Cryptocurrency Market up, but Not All Top Coins Are Gaining Today
Bitcoin (BTC) is having some trouble holding onto the $70K level, but Ethereum is doing just fine. Let’s check in on the cryptocurrency market as things heat up for the major coins.
Bitcoin has dropped 3.09% today, falling to $68,065 (BTC/USD). The coin has recently passed $70,000 and was doing very well but has taken a dip the last two days that may be tough to recover from.
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Ethereum (ETH) is doing much better, climbing 1.55% today and 28% over the last week. Ethereum is now sitting at $3,804 (ETH/USD) and is poised to pass $4,000 very soon.
Ripple’s coin XRP (XRP) is down today, dropping 1.34% to a price point of $0.5265 (XRP/USD). The coin has actually gained over the last week, though, but is now starting to look bearish. Its recent drop has not been sharp, so the coin could recover quickly.
Factors Affecting the Crypto Market
The cryptocurrency market is struggling due to yesterday’s FOMC minutes. The meetings discussed the state of the US economy as well as inflation. FOMC chairmen spoke about how inflation is still high and not moving much at all, much to their disappointment. They will have to hold off on interest rate cuts as a result.
While inflation data is pulling the crypto market down, rumors about SEC approval for ETFs is pulling prices in the other direction. It is likely that the US Securities and Exchange Commission will approve spot ether ETFs soon, and that will greatly boost the crypto market. Even now, the market is benefiting off of the rumors.
XRP is particularly suffering due to the SEC lawsuit against Ripple’s leadership. As that case drags out, it put XRP in a bad light and makes it look like a risky investment. Experts say the lawsuit may continue until the end of the year at its current rate.
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