TronWeekly

Crypto World News

You are here: Home / Archives for Crypto Adoption

Crypto Adoption

India’s Crypto Future: A Decisive Turn Ahead

by

India’s stance on cryptocurrency is set for a transformation, as affirmed by the Finance Minister. Ajay Seth, Secretary of the Department of Economic Affairs, revealed this during the recently concluded G20 leaders’ summit. “India’s approach to crypto will be determined in the coming months.” He emphasized that the G20 had established a framework for assessing risks, and the country would base its policy decisions on the global consensus reached by world leaders.

This announcement carries significant weight given India’s history of stringent measures against digital assets, including a 30% tax rate and a “shadow ban” that led to local payment processors cutting off banking access to crypto exchanges, among other regulatory actions.

Prime Minister Narendra Modi has earlier stressed that cryptocurrency regulations should extend beyond the boundaries of a single nation or group. “The focus should be on adoption, democratization, and a unified approach,” he added. Despite India’s reservations about cryptocurrencies, Modi has indicated that the discussions now encompass broader macroeconomic implications, moving beyond concerns solely related to financial stability.

The other day, India hosted the eighteenth G20 meeting in New Delhi, garnering attention from crypto enthusiasts. The release of a joint policy paper called the “synthesis paper” by the International Monetary Fund [IMF] and the Financial Stability Board [FSB] warned against blanket bans on cryptocurrencies, recommending instead targeted restrictions and sound monetary policies to mitigate associated risks.

India: What Can Crypto Investors Anticipate?

Reports indicate that the nation may not necessarily introduce its crypto regulations in the form of a bill. A complete ban, a stance previously advocated by the Reserve Bank of India [RBI], also appears less likely, as the government has earlier distanced itself from such a possibility and also indirectly contended that a complete ban on virtual assets won’t be the solution in the latest “synthesis paper.”

India has now made the formulation of global crypto regulations a priority during its G20 presidency, as evidenced by the “synthesis paper” from the IMF and FSB. Besides, the recent media statements from the finance ministry indicate a shift towards greater transparency and mark the beginning of a new era in the country’s crypto landscape.

Oman’s Crypto Investment: Navigating Halal Finance and Regional Dynamics

by

The Sultanate of Oman is strategically positioning itself as a digital hub in the Middle East through a series of significant cryptocurrency investments. This move underscores Oman’s commitment to diversifying its economy and embracing new technologies. August witnessed a remarkable leap forward with nearly $800 million channeled into digital currency mining operations, symbolizing Oman’s ambition to play a leading role in the burgeoning digital economy of the region.

At the forefront of this digital evolution is the collaboration between the Omani government and international investors. A $300 million partnership with Abu Dhabi’s Phoenix Group aims to establish a 150-megawatt crypto-mining farm, in conjunction with Oman’s first licensed crypto-mining entity, Green Data City. This landmark project, set to go online next year, reflects Oman’s determination to leverage crypto-mining as a catalyst for economic growth.

The momentum gained further traction with the greenlighting of a $370 million venture by Exahertz International, slated to introduce an additional 15,000 crypto-mining machines by October. These investments are heralded by Said Hamoud al-Maawali, Oman’s Minister of Transport, Communications, and Information Technology, as a pivotal step toward fostering the nation’s digital economy.

Emerging Halal Crypto Adoption

Oman’s embrace of digital assets comes amid a broader regional trend towards digital assets. This shift has been coupled with intricate debates within the Islamic world concerning the permissibility (halal) or prohibition (haram) of virtual assets. Islamic scholars have been divided over the compatibility of digital assets with sharia principles, especially due to their speculative nature. The issuance of fatwas from influential Islamic groups in various countries exemplifies the complexity of this discourse.

However, proponents argue that digital assets can align with Islamic finance principles since they lack the interest (riba) component condemned under sharia. Additionally, the growing recognition of digital assets as a legitimate form of currency bolsters the case for their halal status. Despite the ongoing theological deliberations, Muslim-majority nations have emerged as key adopters of virtual assets, as indicated by Chainalysis’s Crypto Adoption Index.

The 2022 Global Crypto Adoption Index Top 20

The Middle East and North Africa region, with its fast-growing Muslim-majority populations, has rapidly embraced digital assets. While the regulatory landscape across these nations remains diverse, there is a trend towards accommodating digital assets entrepreneurs. Countries like the United Arab Emirates have proactively established themselves as attractive crypto hubs. Simultaneously, countries such as Turkey have introduced varying degrees of regulation, allowing crypto trading while restricting its use for payments and by financial intermediaries.

In conclusion, Oman’s recent multi-million investments in digital assets mining operations underscore its ambitions to lead the digital transformation of the Middle East. This strategic move takes place against the backdrop of an ongoing debate within the Islamic world about the compatibility of cryptocurrencies with sharia principles. As the region continues to embrace cryptocurrencies, a complex tapestry of regulatory approaches emerges, ranging from open acceptance to cautious regulation. Oman’s bold steps reveal not only its commitment to technological innovation but also its ability to navigate the nuanced dynamics of a changing economic landscape.

India’s Giant Leap: Imagine Crypto-Enabled Digital Signatures…

by

In an exciting development, Indian authorities will soon enable their citizens to sign documents digitally through crypto tokens to secure transactions as part of a project to develop a national web browser. On August 9, the Ministry of Electronics and Information Technology[ MeitY] announced the Indian Web Browser Development Challenge.

It challenged programmers to build a native web browser using a Controller of Certifying Authorities [CCA] India root certificate. Organized by MeitY in association with CCA and C-DAC Bangalore, the IT ministry intended to “inspire and empower” startups and developers from all over the nation to include the capability of digitally signing documents using a crypto token that would be embedded into the browser.

The tournament will involve three rounds, according to a release. There will be a cap of 18 competitors in round one and eight participants after round two, with the winner receiving about $411k [34 million Indian rupees]. Since the announcement went public, over 200 participants have filed their names, including individuals, government agencies, academic institutions, businesses, and more.

Earlier, the IT department explored ways to leverage Web3 by building a native blockchain infrastructure. In fact, it updated its blockchain strategy in late 2021 and has been working on a project since June 2022.

India Building National Blockchain Infrastructure

Inspired by its global counterparts such as Europe’s EBSI and, to a lesser extent, the domestic arm of China’s Blockchain-based service network [BSN], India’s project is called the Unified Blockchain Framework.

It intends to provide a blockchain-as-a-service architecture by alleviating developers’ concerns about the labor-intensive process of setting up blockchain nodes, their security, or their interoperability with other blockchains. Additionally, it will offer sample smart contract templates for a range of use cases.

Recently, India’s Digital Personal Data Protection Bill 2023 cleared a major hurdle after receiving the green signal from the lower house of Parliament and is now pending approval in the upper house. The bill, a product of over five years of negotiations between the government, technology entities, and representatives of civil society, lays out the rules for how businesses and the government can gather and utilize data about Indian individuals.

ConsenSys Tax Talk: Two Months To Deliberate

by

ConsenSys, an Ethereum-based blockchain firm and owner of the popular wallet MetaMask, has been making the rounds in the crypto-sphere of late.  

On July 11, United States Senate Financial Services Committee Chair Ron Wyden and ranking member Mike Crapo reached out to the digital asset community through an open letter, seeking input on the taxation of digital assets. The senators are seeking solutions to address the intricate tax issues, providing background reading from the Joint Committee on Taxation to aid respondents.

The senators pointed out that the Internal Revenue Code of 1986 lacks a straightforward classification for digital assets. Consequently, they posed numerous questions grouped into nine subject areas, highlighting the Committee on Finance’s recent bipartisan endeavor to identify critical questions at the intersection of digital assets and tax law. The letter covered topics such as fair value accounting, trading safe harbor, digital asset loans, wash sales, income from staking and mining, reporting by foreign firms, and valuation on an exchange, frequently referencing specific sections of the tax code.

The Internal Revenue Service (IRS) has primarily focused its efforts on countering criminal activities within the crypto realm, boasting about seizing $10 billion worth of cryptocurrency in law enforcement initiatives this year.

Additionally, the IRS is taking a more proactive approach to income taxation. In a recent case, it issued a summons to the crypto exchange Kraken in 2021, requesting user information on transactions exceeding $20,000. Kraken was ordered by the District Court for the Northern District of California to provide the requested information by June 30. Responses to the letter will be accepted by the Senate committee until September 8.

Consensys Delivers Linea, Ethereum’s Scaling Pioneer

The Ethereum ecosystem warmly welcomes ConsenSys as it begins onboarding partners to its Linea network, an Ethereum layer-2 scaling solution that has achieved significant scaling milestones during testing.

Linea functions as an Ethereum layer-2 scaling network, allowing developers to construct or migrate decentralized applications for Ethereum. It leverages zero-knowledge proofs and is equivalent to the Ethereum Virtual Machine (EVM), ensuring seamless interaction with the Ethereum blockchain.

Throughout an extensive testnet phase, Linea witnessed over 5.5 million unique wallets conducting more than 46 million transactions. ConsenSys has detailed improvements to Linea’s performance, transaction costs, and user experience based on the testing period.

The gradual alpha release commenced on July 11 with over 100 partners, boasting faster throughput and transaction fees 15 times lower than those on Ethereum’s mainnet.

Linea seamlessly integrates with ConsenSys’ Ethereum browser wallet, MetaMask, providing Linea users with access to token bridging, swapping, and purchasing functionalities.

ConsenSys founder and CEO Joseph Lubin highlights the abundance of layer 2 Ethereum scaling protocols and solutions as crucial drivers in advancing Web3 applications and functionality. The Merge to Proof of Stake and the widespread adoption of the rollup-centric roadmap are set to propel Ethereum layer 2’s scalability and usability.

The announcement emphasizes the migration of decentralized finance (DeFi) applications to Linea, benefiting from fast finality, capital-efficient bridging, and inheriting security from Ethereum’s mainnet.

Furthermore, Linea offers lower gas fees, high throughput, and low latency, making it ideal for powering nonfungible tokens, blockchain gaming, and social applications.

ConsenSys has also introduced the Linea Ecosystem Investment Alliance (EIA), involving over 30 venture capital firms providing capital and advisory support to ecosystem builders.

To ensure user protection, safeguarding DApps and the network itself, Linea’s alpha mainnet launch will implement necessary measures. These measures will initially restrict execution calls to launch partners for the first week.

ConsenSys plans to open up the network during ETHCC in France starting from July 17, with potential limits on withdrawals during the initial 90 days. The company will conduct a bug bounty program and closely monitor system performance before fully opening Linea to end users.

In 2023, Ethereum layer 2 solutions have become a significant topic of discussion. Polygon, a layer 2 development firm, publicly launched its zkEVM network in March 2023, while Starknet has focused on enhancing network throughput this year under the guidance of its founder, Eli Ben-Sasson, who pioneered zk-proofs.

Hong Kong Crypto Firms Prepare For New Licensing Requirements In May

by

Hong Kong’s Securities Futures Commission (SFC) has stated that it will be introducing guidelines for crypto licensing in May, intending to provide more clarity to its digital currency ecosystem. This has been a long-awaited move by the SFC.

According to Bloomberg, Hong Kong, which wants to be a crypto hub, will announce guidelines for crypto exchanges intending to open there in May, quoting Hong Kong Securities and Futures Commission (SFC) CEO Julia Leung.

It will offer a clear structure for businesses in Hong Kong’operatingnow-your-customer (KYC) protocols, and anti-money laundering (AML) regulations may be included.

Reports indicate that the guidelines will cover various topics related to digital asset trading, custody, and issuance. This announcement is part of Hong Kong’s efforts to establish itself as a prominent centre for the cryptocurrency industry in Asia.

Hong Kong has hosted several cryptocurrency exchanges and associated ventures in recent years. However, the absence of explicit regulations has made it challenging for these entities to operate with confidence.

Hong Kong Wants To Be The Top Crypto Hub In Asia

Although Hong Kong has been trying to adopt a more lenient attitude towards digital currencies, there are still concerns about how it might affect the industry’s ties with mainland China. This is because cryptocurrency trading and mining were initially prohibited in China in 2017.

Last year, BitMEX founder and former CEO Arthur Hayes added his voice to the discussion, saying that Hong Kong’s ability to attract digital currency businesses will depend on its access to Chinese customers.

“Hong Kong’s position as the most important crypto hub began to tumble gradually at first, and then quickly with the imposition of its zero-COVID policies. But now, it looks like something curious is happening,” he wrote, adding that “it is the ordinary wealthy Chinese people that power the Hong Kong economy.“

The government of Hong Kong is sure that their efforts will be successful.

Hui claimed that over 80 companies were interested in opening shops in Hong Kong. These included wallets, payment service providers, security organisations, blockchain infrastructure providers, and exchanges.

Last month, Nikkei Asia also revealed that several Chinese cryptocurrency businesses, including securities firms and banks interested in enabling customers to trade Bitcoin and Ethereum on authorised exchanges, have their sights set on Hong Kong.

The launch of a new trading platform for Bitget’s Hong Kong customers has been announced in the interim. Per a statement last week, BitgetX Hong Kong plans to apply for a licence under the Hong Kong Virtual Asset Service Provider (VASP) regulations.

While Hong Kong aspires to become Asia’s next hub for digital assets, certain cryptocurrency platforms have decided to cease operations there. On April 24, Bitget, a cryptocurrency exchange with over $1.4 billion in assets under management, announced that as of June 1, it would stop providing cryptocurrency services in Hong Kong.

Some forecasts suggest that Hong Kong could soon surpass Singapore to become the premier cryptocurrency centre in Asia. However, the potential risks associated with digital currencies, such as fraud and money laundering, remain a cause for concern.

Related Reading: | Ripple Vs. Zakinov Crucial Hearing: High Stakes Class Action Hearing Begins Today |

Source: Coinmarketcap.com

Crypto Fear & Greed Index Reached A 17-Month High – Could A Crash Be Looming?

by

The Crypto Fear & Greed Index has been experiencing significant volatility recently. Despite uncertain economic conditions and market fluctuations, however, for those who are interested in investing in the world of cryptocurrency, it may be unclear what this index actually signifies.

The index has climbed to its highest level in 17 months as Bitcoin has been trading above $30,000 for many days. It raises the question of whether investors in this thrilling and unpredictable market should be afraid or greedy.

Crypto Fear & Greed Index At Highest Level Since November 2021 

The current Fear & Greed index for the cryptocurrency sector, according to “alternative.me “data, is 58, suggesting that the market is experiencing its greatest degree of “greed” since the start of the big bull run in November 2021. For traders as well as investors, this index acts as an essential tool, supporting them in making the best choices.

Source: Alternative.me

Trading volume, market momentum, price volatility, and social media trends are some of the factors used by the index to determine values. The idea behind this is that although excessive greed may lead to traders overbidding assets, severe fear can cause assets to trade below their true worth.

Trading professionals often agree that extreme greed portends a market drop while high levels of fear suggest a buying opportunity. As a result, the Fear & Greed index continues to be a crucial tool for navigating the choppy waters of putting money into digital currencies.

Bobby Lee’s Confident Assessment Of Market Recovery

The Fear and Greed index is influenced by the prevalent “FUD” (fear, uncertainty, and doubt) narrative, with higher values in the ‘fear’ zone reflecting anxiety and ‘greed’ indicating increased confidence in the future success of the digital asset market, which is already apparent.

Bobby Lee, the CEO, and creator of Ballet believe that the crypto winter may soon be gone, opening the door for a possible “crypto spring” to blossom.

What should traders expect during the Crypto Spring?

Many traders are unsure of what to expect from the predicted “crypto spring” as the crypto Fear & Greed index rises even higher. There are a few things that traders should be aware of, even though nobody can precisely predict how the market will behave in the future.

BTC/USD trading at $30205 on the daily chart at TradingView.com

The first thing that traders need to do is get ready for more volatility. Although there may be an overall upward tendency in the market, there may still be large price swings. It’s critical to maintain a long-term perspective and refrain from making snap judgments based on transient swings.

Additionally, retailers should be ready for a rise in interest as the crypto spring is predicted to boost the trust of investors. New all-time highs for cryptocurrencies like Bitcoin and Ethereum may result from this desire. But it’s important to keep in mind that past outcomes are not necessarily indicative of future ones, so traders should always approach cautiously.

Related Reading” |Crypto Bulls Charge Ahead: Bitcoin Breaks $30k & ETH Approaches $2,000|

How Cardano’s Aiken Launch Pushes ADA To New Heights In The Crypto Market

by

Cardano (ADA), which has seen its price rise by more than 6% over the past day, is aiming higher today. Following the announcement of Aiken Launch, an open-source smart contract language and toolchain for creating Cardano smart contracts, the price of the cryptocurrency has increased.

The aim of Aiken is to streamline and enhance the procedures for creating smart contracts on the Cardano network. The disclosure generated favorable price movements for ADA, which saw a significant price boost in the hours that followed. On the weekly chart, ADA’s price has now increased by more than 15%.

Cardano Announced To Launched Aiken

Cardano made an announcement on April 13, 2023, about the launch of Aiken’s alpha phase. This innovative upgrade aims to address various issues concerning smart contract writing, such as the establishment, comprehension, and application of the Haskell Plutus platform on the blockchain. With its implementation, Aiken is set to enhance the interconnectivity between Haskell, a general-purpose programming language, and other off-chain languages.

The announcement states that using Plutus with other off-chain codes is difficult. However, Aiken would address this issue by streamlining integration into any off-chain infrastructure framework, drawing on IOG’s work on Plutus, a platform for smart contracts on the Cardano blockchain that enables programmers to use a single Haskell library.

Aiken includes a number of domain-specific facilities that simplify and speed up the creation of Smart Contracts. Fast compiler feedback and automated code formatting are provided, along with a language server that’s compatible with editors.

According to the tweet, the Aiken team will carry out thorough checks to ensure that the program complies with the expected criteria. The feedback gathered from these audits will help the mainnet launch go more smoothly.

Source: Chart from Tradingview.com

What’s Next for ADA Price Surge Following Aiken’s Launch?

The Aiken news has sparked excitement within the ADA group and among more general crypto market players. The price of ADA increased by 5.16% on March 13 and was up again as of press time today, by 6.74%. 

On April 13, the trade volume was $371,43 million, and on April 14, it was $716,97 million. That may mean that following the Aiken announcement, network and trade activity increased. 

Given the potential for increased usefulness for the ADA, some experts predict that this move may boost interest in ADA. With a rise of 6.74% during the previous 24 hours, the price of ADA is currently $0.4487. The token’s 7-day price increase has also risen to 17.25%, moving it up to seventh place among the top-gaining cryptocurrencies yesterday.

Technical indicators show that the price of ADA has crossed all moving averages, which is a positive indication for the cryptocurrency. The coin price is above the key pivot points S1 (0.3280), S2 (0.2571), and S2 (0.14550), and the oscillators strongly favor a purchase position.

The fact that the token price is rising suggests that the bulls are in charge of the market. If the present positive sentiment holds, the price of ADA may get a little bit closer to $1.

Related Reading: | Cardano’s Charles Hoskinson Hints At His Next Move |

Bitcoin Crossed $31,000 For The First Time Since 2022, Investors Are Getting Greedy

by

The value of Bitcoin has surpassed $31,000 for the first time in over a year following what can only be described as a remarkable week for the cryptocurrency market. This occurs at a time when investor confidence has significantly improved and money is once again flowing into the sector.

Due to investors’ large bets on Bitcoin and other digital assets, many analysts believe the most recent spike to be the beginning of a new bull market. Some do warn, though, that the market is still quite erratic and that cryptocurrency investors should be aware of the hazards involved.

Bitcoin Price Surges Past $31,000 Milestone, Boosting Investor Confidence

During the early hours of Friday, the value of Bitcoin tapped $31,000, a price level not seen since June 2022 before the FTX collapse. Despite the preceding period of uncertainty, a series of measures have helped the digital asset market recover, leaving investors with an optimistic outlook.

Within this week, Bitcoin price has experienced a notable surge, rising from approximately $27,000 to surpassing $30,000, marking a significant increase in the digital asset’s value. This upward trend translates to an over 10% rise in just one week, leading to a boost in the asset’s market capitalization, which is nearing the $600 billion mark.

Source: Chart from Tradingview.com

Additionally, BTC has already increased by about 100% in 2023 alone after beginning the year at a price of $16,000. The current positive trend is more likely to continue since BTC is currently trading far above its year-to-date low of $23,721, but a minor pullback is still possible given its recent growth pace.

Crypto Investors Remain Extremely Greedy

Cryptocurrency investors are becoming increasingly greedy as Bitcoin keeps rising. The Fear & Greed Index, which uses a variety of indicators to gauge investor mood in the market, indicates that crypto investors are still quite greedy.

Market greed is indicated by the scale, which ranges from 0-100, now sitting at 68. When prices are rising, investors are rushing to the market, which increases the likelihood that rallies will continue.

Source: https://alternative.me/crypto/fear-and-greed-index/

This was the situation during the last bull market, which ran from 2020 to 2021 when prices increased as investors’ greed increased. When the index reaches the Extreme Greed level, the market reaches its peak and prices start to decline, according to the historical record of the Fear & Greed Index.

The market still has a long way to go, so prices will probably continue to rise if this past trend is any indication. A fall like the one that occurred in March 2022, when the index rose to a score of 60 before falling once more and wiping out the market, is always possible.

BTC is still keeping its value above the $30,500 support level for the time being. Its trade volume increased by 17% during the previous 24 hours, reaching $21.7 billion.

Relating Reading: | What Happens Next for Bitcoin After CPI Rates Lower Than Expected? |

Bitcoin Value Expected To Reach New Highs In 2024 But How?

by

Bitcoin has experienced a rollercoaster ride. Since January 2023, its value has skyrocketed by more than 80%. Despite this, several professionals speculate that this current surge may only be in the initial stages and that BTC has the capacity to exceed its prior peak.

From a low of $16,000 at the end of last year to a high of almost $31,000 on April 14, BTC has significantly increased over the past five months. Despite the fact that the asset may have appeared to be recovering, research indicates that BTC may make even more money in 2024.

How Bitcoin May Achieve Huge Heights in 2024

Although there are a number of key elements supporting the rise of Bitcoin, However, the further decline in the dominance of the US dollar and the crisis in the traditional banking industry are two important causes that might lead to the asset’s tremendous expansion in 2024. 

As the US currency loses its position of power and the crisis gets worse, more individuals will look for an alternate store of value, such as BTC. This occurred last month when significant US banks, including Silvergate, Silicon Valley, and Signature Bank, were shut down by the government. 

This had a significant influence on BTC value in March as investors looked for other savings options, allowing BTC to boost its price above $25,000 for the first time in a number of months. The fact that there is only a limited supply of BTC is another element that might boost the price increase in 2024.

The quantity of BTC is limited to 21 million, unlike conventional currencies, which central banks may produce as they like. The accessibility of Bitcoin on exchanges will decline as more people buy and retain it, which might result in a rise in demand and higher prices.

This situation is said to be caused by the BTC halving that is scheduled to occur in 2024. The BTC network has a pre-programmed event called the halving that cuts in half the reward that miners earn for verifying transactions every four years. As a result, there are fewer bitcoins produced and traded today. 

Will Bitcoin’s Halving Have An Impact On Its 2024 Rally?

In the cryptocurrency community, the BTC halving is a widely anticipated event. Many believe this will serve as a strong enough trigger to lift the commodity over its high price of $69,000 and advance the cryptocurrency sector.

The price of bitcoin has historically been greatly affected by the halving of bitcoin. The three previous halvings in the price of bitcoin in 2012, 2016, and 2020 were followed by massive rallies.

Here, the fundamental economic concept of supply and demand is at work. Since there are fewer new bitcoins available, and assuming that there is a constant or rising demand for the cryptocurrency, the price should grow as a result of this scarcity. 

This is due to the fact that once this event occurs in 2024, there will be fewer bitcoins available to purchase, increasing the value of each BTC. 

The second bitcoin halving, according to Pantera Capital, will take place on April 20, 2024. Additionally, even though the market typically reaches its high in 1.3 years following a halving, should history repeat itself, the next BTC halving may cause a BTC price increase to $149,000.

It’s essential to remember that the price of Bitcoin will not immediately decrease as a result of the coin’s halving. The full consequences may not be realized in the market for several months or even years. 

This is due to the fact that everyone within the Bitcoin network is aware of and has pre-programmed the halving occurrence. As a result, some investors may predict the halving and have already factored it into the market.

Additionally, other elements, including general market mood, geopolitical developments, and modifications to regulations, may have an effect on the price of Bitcoin. In the near term, these elements are frequently greater than the effects of the halving.

Despite the rumors going around the market, bitcoin and the rest of the cryptocurrency market have been rising over the past few weeks. BTC, on the other hand, has had a little pullback over the last 24 hours, raising 0.19%, and is currently trading at $30,430. With a 24-hour trading volume of $22,547,029,730 USD, on the previous day, bitcoin increased by 0.55% with a live market cap of $589,233,600,254 USD. It has a maximum supply of 21,000,000 BTC coins and a circulating supply of 19,346,268 BTC coins.

Source: Chart from Tradingview.com

Related Reading: | Bitcoin Futures Secures Entry In Latin America |

Solana (SOL) Sees Impressive 18% Growth in Just One Week Here’s Why

by

Solana has been among the tokens that have experienced a significant upswing in the past week, as the bulls have exerted strong dominance in the crypto market, resulting in remarkable profits for most assets.

The largest weekly profit among the top 10 cryptocurrencies on the market was recorded by SOL, which has increased 19.70% over the past seven days, according to data from CoinMarketCap

Price Action In Solana

The 10th largest cryptocurrency started the week trading at about $20.32. However, following a general market uptrend, SOL’s price rose to $25.49 before a modest re-correction sent it down to $23.63. 

SOL then quickly continued to rise, trading above $25 for the first time since February. Despite a minor decline following these highs, the cryptocurrency is currently stabilizing and may be getting ready for another breakthrough, according to recent price data. 

The current SOL price is $24.44 with a $488,527,776 24-hour trading volume. In the past 24 hours, SOL has increased by 0.97%. With a live market cap of $9,568,101,470 , and about 391,874,739 SOL coins are now in circulation

Source: Chart from Tradingview.com

What Factors Are Driving The Surge In Solana’s Value

SOL recent price spike has sparked a lot of discussions, as is to be expected, as many people wonder what may be driving this price increase. 

However, the broad market bounce that took place this week could have been the main factor in SOL’s market gain. On Tuesday, April 12, the whole cryptocurrency market experienced a significant uptick as a result of the U.S. Federal Reserve possibly ending its cycle of rate hikes.

Analysts predict that the American central bank will initially raise interest rates by 25 basis points in May and keep them there for a while, according to a Bloomberg report.

But later this year or in 2024, the Fed is predicted to start lowering interest rates, allowing more individuals to invest in risky assets like cryptocurrencies. 

The considerable interest around the release of the Solana Mobile Saga, an Android device built with cryptocurrency in mind and intended to give people a simple and safe way to engage with their digital assets, has also contributed to the price of Solana. 

On Thursday, April 13, Saga was officially unveiled as the company’s flagship product. 

Meanwhile, developers have recently found the SOL network to be appealing. In the next few days, the most recent protocol to join the SOL ecosystem is scheduled to be Helium, a highly regarded blockchain broadband project.

The Render Network and Hivemapper are just a couple of the latest projects that have moved to Solana.

Related Reading: | Solana Sets The Standard For Web3 Mobile Devices With Flagship Saga Release |