The crypto realm concludes yet another week, piquing substantial investor interest. Bitcoin (BTC) and Ethereum (ETH) traded with immense volatility, whereas XRP and Terra Luna (LUNC) have caught the eyes of market enthusiasts with their cryptographic advancements.
Here’s a closer look into the major developments that unfolded within the crypto realm this week.
Bitcoin & Ethereum Battle Crypto Market Turbulence
Notably, BTC traded with quite the volatility this week, with its chart illustrating a dip in the past 7 days to the $66K price level. Similarly, ETH traded mimicking this volatility, with the weekly chart showing a fall to the $3,500 price level.
Despite the U.S. Producer Price Index (PPI) index data hinting at a cooler inflation rate, further accompanied by the optimism with the latest U.S. CPI data, the crypto market has traded sluggishly this week. Bitcoin ETFs saw outflows after consistent inflows.
However, amid the bearish turmoil, Microstrategy’s Michael Saylor announced $700 million in senior convertible notes offerings, aiming to bag more Bitcoin.
XRP News
The Ripple Labs-backed crypto has embarked upon a stockpile of advancements this week. Ripple collaborated with Archax to jack up XRP Ledger in becoming a leader in real-world assets (RWA) tokenization. Further, the American blockchain payments company introduced the XRPL EVM Sidechain
to bring Ethereum Virtual Machine (EVM) compatibility to the XRP Ledger.
On the other hand, XRP Healthcare appointed Whitney Lynn as its new chairman. This week’s most attention-nabbing development was the SEC’s claim that Ripple’s arguments on penalties and injunction are inadequate, posing the XRP price
at risk. Conversely, XRP lawyer Bill Morgan spotlighted the SEC’s inappropriate stance towards Ripple Labs.
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Terra Luna Advances
Meanwhile, the Terra Luna Classic community passed a Genuine Labs-backed proposal to disburse 256 million LUNC for work done by developers on the ecosystem. The community also started voting for a proposal to implement a revised LUNC burn tax distribution.
Lastly, Terra Luna Classic proposed to implement the Tax2Gas proposal this week, eliminating the need to take care of tax calculations separately.
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