Crypto price check

Crypto Price Check: Bitcoin and Ethereum Up Again, Cardano and Solana Fall

Last week’s most successful cryptocurrency was ECOMI, which increased by an impressive 76% over the previous seven days. Although no other coin can quite match this feat, a few came close — cosmos rose 56.2%, osmosis 48.3%, and olympus 36.3%.

Most of the coins that did well were relatively obscure, but one exception is avalanche, which rose by 24.7%. The biggest cryptos in the game saw modest increases; ethereum rose 3.1%, and bitcoin by 5.5%.

However, the third biggest coin by market capitalization, cardano, fell by 10.9%. Other big fallers of the week were arweave (down 19.8%), FTX token (down 15.4), and — somewhat surprisingly — solana, which experienced a mighty fall after its recent rally.

It’s also been another week and another set of discussions about cryptocurrencies and their role in the national economy.

On a podcast with Bloomberg last Thursday, European Central Bank President Christine Lagarde said that “cryptos are not currencies, full stop” and urged people to be more cautious about the speculation surrounding them. However, she did praise stablecoins and suggested they could play a role in the future if appropriately regulated.

This coincides with a New York Times article published on Friday, which took the opposite stance and suggested that stablecoins are “systematically risky.” The argument went that the funds backing the coins to help them maintain their value aren’t as stable as their name suggests, therefore echoing Lagarde’s call for regulation. It even went as far as saying stablecoins should be called “securities” instead.

Binance hasn’t been having the easiest time recently, and this trend has continued, with the latest problem being an investigation about insider trading from the Commodity Futures Trading Commission (CFTC).

The exchange had already faced scrutiny from various countries and legislators for various reasons, leaving its future hanging by a thread. In fact, last week, the firm recruited Europol veteran Nils Andersen-Röed to do a thorough audit.

It’s not the only platform having a hard time. Popular crypto lender Celsius has come under fire from the states of Alabama, Texas, and New Jersey for violating state laws. However, the company doesn’t believe it’s done anything wrong and plans to comply to prove its case.

Last week we saw how El Salvador’s implementation of bitcoin as legal tender led to mass chaos, but it’s now emerged that transparency organization Cristosal has complained about the government’s involvement in bitcoin purchases and ATMs. If found to be true, the report could lead to sanctions and possibly criminal proceedings.

But it’s not all been bad news. The Securities and Exchange Commission has confirmed that the crypto futures trading exchange Bakkt Holdings will be able to complete its merger with VPC Impact Acquisition Holdings (VIH). It seems the union has its sights set on shaking up the digital economy, but time will tell whether it’s a successful mission.

World-famous auction house Christie’s has made news by listing Curio Cards in an upcoming October auction. The cards were launched in 2017, making them some of the earliest non-fungible tokens (NFTs) around, so the auction results are sure to attract plenty of attention. Some believe the set of 31 could be worth more than $1 million.

Another exciting development is that Ethereum and Solana music streaming platform Audius has raised $5 million in funding, helping it get rid of the middlemen involved in services like Spotify and support artists more. Major figures in the music business like Katy Perry, Nas, and The Chainsmokers have contributed to the platform reaching this new milestone.

As Canada’s elections roar on, they’re serving as a surprising demonstration of the power of a non-payment application of the crypto world: prediction markets.

These markets are a decentralized version of standard gambling, they involve putting money on certain outcomes, which on a collective level can create predictions. Platforms like Polymarket have shown very different predictions to mainstream media about elections, giving Trudeau a much stronger lead — but we’ll soon find out if they’re accurate.

Current Holdings in Crypto Alpha One Portfolio

Remember, this is not invest or trading advice. Do you own research before investing. Cryptocurrencies are very volatile and you can lose all of your money.