search icon

    Market Snapshot

    blog search icon

    New Developments and Highlights of the week

    By Ammar Mukhtar

    Jun 16,2022

    10:30 AM UTC

    After a terrible week for investors, traders, and developers alike, the crypto market is attempting to recover. Of course, this is the start of the rally. There are still fearful sentiments among traders to invest in the crypto market at the moment. They seem afraid that the market will fall further with the current conditions of the world. If the market shows stable growth in the coming few weeks, investors and traders will feel more confident coming into the market.

    The following newsletter is to showcase what has been happening over the past week. The fear around the market is also to be expounded. There might be some NFTs to look at as well as some coins that have rallied in this tumultuous market.

    Highlights of the week

    • The announcement of the FED to raise the rates by 75 points allowed Bitcoin and Ethereum to rally a little.
    • At the time of writing, the current value of BTC is $21,722.45 which is a 2.90% gain over the previous day but over the last week, it has lost 28.42% of its value.
    • Ethereum has also made a positive stride with a gain of 4.34% over the last twenty-four hours, but it has also lost 35.26% of its value over the last week.
    • Visa has launched cryptocards that will allow a cashback of bitcoin each time they are used. In the Latin American regions.
    • Tron aims to stagnate the fluctuations in its stable coins by pumping $500 million USDs in the reserves, taking its over-collateralization to 310%.
    • Kraken, FTX, and Binance are pushing for new hirings and expansions even with the current conditions of the market.
    • Celsius might be preparing for bankruptcy as a great amount of liquidation and withdrawals have taken and there might be a storm of legal issues on the horizon.

    More From Stocks telegraph