This week in coins: Bitcoin unmoving but proof-of-work classics Bitcoin Cash and Litecoin Moon

Illustration by Mitchell Preffer for Decrypt.

Market leader Bitcoin had a shaky week this week. The high was above $31,100 and the low was below $29,900, but its fluctuation was limited to less than 2% over a 24-hour period. After surpassing 50% market dominance last week, the leading cryptocurrency leveled back off at 47.9% but still saw over $9 billion in trading volume.

Despite this ultimately flat week, Bitcoin (BTC) is up 15% over the past two weeks and 13% over the past month, with a one-year return of more than 50%, according to data from CoinGecko. It is currently trading at $30,612, which is about where it was seven days ago.

The number one contender, Ethereum (ETH), is up 1.9% over the seven days to trade at $1,923 on Saturday.

Earlier in the week, several altcoins were flagged as securities from the SEC In his various lawsuits against the industry, he finally seemed to have shaken off the effects of the bad press. Polygon (MATIC) and Cardano (ADA) are virtually unchanged compared to last week, but Solana (SOL) actually rallied, gaining 10% to change hands at $18.35.

There were no notable losses in the leading coins, but this week saw several notable rallies of more than 10%. Two classic proof-of-work coins exploded after Wall Street-backed EDX Markets listed them last week: Litecoin (LTC) increased by 18% to $105.18 and Bitcoin Cash (BCH) exploded by an incredible 52.6% to $291.31.

The week in the headlines

On Monday, Swiss National Bank President Thomas Jordan said during his speech at the Point Zero Forum in Zurich that a central bank digital currency (CBDC) was being tested on the country’s first regulated crypto exchange called SIX Digital Exchange (SDX). Jordan insisted it was more than just a trial balloon.

“This is not just an experiment, it will be Real Money Equivalent to build up reserves,” he told attendees. “The aim is to test real transactions with market participants.”

On the same day, HSBC Hong Kong customers were authorized to trade Bitcoin and Ethereum Futures Exchange Traded Funds (ETFs) via the bank’s mobile app “Easy Invest”.

On Tuesday, the European Parliament’s Economic and Monetary Affairs Committee announced via Twitter that it had reached consensus on changes to the Capital Requirements Regulation and Directive new regulations for crypto assets. The move came in response to lawmakers’ calls for strict rules to prevent “naked cryptocurrencies” from entering the traditional financial system.

The Bank of England’s fintech director, meanwhile, said the UK central bank is open to the possibility of a UK CBDC (or “Britcoin”) may not be blockchain based. The official added that conflict arose at a recent meeting of technologists hosted by the bank to discuss the matter.

“None of them agreed at any point,” he said, adding that forum participants “were not convinced that distributed ledgers were more efficient than traditional ledgers.”

Over in Canada, a group of thirty Canadian legislators published one report Advocating cryptocurrencies and blockchain technology with 16 recommendations to the country’s government for developing a national strategy for crypto. The group said the industry has “made significant strides over the long term economic and employment opportunities.”

The Financial Services and Markets Act 2023 was passed on Thursday granted royal approval by King Charles, who according to a. officially enshrined a new law press release by the British government.

Under the reform law, crypto trading will be recognized as a regulated financial activity. The changed law defines crypto assets as “cryptographically secured digital representations of value or contractual rights” and considers them regulated financial instruments, products or investments.

After all, the industry is still affected by the news Two weeks ago that the world’s largest asset management firm, BlackRock, has filed with the SEC for a spot Bitcoin ETF. BlackRock has applied to the SEC with ETF proposals 576 times and has only been rejected once so far.

This week, loyalty And ARC Invest are the latest companies to have doubled down on their own ETF filings since BlackRock news, joining the likes of Invesco, Wisdom Tree, Valkyrie and Bitwise. On Friday, however, reports seemed to indicate that insiders from the US’s main securities regulator are giving credence to BlackRock’s and Fidelity’s (and by extension everyone else’s) filings. are insufficient.

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