Crypto Weekly News As Of October 16

The crypto market has been in a state of instability over the last week, as bulls and bears are trying to establish a new market trend.

The developments of last week have sparked intrigue within the crypto community, and we eagerly await what this month has in store. Before diving into that, be sure to explore our Crypto Weekly News here.

According to CoinMarketCap, the current market cap is  ₹87,635,422,877,841 on 16 October. In the past year, even the top-performing coins were seen struggling in these challenging times and are trying to make a comeback.

As of the past week, Bitcoin is priced at ₹2,268,832.03, reflecting a 1.39% increase within the last 24 hours and a 3.83% fall over the course of 7 days. Talking about Ethereum, ETH is currently valued at ₹130,190.24, showing a marginal 0.60% surge in the past 24 hours, with a huge dip of 5.68% over the span of 7 days.

Crypto Weekly News: Top Trending Coins

In the past week, three cryptocurrencies have remained the talk of the town because of some recent developments related to these cryptocurrencies: Tron (TRX), Avalanche (AVA), and Cardano (ADA). 

In the past week, the price of Tron (TRX) showed a 2.40% drop. However, the token experienced a marginal hike of 2.39% in the past 24 hours. And the token is currently trading at the price of ₹7.24.

However, Avalanche’s AVA token dropped by 7.16% in the past week. But in the past 24 hours, the token jumped by more than 2.14%. In addition, the price of the AVA token is trading at ₹781.07.

Talking about Cardano (ADA), the token illustrated a 4.78% drop as compared to other major cryptocurrencies. Meanwhile, ADA has shown a 0.50% hike in the past 24 hours, trading at a price range of ₹20.70.

Top Crypto Gainers & Losers

The past week remains one of the most bearish weeks for the crypto market in 2023. So, let’s have a look at some of the top crypto gainers and losers from the past week:

Crypto Weekly News Top Gainsers & Losers

Why Crypto Market Remain Optimistic?

Bitcoin (BTC) and other leading cryptocurrencies have experienced a significant decline in value over the past week, primarily attributed to the talks of nations planning to adopt a regulatory framework for the crypto market. 

Apart from that, the anticipation of Bitcoin ETF approval also created a sense of fear in the market, prompting the market to fall further. Furthermore, the unexpected selling of major cryptocurrencies by large whales has generated a fear of missing out (FOMO) sentiment in the market, dissuading retail investors from participating.

Crypto Weekly News: Trending News From the Last Week

▪️ On October 14, the Ethereum wallet MetaMask was temporarily removed from Apple’s App Store, increasing fears that it may be permanently withdrawn. The wallet is linked to a number of Web3 decentralized apps (DApps) and has over 30 million users around the world.

▪️ On October 13, the G20 Finance Ministers and Central Bank Governors (FMCBG) agreed on a strategy to address challenges and explore opportunities presented by cryptocurrency assets such as Bitcoin, Ethereum, and others. The roadmap was recommended in a joint report by the International Monetary Fund (IMF) and the Financial Stability Board (FSB).

▪️ On October 12, decentralized cryptocurrency exchange Uniswap released a closed beta of its mobile app for Android, according to a blog post from the app’s development team. Uniswap was formerly available solely on PC and iOS mobile devices.

SunCrypto Views

The cryptocurrency market’s recent bumpy journey underlined the industry’s fundamental instability. In the midst of continued problems and uncertainties, there are promising developments demonstrating the endurance and promise of cryptocurrencies and blockchain technology.

Given the cryptocurrency market’s continuing volatility, it is critical for investors and enthusiasts to be informed, exercise care, and brace themselves for more upheavals in this ever-changing world. Only time will tell if the positive tendencies outweigh the negative ones, paving the path for a more stable and profitable future in the crypto sector.

For more crypto-related content like Crypto Weekly News, informational blogs, and crypto news, check out Suncrypto Academy.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared, if any, are only shared for information and education purposes. Although the best efforts have been made to ensure all information is accurate and up to date, occasionally unintended errors or misprints may occur. We recommend you do your own research or consult an expert before making any investment decision. You may write to us at [email protected].

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