The top two cryptocurrencies have remained virtually unchanged from last weekend to the end of 2022.
Both Bitcoin (BTC) and Ethereum (ETH) have fallen 1.5% over the past seven days, with the former worth $16,557 and the latter around $1,192 at the time of writing, according to Coinmarketcap data.
The Bitcoin network started the week handicapped as several major US miners shut down operations due to extreme weather. Bitcoin Hashrate — A Mark of Network Computational Power —dropped nearly 40% It bottomed out at 156.36 EH/s.has since recovered 247.87 EH/s.
It was an entirely different story for Solana, who faced the heaviest loss among the top 20 coins by market cap this week, trading at $9.78, down 17% at the start of the weekend. Solana is now lowest price in 2 years It is struggling to maintain the $10 support level.
The prolonged sell-off began early last month when Solana hit a high of almost four times its current value. As FTX collapsed, so did faith in Solana. The network was heavily backed by FTX and sister company Alameda Research, and its CEO Sam Bankman-Fried.
Dogecoin (DOGE), Best memecoin of the year, recorded the second-largest loss among the top 20. It has fallen about 11% and is currently trading at $0.068588.
Dogecoin Launches Spiral for the First Time This Week amid controversial rumors The network follows Ethereum, moving from a Proof of Work (PoW) consensus mechanism to a Proof of Stake (PoS). Dogecoin’s core developer denies the move is imminent, but principal engineer Michi Lumin says plans are in the pipeline to present his PoS proposal to the community. .
Elsewhere, Toncoin (TON) tumbled 11% this week to $2.11, Avalanche tumbled 8% to $10.93 and Chainlink (LINK) tumbled 8.5% to $5.49.
Only one of the top 30 cryptocurrencies made a significant gain this week. OKB is up 15.4% and is currently trading at $25.22.
Japan, China and Turkey start moving
As the Western media continues to enjoy unraveling the FTX saga, three key economies have taken tentative steps toward crypto this week.
Japanese Financial Services Agency (FCA) on Monday released a draft Regulatory guidelines for the acceptance of foreign-issued stablecoins. The guidelines comply with those of the Japanese Diet. landmark law, passed in June, legally classified stablecoins as digital money as long as they are well-backed and redeemable. The new framework will come into force in 2023.
Meanwhile, China’s first state-compliant crypto trading platform A formal launch ceremony will take place in Beijing, Chinese media reported on Tuesday.
The “China Digital Asset Trading Platform” operates on a blockchain called “China Cultural Protection Chain” and is a government-backed private enterprise called China Technology Exchange, China Cultural Relic Exchange Center and Huaban Digital Rights Service Center. Developed by
Finally, on Thursday Turkey’s central bank announced that it had completed its first series of tests. digital liraMore tests will be carried out in the first quarter of next year and a report will be issued following the central bank’s assessment.
Even after a tough year for cryptocurrency prices, nations are eyeing cryptocurrencies, stablecoins, and government cryptocurrencies.
