What happened in the cryptocurrency market during the week of July 10-16
Date: 2023-07-17 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
Dynamics of Bitcoin (BTC) and Ethereum (ETH)
The outgoing week turned out to be inexpressive for bitcoin (BTC). The main cryptocurrency of the world again ends the week almost in a flat, although during this seven-day period it sang to move the highs of the current year a little, at the moment breaking above the $31,700 area. At the time of writing on Sunday, the BTC was trading, according to the analytical resource CoinMarketCap, around $30,395, with a symbolic intra-week increase of 0.23%.
This week, Standard Chartered analysts raised their forecast for the price of bitcoin for 2024 from $100,000 to $120,000.
Meanwhile, members of the crypto community also named the following targets for BTC. Members of the crypto community see the potential for bitcoin to update the local maximum.
Meanwhile, the rate of the native coin of the Ethereum (ETH) blockchain, compared to the BTC, showed more noticeable, although also not too impressive, results. This week, the price of Ethereum exceeded the $2000 mark for the first time since April 2023.
At the time of writing, ETH was trading with an intra-week increase of 3.8% around $1936, according to Coinmarketcap data.
Ripple celebrates victory
In general, at the end of the outgoing week, the coins included in the top 10 largest cryptocurrencies by market capitalization unanimously showed positive dynamics. The leader in the top ten cryptocurrencies, quite expectedly, was the native token of the Ripple project (XRP).
This week, the court ruled in favor of Ripple Labs in a protracted case brought by the US Securities and Exchange Commission (SEC) back in 2020. The court recognized that the sale of the native token of the XRP project is not an offer of investment contracts. This means that XRP is not considered a security.
Against the backdrop of Ripple's victory in court, the crypto market went up, and XRP expectedly recorded the best result in the top 100 most capitalized cryptocurrencies. The growth of the coin at the moment reached almost 100%. As a result, XRP broke into fourth place in the ranking of the most capitalized cryptocurrencies.
Against the backdrop of Ripple's victory over the SEC in court, crypto exchanges began to re-list XRP. Some industry participants believe that this decision will set a precedent for other cryptocurrencies recognized by the SEC as securities, and generally bring the end of the crypto winter closer.
However, it should be borne in mind that the judicial saga is far from over, and Ripple may still face legal problems in the future.
At the time of writing, XRP was trading, according to Coinmarketcap, around $0.77 with an intra-week increase of 63.9%.
The Multichain story has crippled many projects
The attackers withdrew $250 million worth of tokens through the Multichain router, and crypto projects such as Arbitrum, Avalanche, Polygon, Optimism, and Fantom were affected.
Chainalysis analysts immediately doubted that Multichain fell victim to hackers, and said that the head of the project could be behind the incident.
Soon, representatives of the cross-chain project confirmed the involvement of the head of Multichain in the incident and announced his arrest by Chinese law enforcement agencies. As a result, the developers of Multichain stopped the project.
Later, the credit protocol Geist Finance announced the closure due to the incident around Multichain. The developers of the protocol stated that it was impossible to save the project due to the lack of chances to return the funds lost due to the fault of Multichain.
