Major Cryptocurrencies with Highest Gains in the last 24-hours 0 34

It is no longer hidden from anyone that cryptocurrencies experienced a huge plummet in the recently completed week. The average dip that the entire cryptocurrency industry experienced the recent was more than 20%.

After a long week that felt more than 7 days, the cryptocurrencies have started rebounding. Among all the cryptocurrencies are the major ones the investors are eager to analyze. Let us go through these major cryptocurrencies and see how much they have grown in the past 24-hours and where their valuations are.

Arweave (AR)

Arweave’s price has rebounded by 20.94% and it is still growing stronger. Arweave now trades at $18.38. Its price on May 5 was $26.92 when it plummeted to $10.54 on May 12. Arweave’s market capitalization reportedly dipped from $898.99 million to $351.82 million. Now, Arweave’s market capitalization is at a high of $585.60 million.

Cosmos (ATOM)

Cosmos currently trades at $12.11 after a 15.29% rebound. Cosmos exhibited a dip on the same day as AR when its price plummeted from $20.27 with a market capitalization of $5.80 billion to $9.036 with a $2.59 billion market capitalization respectively. Cosmos’ market capitalization has also recovered to $3.30 billion.


The same problem also caused NEM to plummet at a huge rate. Its price on May 5 was worth $0.9262 before it dipped to $0.4082. The valuation for NEM also dipped from $835.35 million to $359.64 million. As NEM bounced back, its price is now at $0.06313 and its market valuation has also reached up to $538.08 million.

Decred (DCR)

The same trend has repeated itself for Decred. It has also experienced a 13.75% bounce, coming back up to $38.81. Before the rebound, Decred visited a low price of $29.86. Decred on May 5 was at a high of $58.86. Similarly, on May 5, Decred’s valuation was $785.36 million, which was pulled down to $416.59 million by May 12. Now, the same valuation has risen up to $514.10 million.

Apart from the above, BTC, ETH, BNB, and all other major cryptocurrencies have also bounced back. Even the NFT, metaverse, and other sectors within the crypto-verse are also bouncing back.

The dip in cryptocurrencies was caused by two major actors. The first factor was the US Treasury announcing a surge in the interest rates. Due to the economic pressure, the same has happened with the inflation rates. As a result, people do not have much to spend or are in need of money. Therefore, people are pulling out on their investments causing a huge dip.

The second reason was the de-pegging disaster that caused the price of UST to plummet. This caused turmoil in the entire crypto-verse as investors wanted to save their investments from being affected by the spread of the UST problem.

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Bank of England Says Crypto Assets have Financial Stability Risks 0 100

On Thursday, the Financial Policy Committee of the Bank of England disclosed that they are working on developing a regulatory framework for digital assets. The central bank also made a reference to the sanctions that have been imposed because of the war between Russia and Ukraine in the statements. Bureaucrats and financial regulatory authorities all over the world have become increasingly concerned in recent times that Russia could take advantage of crypto assets to bypass the economic sanctions that have been imposed. The press statement of the BOE said that it was unlikely for crypto assets to provide Russia with a feasible way to get around sanctions at a large scale for now, but there was a possibility they could do so.

Therefore, it is a must to ensure that there are effective public policy frameworksthat can accompany innovation in crypto assets for maintaining the integrity and trust in the financial system. The crypto economy has been highly criticized by some members of the Bank of England for quite a while. Last year in mid-November, Andrew Bailey, the Governor of the Bank of England, had expressed his concerns about the adoption of bitcoin as legal tender in El Salvador. Sir Jon Cunliffe, the deputy governor for financial stability for the central bank, said in the following month that prices of crypto assets could drop to zero.

On Thursday, the report of the FPC talked about financial stability. The committee of the central bank noted that the FPC is assessing the risks to the financial system’s stability and it has concluded that these are currently limited. This is because their size remains limited for now and they are not that connected with the wider financial system. However, the FPC said that if they continue to grow at the same pace, and if they become interconnected with the overall financial system, then these crypto assets could pose a risk to the stability of the financial system.

Since the conflict between Russia and Ukraine began, politicians and lawmakers all over the globe have been discussing, developing, or even proposing laws aimed at regulating and researching digital currencies. The FPC’s statements on Thursday show that the BOE wants to classify crypto assets in the same category as it does traditional financial assets. Not only does the FPC plan on developing a regulatory framework that would govern digital assets, it has also mentioned stablecoins.

The FPC said that a major stablecoin that does not have a reliable deposit guarantee could turn out to be a risk to the UK’s financial system. According to the committee, if they introduce a systemic stablecoin, which is backed through a deposit mad with a commercial bank, it would result in significant risks to the stability of the financial system. All of this talk about crypto has been brought forward because of the Russian-Ukraine conflict and the possibility of the former using cryptocurrencies to evade the tough economic sanctions that have been imposed by Western nations due to its actions.

Grayscale Investments Introduces Smart-Contact Focused Diversified Fund 0 199

In terms of the value of assets under management (AUM), Grayscale Investments is the largest digital currency asset, manager. It has now announced that it is introducing a smart contract fund that comprises of competitors of Ethereum (ETH). There are seven different smart contract coins in the fund, which has been named ‘GSCPxE’ and it is the 18th investment product that the asset management firm has launched up till now. It is important to note that while the fund is spread out across the landscape of smart contract tokens, it excludes the largest smart contract token out of the equation i.e. ether (ETH).

Therefore, it is named as the ‘Smart Contract Platform Ex-Ethereum Fund’. To put it simply, smart contracts can be used for programming blockchains by the users and the market valuation of all the smart contract coins that exist today is worth $669 billion. The largest smart contract platform is none other than Ethereumbecause it has a market capitalization of $360 million. This is about 53.81% of the total valuation of smart contracts platforms. The announcement by Grayscale on Tuesday shows that it has chosen to add seven smart contract tokens to its fund. The coins that are included are 4.06% stellar (XLM), 4.27% algorand (ALGO), 9.65% polygon (MATIC), 16.16% polkadot (DOT), 16.96% avalanche (AVAX), 24.27% Solana (SOL) and 24.63% Cardano (ADA).

It is the 18th investment product to have been introduced by Grayscale, but it is also important to note that it is the third diversified fund offering to have been launched. According to the digital asset management company, the fund is open to institutional accredited investors and eligible individuals. Moreover, while Grayscale has disclosed the existing fractions of the respective smart contract coins, it has added that the weightings and holdings can change. The announcement from Grayscale also revealed that the fund would use the Coindesk Smart Contract Platform Elect Ex ETH Index.

Michael Sonnenshein, the chief executive of Grayscale, said on Tuesday that there has been an increase in digital currency diversification. The CEO said that the crypto ecosystem’s ongoing evolution has resulted in the increase in demand for diversified exposure. He said that while the growth of the digital economy relies significantly on smart contract technology, it was still too early to determine which platform would emerge as the winner. This would be in terms of scalability, flexibility, the high-speed of the platform as well as retaining and attracting strong developer communities.

According to Grayscale’s CEO, the good thing about their GSCPxE fund is that people don’t have to go with just one winner. Instead, the fund provides them with the opportunity of using a single investment vehicle for accessing the development of the entire smart contract ecosystem. The introduction of this fund comes after the company added 25 more crypto assets at the end of January to its investment products. The total AUM of the asset manager is close to $40 billion. In the first week of February, Grayscale had also launched an ETF with Bloomberg named Grayscale Future of Finance ETF (GFOF).

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