Crypto Weekly Update As Of September 04

The crypto market has remained static in the past week, indicating that both bears and bulls are fighting over each other to set a new trend for the market.

Last week’s developments created a buzz in the crypto users’ minds.  We have to see what this month is planning for the crypto community.  But before that check out Crypto Weekly Update here.

According to CoinMarketCap, the current market cap is  ₹86,305,754,263,250 on 04 August. In the past year, even the top-performing coins were seen struggling in these challenging times and are trying to make a comeback.

For this last week, Bitcoin is at the price of 2,151,413.70 and has increased by 0.52%  in the last 24 hours, and a dip of 1.42% is seen in the duration of 7 days.

The price of Ethereum at the moment is ₹135,594.56 and has increased by 0.19% in the last 24 hours, and a dip of 2.03%  is seen in the duration of 7 days.

Crypto Weekly Update: 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: Toncoin (TON), Chainlink (LINK), and Stellar (XLM). 

In the past week, the price of Toncoin (TON) showed a 25% upsurge. In addition, the token also experienced a rise of 1.74% in the past 24 hours. And the token is currently trading at the price of ₹156.16.

Apart from that, Chainlink’s LINK token also rose by 1.44% in the past week. Furthermore, in the past 24 hours, the token also surged by more than 1.2%. In addition, the price of the LINK token is trading at ₹505.23.

Talking about Stellar (XLM), the token illustrated a 0.31% jump as compared to other major cryptocurrencies. On the other hand, XLM has shown 7% gains in the past 24 hours, trading at a price range of ₹10.06.

Top Crypto Gainers & Losers

The past week remains one of the most static puzzling 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 Update Top Gainers and Losers

Why Crypto Market Remain Puzzled?

The crypto market remained puzzled in the last 7 days because several positive and negative events transpired in the US Crypto market. This implies that both whales and sharks started to “buy the news and sell the rumor” tactic to make the market more puzzled.

Furthermore, a few coins have shown some momentum in the past week because of some whales’ movements and developments related to those coins/tokens.

Crypto Weekly Update: Trending News From the Last Week

▪️ During the annual Group of 20 (G20) summit, Indian Prime Minister Narendra Modi urged for worldwide collaboration on developing crypto rules. As G20 president, India has taken on the role of advocating for a comprehensive worldwide framework for cryptocurrency regulation.

▪️ On August 30, Yes Bank announced that the Reserve Bank of India’s (RBI) central bank digital currency, the digital rupee, will have improved usability. This was due to Yes Bank’s integration of the Unified Payments Interface (UPI) with the RBI digital rupee app. Now, Yes Bank account holders can perform digital rupee transactions by scanning UPI QR codes.

▪️ The Securities and Exchange Commission (SEC) of the United States delayed decisions on seven applications for spot Bitcoin exchange-traded funds (ETFs). According to SEC filings dated Aug. 31, the commission has extended the time frame for reviewing spot Bitcoin ETF applications from WisdomTree, VanEck, Invesco Galaxy, Bitwise, Blackrock, and Valkyrie, as well as Fidelity’s proposed Wise Origin Bitcoin Trust.

New Token Listing Announcement: 

On September 02, SunCrypto announced the listing of four popular cryptocurrencies in its coin offering services. These cryptocurrencies are;

▪️ MoonBeam (GLMR)

▪️ Bakery Token (BAKE)

▪️ Unifi Protocol DAO (UNFI)

▪️ Livepeer (LPT)

SunCrypto Views

Last week’s rollercoaster ride in the crypto market was emblematic of the industry’s unpredictable nature. While negative events and uncertainties persist, there are also positive developments that showcase the resilience and potential of cryptocurrencies and blockchain technology. 

As the crypto market remains in a state of flux, it’s crucial for investors and enthusiasts to stay informed, exercise caution, and be prepared for further twists and turns in this ever-evolving landscape. Only time will reveal whether the positive trends will outweigh the negatives and lead the crypto market toward a more stable and prosperous future.

For more crypto-related content like Crypto Weekly Update, 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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