The crypto market has been in the red since the mid of May and major cryptocurrencies like LUNA have collapsed majorly. Other than that there have been several other hot news related to this sector. So if you have missed to update yourself with the latest news of the crypto space, here is the generalized crypto report this week that you can have a look at.
Top Crypto Report This Week You Should Not Miss
As stated above, the crypto market literally collapsed because of various reasons and one being inflation. But this did not keep a good impact on the users and many are worrying about what to do with their investment. Bitcoin, the biggest crypto in the world collapsed to less than $30,000 and Ethereum has also not seen any developments.
So without delaying further, why don’t we get into the crypto report this week. Here are some of the crypto news today.
Bitcoin Consolidates Below $30,000
To start with the crypto report this week, we need to talk about the best crypto in the digital currency space. Bitcoin (BTC) is presently stuck in a tight spectrum, with the seminal digital currency staying under pressure as the FED (Federal Reserve) signals more interest rate increases lie ahead. The largest crypto by market cap has been struggling to sustain itself beyond the $30,000 resistance level since the beginning of this month.
Because of the uncertainty related to how many rates rises the Federal Reserve will execute to handle inflation, equity and crypto markets are shifting sideways. While some investors anticipate a relief rally to reach in the coming days, derivatives data highlights that Bitcoin positions with open interest worth $1.81 billion are set to pass away on May 27th and might further influence the Bitcoin price.
In the meantime, a lately published report from Arcane Research portrays that the regular Bitcoin spot trading volume has again decreased to nearly $4 billion after its recent big increase. This recommends that Bitcoin market activity is on the decline and that the common interest in BTC is decreasing.
Dominant Altcoins are Facing an Uphill Battle
In the latest market scenario, Solana (SOL) has lost nearly 15 percent of its value this week, pushing its whole valuation down by over 75 percent year-to-date (YTD). Over the last 24 hours, trading volume in SOL has increased higher by about 60 percent. Despite its bounce from the latest lows of $40.00, the price of SOL prevails to trade within a bearish technical pattern.
Another famous altcoin, AVAX (Avalanche), has lost nearly 18 percent of its value over the last seven sessions. Earlier this month, the Avalanche Foundation mentioned in a Forbes interview that it lost nearly $60 million following the crypto crash today of the Terra ecosystem.
The Avalanche Foundation had associated with Terraform Labs to enhance interoperability among the two networks. However, the crash of Terra impacted its native AVAX token, sparking over 60 percent losses in the last 30 days.
Another underperformer, Algorand (ALGO), gave up close to 13 percent of its value last week. While the value of ALGO gathered sharply following the partnership of the network with FIFA, it has since shed all profits and recorded new lows, with the native token of the network struggling to ward off bears.
Small-Cap Altcoins Sidestep the Bearish Bias
Even with market fluctuations relying on sentiment, some lower capitalization altcoins handled to register impressive growth this week. Over the last seven sessions, Tron (TRX) has received nearly 18 percent, mainly because of the launch of its USSD stablecoin.
Among this impetus, Tron (TRX) has exceeded Shiba Inu (SHIB) to turn into the 14th biggest digital currency by market value. As the broader market fights to recover, the TVL (total value locked) of the TRON chain is portraying promising growth, increasing more than 33 percent this month to attain $5.5 billion.
To talk about the crypto report this week, other notable gainers of the week involve The Sandbox (SAND) and Tezos (XTZ). The value of XTZ rose 9 percent this week, basically because of the launch of eBay’s sports NFT collection on the Tezos-powered NFT exchange OneOf. Sandbox (SAND) is up nearly 7 percent this week. SAND’s 24-hour trading volume has also increased, rising nearly 123%.
Global Adoption Continues Despite Unfavorable Conditions
Irrespective of the fluctuating market backdrop, investing in blockchain technologies prevails apace. Understanding this space, venture capital company a16z effectively raised its fourth crypto-focused fund worth $4.5 billion, delivering the total sum assigned by the firm to cryptos and blockchain to over $7.6 billion.
Along with the early-stage ideas, the latest investment means will also invest in more mature plans. As per the firm, roughly $1.5 billion of the latest funding will be aimed at seed investments, while $3 billion will be devoted to venture investments.
Wrapping up the crypto report this week, it was very hard to anticipate the future. Experts are finding it difficult to make cryptocurrency news predictions. The crypto industry is in the red recently because of various factors and various popular digital currencies have literally crashed. In the above article, we have tried to cover all the updates and news of this week concerning the crypto industry.