August 9, 2022

Good And Bad News For Cryptocurrency Market Last Week

3 min read

Dogecoins

The good news about cryptocurrency was that Elon Musk Company Tesla will begin accepting Dogecoins as payment from March. The problem could be the Senate Banking Committee members continue to point out issue over stablecoins and DeFi. The cryptocurrency ecosystem has generated and broadened by huge proportions. Nevertheless, while a section of the financial experts is for the current blockchain wonder, others promote extreme care.

The  cnbc.com reports that the significant crypto gamers like BTC and ETH are in the red; there have likewise been noteworthy flashes of sparkle. BTC is trading at $46,766 according to data from Coin Metrics, and ETH is trading at around $3,880. However, the top and 2 crypto possessions have actually been down about 6% in the last 7 days.

Nevertheless, there have actually been some extraordinary development by tokens featuring the top 10 crypto properties. Terra’s LUNA is up over 29% in the past week and is now trading at $80, according to data gotten from CoinGecko. Avalanche’s AVAX is also up 29% in the previous week and is currently trading at $113.

Tesla to accept Dogecoins as payment from March

However, there has actually been some favorable and unfavorable news worldwide of the cryptocurrency market. Initially, the enfant dreadful and maverick billionaire, Elon Musk, has actually said that Tesla will begin accepting Dogecoin from March. It needs to be born in mind that Elon Musk and his tweets had led Dogecoin to singe the market with its extraordinary growth.

However, later, Elon Musk did a U-turn and criticized crypto mining as environmentally harmful, and his business stopped accepting Cryptocurrency. As an outcome, Dogecoin and other cryptocurrencies crashed in what is now called the April mayhem. Nevertheless, Elon has stated that if crypto mining utilized ecologically friendly energy sources, Tesla would once again start accepting Cryptocurrency as payment for its electrical cars.

Senate Banking Committee members continue to mention concern over stablecoins and DeFi

The problem is that exchange Coinbase and price-tracker CoinMarketCap hit a problem and began listing inaccurate cryptocurrencies rates. Nevertheless, the glitch has actually been rectified.

The Senate Banking Committee members continue to point out concern over stablecoins and DeFi at Tuesday’s Senate Banking Committee hearing. Members were doubtful about steady coins pegged to reserve assets like a dollar but may not be stable for long.

In his opening declaration, Chairman Sherrod Brown, D-Ohio, shared his ideas on stablecoins and their threats.

“Let’s be clear about something: If you put your money in stablecoins, there’s no warranty you’re going to get it back. Stablecoins and crypto markets aren’t an option to our banking system. Instead, they’re a mirror of the same broken system– with even less responsibility and no rules at all.”

Senator Elizabeth Warren, D-Mass., concurred. “Stablecoins present threats to customers and our economy. They’re propping up among the shadiest parts of the crypto world, Defi, where customers are least secured from getting scammed. Our regulators require to buckle down about clamping down before it is too late.”

The last problem is $7.7 billion was stolen in crypto frauds in 2021, according to a new report by blockchain analytics firm Chainalysis. That’s an 81% increase compared to 2020.

The post Good And Bad News For Cryptocurrency Market Last Week appeared initially on CoinGape.