leading cryptocurrencies. Bitcoin (BTC) grew 3% over the seven days and started Saturday trading at $26,564, while Ethereum (ETH) remains more or less at the same price it was seven days ago at $1,636. ​​ Ethereum’s growth may have been hobbled by reports that its supply recently turned inflationary (meaning more Ether is issued than burned) in one of few such periods since the Merge in September 2022 . Last week, Ethereum’s supply increased by 4,092 ETH tokens worth around $6.6 million, per Ultrasound.money data . The leading cryptocurrencies traded sideways all week, even after the U.S. Bureau of Labor Statistics’ (BLS) latest Consumer Price Index (CPI) on Wednesday revealed that inflation had risen a fraction above economists’ projections last month due to rising gasoline prices. Only three cryptocurrencies posted any notable price movement this week. Two tokens rallied: Bitcoin Cash (BCH) grew 11.5% to $213.79, while Toncoin (TON) blew up 23% to trade at $2.20. TON’s explosive price movement this week was catalyzed by news on Wednesday that its parent company—Telegram—has integrated The Open Network blockchain’s Web3 wallet into its messaging app , bringing easy access to TON for the app’s 800 million users. The move represents a symbolic win for Telegram. Technically, the company withdrew from involvement in TON in 2020 after litigation by the U.S. Securities and Exchange Commission. Telegram was accused of offering unregistered securities in the form of a token called Gram. It settled with the SEC by paying a fine of $18.5 million and returning unspent funds to investors. One cryptocurrency notably depreciated over the week: Stellar (XLM) fell 9.3% to trade at $0.118263 at the time of writing. Its poor performance this week appears to be a correction from last week , when XLM rallied 10% off the back of a tweet that promised “ something cool ” in ten days. Was it a major network overhaul? Nope, it was a big-budget commercial with Idris Elba. In the news: adoption! There were more encouraging signs of crypto adoption throughout the global north this week. On Monday, Sony subsidiary Sony Network Communications announced it was developing a blockchain network in collaboration with crypto tech firm Startale Labs. The Singapore-based joint venture will be known as Sony Network Communications Labs Pte. Ltd. It remains unclear what Sony may use the platform for. American payments giant PayPal launched crypto to USD off-ramps on Tuesday. The move came after PayPal launched a crypto On Ramp integration last month, enabling direct crypto purchases to MetaMask and Ledger users. Undoubtedly, the company’s biggest move in the space this year was the announcement of its own in-house greenback-pegged stablecoin PayPal USD . Finally, on Wednesday, Taurus–a Swiss crypto fintech firm—announced an agreement with Deutsche Bank. Deutsche Bank will also use Taurus’ infrastructure to offer custody and tokenization services for its customers, according to a press release shared with Decrypt . Stay on top of crypto news, get daily updates in your inbox. [ad_2] Source link This Week in Coins: Bitcoin and Ethereum Maintain Steady Growth, Toncoin Surges by 23% The Price Movement of Bitcoin and Ethereum Bitcoin (BTC) and Ethereum (ETH) experienced relatively stable prices this week, with Bitcoin growing by 3% and starting at $26,564 on Saturday. Ethereum, on the other hand, maintained a similar price to seven days ago, at $1,636. Ethereum’s Inflationary Phase and Latest Supply Increase Ethereum’s growth may have been hindered by reports of its recent inflationary phase, where more Ether is issued than burned. This situation occurred during one of the few periods since the Merge in September 2022. In the past week, Ethereum’s supply increased by 4,092 ETH tokens, equivalent to approximately $6.6 million, according to Ultrasound.money data. Stable Trading despite Rising Inflation Despite the latest Consumer Price Index (CPI) report from the U.S. Bureau of Labor Statistics, which revealed a slight rise in inflation due to increasing gasoline prices, leading cryptocurrencies traded sideways throughout the week. Notable Price Movements Out of all the cryptocurrencies, only three showed significant price movements. Bitcoin Cash (BCH) rallied by 11.5%, reaching $213.79, while Toncoin (TON) experienced a significant surge of 23%, trading at $2.20. The Rise of Toncoin Toncoin’s remarkable price increase was triggered by the news that its parent company, Telegram, integrated The Open Network blockchain’s Web3 wallet into its messaging app. This integration provides easy access to TON for the app’s 800 million users. Telegram’s involvement in TON was previously halted in 2020 due to litigation with the U.S. Securities and Exchange Commission. The company settled the case by paying an $18.5 million fine and returning unspent funds to the investors. This recent integration represents a symbolic win for Telegram and showcases its commitment to the crypto space. Stellar’s Correction and Idris Elba’s Commercial Stellar (XLM) experienced a depreciation of 9.3% this week, trading at $0.118263 at the time of writing. This decline seems to be a correction from the previous week when XLM rallied by 10% following a tweet that teased “something cool” to come in ten days. However, the anticipated major network overhaul turned out to be a big-budget commercial featuring Idris Elba. Adoption News in the Crypto Space The global north witnessed several encouraging signs of crypto adoption this week. Sony Network Communications, a subsidiary of Sony, announced a collaboration with crypto tech firm Startale Labs to develop a blockchain network. The joint venture, called Sony Network Communications Labs Pte. Ltd., aims to explore the potential use cases of blockchain technology. PayPal, the American payments giant, launched crypto to USD off-ramps, allowing users to convert their cryptocurrencies into USD directly. This move follows PayPal’s integration of a crypto On Ramp last month, which enabled direct crypto purchases for MetaMask and Ledger users. Additionally, PayPal made headlines with its announcement of a greenback-pegged stablecoin called PayPal USD. Taurus, a Swiss crypto fintech firm, revealed its agreement with Deutsche Bank. Under this partnership, Deutsche Bank will utilize Taurus’ infrastructure to offer custody and tokenization services to its customers, further highlighting the growing adoption of digital assets by traditional financial institutions. Editor’s Notes Stay informed about the latest developments in the crypto industry by visiting Uber Crypto News. Explore the world of cryptocurrencies, blockchain technology, and decentralized finance through our comprehensive and up-to-date articles. https://ift.tt/tQ8umjL
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This Week in Coins: Steady Week for Bitcoin and Ethereum Toncoin Balloons 23% [ad_1] Illustration by Mitchell Preffer for Decrypt. It was another week of fairly stable prices for leading cryptocurrencies. Bitcoin (BTC) grew 3% over the seven days and started Saturday trading at $26564 while Ethereum (ETH) remains more or less at the same price it was seven days ago at $1636. Ethereums growth may have been hobbled by reports that its supply recently turned inflationary (meaning more Ether is issued than burned) in one of few such periods since the Merge in September 2022 . Last week Ethereums supply increased by 4092 ETH tokens worth around $6.6 million per Ultrasound.money data . The leading cryptocurrencies traded sideways all week even after the U.S. Bureau of Labor Statistics (BLS) latest Consumer Price Index (CPI) on Wednesday revealed that inflation had risen a fraction above economists projections last month due to rising gasoline prices. Only three cryptocurrencies posted any...