Illustration by Mitchell Preffer for Decrypt.
Most of the top thirty cryptocurrencies by market cap saw negligible losses or gains over the past seven days.
Bitcoin (BTC) starts the weekend at $26,051, roughly the same level as last week.
The world’s most popular cryptocurrency briefly increased on Tuesday after a US Circuit Court of Appeals judge ordered a review of the Securities and Exchange Commission’s (SEC) rejection of crypto asset manager Grayscale’s Bitcoin ETF application. The court said the SEC failed to establish a “conclusive explanation” for the refusal.
Ethereum (ETH) is down 0.4% in seven days and is now changing hands at $1,646.
Virtually every other leading cryptocurrency is trading around the same price as last weekend, with the exception of Toncoin (TON), which is up 22% to trade at $1.75, and Bitcoin Cash (BCH), which is down 8. up 6% to $206.87.
Toncoin bullish momentum can be attributed to the development of the TON ecosystem.
The TON Foundation, which recently emerged from Telegram to develop TON Approved a Telegram-centric Web3 app store and started a community-driven initiative, Believers.ton, to encourage ecosystem development.
Bitcoin Cash was one of them fastest climber as the Grayscale/SEC news broke on Tuesday and the rally appears to have continued into the weekend. So is Coinbase stock rose 15% in the hours after the news.
All of the gains Bitcoin and Ethereum made on the week were extinguished Early Friday, the industry responded to news that the SEC needed more time for approval or denial 6 Bitcoin ETF Applications.
All in all, this week has been another agonizingly slow news cycle for those looking for signs of increasing global crypto adoption. On Thursday, airline giant Lufthansa launched one NFT based loyalty program on polygon. However, Polygon’s MATIC token didn’t react much to the news – it ended the week 1.2% higher at a price around $0.55.
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