The crash of the token XRP issued by blockchain firm Ripple was a hard-hitting start for the week, as crypto markets continue to show volatility. For the first time since July, XRP plunged below $0.50, marking a 5% drop in just a day. This can be viewed as a direct reaction to the U.S. regulator’s decision to appeal a court ruling that dismissed claims that Ripple had violated securities law by enabling retail investors to access XRP. The CoinDesk Market Index (CMI) is also reporting as at its lowest levels since mid-June.
Joining the club of their less fortunate counterparts, several Altcoins are also painted red, downplaying the bull run that Bitcoin is trying to establish with its notable sideways movement. Bitcoin currently stands around $25,670, a decrease of 0.5% since the start of this month.
While the decline of certain currencies has been the talk of the town, the decentralized exchange Sushi has managed a significant milestone. Expanding to the layer-1 blockchain, Aptos, Sushi is now available for the first time on a network that is not compatible with the Ethereum Virtual Machine (EVM). The accessibility of Sushi, which holds more than seven times the value of the entire Aptos blockchain, potentially broadens the earning prospects for the network.
India’s fluctuating stance on crypto is also a noteworthy discussion point. Ajay Seth, secretary of the Department of Economic Affairs, revealed that India’s pouring over the global viewpoints on a regulatory framework for cryptocurrency. Home to a burgeoning crypto industry, India’s previous hostility towards cryptocurrency with its restrictive taxes and stern enforcement actions against key crypto exchanges has caught global attention. Seth’s hint towards India’s predilection for framing its own legislative framework is a monumental shift in its policy that had abruptly halted all plans for crypto legislation early this year.
Lastly, Bitcoin’s dwindling trade volume echoes the adverse sentiments trickling in from the market. The daily volume of Bitcoin plunged to its lowest since February 2019. A measly $5.4 billion worth of Bitcoin traded hands over a day, indicating a steady drop in volume since the collapse of FTX. Currently, the market is shrouded in a layer of apathy as it hovers at December 2022 lows. Yet, do remember stronger market dynamics emerged, when bitcoin previously hit such low levels of volatility, resulting in a surge from $19,600 to $29,200. The underlying message remains, despite market turbulence, opportunities inevitably spring forth from uncertain times.
Source: Coindesk
