The week kicked off to a dynamic start as prices across the entire crypto market started showing interesting sways in both directions. The following is a short overview of some of the main news that slithered into the headlines amidst the overall market turmoil.
XRP, the Ripple project’s native coin, has broken through the psychological price tag of $1. The coin has appreciated by over 45% over the past day and is showing no signs of abating. Such dynamics are taking place against the background of a continuing litigation dispute between Ripple and the SEC regarding the accusation of illegal sales of XRP as a security. The dynamics are clear evidence that fans of the coin have no regard for the opinion of the regulator.
The Ethereum Classic cryptocurrency has also been showing positive dynamics and has gained over 200% in value since the start of the year. The coin gained 38% over the course of a single week. The positive momentum is being spurred by Grayscale Investments, which purchased 161,612 ETC and is showing no signs of abating.
Bitcoin is also in the price news on Tuesday, as the king of crypto managed to break through the resistance barrier of $60,000. Such a move is highly likely to allow the coin to continue its upward momentum and gain in price further as the market heats up and investor sentiment rises. The increase in price is being heralded as a signal for further growth and most experts believe that Bitcoin will continue growing to new heights as underlying factors and market players stimulate it.
Some undefined individuals have released a MuskCoin (MUSK) cryptocurrency based on the Ethereum blockchain and the Binance Smart Chain in honor of Elon Musk – the founder of Tesla. According to the description on the coin found on its website, they were inspired by the sophistication and engineering genius of Elon Musk’s mind. 1 billion MUSK coins are slated to be released into circulation, but only six addresses currently hold it, but free distribution of the coin by the project has led to the increase of that number to a paltry 173 addresses.
Bitcoin has once again been accused by the US FATF regulator of being used for illicit actions and funding of illegal activities. The regulators intend to strengthen their control of the digital asset, stating that its covert nature allows perpetrators to easily smuggle vast amounts of money using the cryptocurrency. Though the regulator did not specify any means it is willing to apply to ensure such control, it is highly likely that such rhetoric is focused not at the cryptocurrency itself, but at investors in an attempt to minimize their investments into such an unregulated asset.