Cryptos Today: Ethereum Avoids Stronger Drop And Rebounds To $1,300 As XRP Rises To Hit 50% High In One Week

Cryptos Today: Ethereum Avoids Stronger Drop And Rebounds To $1,300 As XRP Rises To Hit 50% High In One Week
Cryptos Today: Ethereum Avoids Stronger Drop And Rebounds To $1,300 As XRP Rises To Hit 50% High In One Week

After leaving cryptocurrency investors worried yesterday about the possibility of a sharper drop, Ethereum (ETH) is back trading above $1,300 this Friday morning (23), up 1.2%, mitigating the losses since going through the Merge update last week.

The most valuable crypto on the market, Bitcoin (BTC) dawns a slight drop of 0.8%, sustaining the level of US$ 19,000 at which it has been trading since the beginning of the week, with the exception of “hiccups” for the region of US$ 18 thousand. The performance, according to experts, continues to reflect the uncertainties in the macro scenario after the US central bank announced a 0.75 percentage point hike in interest rates.

Despite this, analysts point out that cryptocurrencies may have already bottomed out before the rest of the market, which, on the whole, may not have finished eliminating risks yet.

“The Fed will not change its position anytime soon and we are very close to posting a third straight quarter of decline in US GDP,” says Mark Connors, lead researcher at Canadian digital asset firm 3iQ. “People are realizing that there won’t be a change of course in the short term, or that growth is slowing and the Fed hasn’t stopped rising. [os juros]”.

Despite that, says Connors, at least Bitcoin and Ethereum, the two most valuable cryptos, “will retain value as the market pulls back.”

For Griffin Ardern, volatility trader at digital asset management firm Blofin, crypto is unlikely to fall any stronger than it has so far. “Even if central banks tighten monetary policy even more, the situation will not get any worse as the current performance of crypto assets is dire enough,” he points out.

Watch: What happened to the Ethereum clone that collapsed before Brazilians had a chance to sell

José Arthur Ribeiro, CEO of Brazilian exchange Coinext, has a similar assessment. “The announcement of a 75 basis point increase in interest rates in the US was expected by a large part of the market and seems to have already been priced in”, he comments, noting that the next few days may be of slight gains for the sector, especially considering Bitcoin’s record of good performance in the month of October.

“In addition to the positive history in October, a change in monetary actions and positive news regarding inflationary pressure, as happened in July, are likely situations that favor positive prospects for the asset”.

While the main cryptos try to recover, a well-known digital asset steals the spotlight in the market: XRP, issued by the American company Ripple, has already reached a weekly increase of 50% after a new surge this Friday, when it recorded a rise of 18% in the last 24 months alone. hours.

The gains come on the heels of a speculative move by traders in the options market, hoping for an upside for the asset by the end of the year. The move is linked to expectations fueled by Ripple that its legal battle with the SEC, which has been going on since 2020, could be heading towards a favorable outcome.

“We saw interest in buying call options [call] of XRP later in the year in anticipation of a resolution in the ongoing lawsuit with the US Securities and Exchange Commission,” says Dick Lo, founder and CEO of quantitative trading firm and liquidity provider TDX.

A call option is a derivative contract that gives the buyer the right, but not the obligation, to buy the underlying asset – in this case, XRP – at a predetermined price on or before a specific expiration date. A call, therefore, is preferred by bullish speculation, while a put option represents a bearish bet.

Check out the performance of the main cryptocurrencies at 7 am:

cryptocurrency Price Change in the last 24 hours
Bitcoin (BTC) US$ 19,030.25 -0.80%
Ethereum (ETH) US$ 1,306.83 +1.20%
Binance Coin (BNB) US$ 274.08 +2.00%
XRP (XRP) US$ 0.503056 +18.30%
Cardano (ADA) US$ 0.458984 +1.40%

Cryptocurrencies with the biggest gains in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
XRP (XRP) US$ 0.503056 +18.30
Chain (XCN) US$ 0.075028 +12.10%
Kronos (CRO) US$ 0.117881 +11.40%
Chile (CHZ) US$ 0.277316 +11.40%
Compound (COMP) US$ 62.27 +10.30%

Cryptocurrencies with the biggest drops in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
Leo Token (LEO) $4.35 -8.30%
Celsius Network (CEL) $1.55 -8.30%
Evmos (EVMOS) $2.24 -7.80%
Read DAO (READ) $1.76 -6.30%
Classic Earth (LUNC) US$ 0.00027089 -5.10%

Check out how cryptocurrency ETFs closed in the last trading session:

ETF Price Variation
Hashdex NCI (HASH11) BRL 17.65 +2.20%
Hashdex BTCN (BITH11) BRL 23.41 +1.51%
Hashdex Ethereum (ETHE11) BRL 20.12 -1.12%
Hashdex DeFi (DEFI11) BRL 19.40 -1.27%
Hashdex Smart Contract Platform FI (WEB311) BRL 18.16 -6.87%
QR Bitcoin (QBTC11) BRL 6.29 +1.28%
QR Ether (QETH11) BRL 4.95 -0.60%
QR DeFi (QDFI11) BRL 3.53 -2.75%
Crypto20 EMPCI (CRPT11) BRL 5.11 -2.29%
Invest NFTSCI (NFTS11) BRL 27.45 +3.54%

See the main news from the crypto market this Friday (23):

US regulator sues Decentralized Autonomous Organization

The Commodity Futures Trading Commission (CFTC) has filed a lawsuit against the Ooki DAO, the Decentralized Autonomous Organization from which the regulator seeks restitution, return, civil monetary penalties, trade and registration bans, and injunctions for the irregular offering of digital assets off-exchange.

The decision came in conjunction with a request to file a lawsuit against the blockchain software protocol bZeroX and its founders, who are the same as Ooki DAO, by imposing a fine of US$250,000.

“These actions are part of the CFTC’s broader efforts to protect US clients in a rapidly evolving decentralized financial environment,” Acting Chief Enforcement Officer Gretchen Lowe said in a statement.

“Margined, leveraged or funded digital asset trading offered to US retail customers must take place on exchanges that are properly registered and regulated in accordance with all applicable laws and regulations. These requirements apply equally to entities with more traditional business structures as well as DAOs.”

Creator of the game Fortinte makes a contribution to a metaverse company

Hadean, which aims to build the infrastructure for metaverse environments, has raised $30 million in Series A funding in a round led by Molten Ventures and including Epic Games, developer of the Fornite game.

“As an open platform for distributed cloud computing, Hadean can be considered the ‘infrastructure’ that powers the metaverse so that it can become reality,” Hadean said in a statement on Friday.

2050 Capital, Alumni Ventures, Aster Capital, Entrepreneur First and InQTe also participated in the fundraising.

Last week, JPMorgan said in a research report that the metaverse-related economy in China alone could reach $4 trillion.

Celsius is reportedly planning to turn debt into new crypto

Failed cryptocurrency lending platform Celsius Network appears to be planning to turn its debt into a new cryptocurrency called “IOU” (“I Owe You”).

A leaked audio recording of an internal Celsius meeting, shared by YouTuber and platform customer Tiffany Fong, indicates that the company is considering this alternative method for repaying customers: converting BTC, ETH]and USDC that it owes customers into a new one. token.

In the audio, co-founder and chief technology officer Nuke Goldstein explains that the token “represents the ratio between how much we really owe and how much we actually have.”

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The article is in Portuguese

Tags: Cryptos Today Ethereum Avoids Stronger Drop Rebounds XRP Rises Hit High Week

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