Cryptocurrency prices remained stable over the past week, with Bitcoin holding steady at $26,569 and Ethereum dropping slightly by 2.8% to $1,592. However, one cryptocurrency that experienced significant gains was Chainlink (LINK), which saw a 12% increase to reach $7 on Saturday.
On the other hand, Toncoin (TON) had a rapid rally earlier in the week, with seven-day gains of 31%. This surge was fueled by the integration of TON’s self-custodial wallet into the messaging app Telegram. However, TON’s rally seems to have cooled off by the weekend, with the coin only up 3.7% at $2.33.
In terms of adoption news, the recent Federal Reserve policy meeting resulted in no new interest rate hikes, which positively impacted the stability of crypto prices. Additionally, Citigroup launched a digital token service for rapid cross-border payments between institutions, and PayPal announced that Venmo users would soon be able to purchase the company’s dollar-pegged Ethereum-based stablecoin.
There were also significant political developments related to cryptocurrencies this week. The former chair of the Financial Conduct Authority (FCA) in the UK confessed that the regulator faced political pressure to accept several crypto firms during his tenure. He further expressed doubts about the wisdom of such a decision. In response, the FCA publicly urged British crypto companies to register with existing financial promotions legislation.
In the United States, the House Financial Services Committee passed the CBDC Anti-Surveillance State Act, which aims to block the Federal Reserve from issuing a Central Bank Digital Currency (CBDC) to individuals. The legislation, proposed by Congressman Tom Emmer, argues that CBDCs are financial surveillance tools. Presidential candidates Ron DeSantis and Robert F. Kennedy Jr. have also voiced opposition to CBDCs for similar reasons.
Overall, the cryptocurrency market remained relatively stable, with some notable gains and developments in adoption and political fronts. These updates demonstrate the growing interest and recognition of cryptocurrencies in both financial and political spheres.
