The cryptocurrency market continued its steady decline from the previous week, with Bitcoin hitting below the $6,500 mark on Wednesday — a seven-month low. Just hours later, however, BTC quickly rebounded, jumping nearly 14% and, toward the end of the weekend, broke above $7,500.
Although all eyes were on Bitcoin, Tron’s TRX was actually the best-performing cryptocurrency over the weekend, spiking by 9% in less than 24 hours. However, the gain was short-lived and the coin promptly crashed over 10%.
This Week’s Highlights
- Ripple now valued at $10B
- Congress considering crypto bill
- The Week Ahead
Ripple now valued at $10B
Blockchain firm Ripple announced on Friday that its recent funding round raised $200 million, bringing the company’s current valuation to $10 billion. XRP’s price jumped approximately 4% on the news.
Congress considering crypto bill
A bill titled the ‘Cryptocurrency Act of 2020’ is up for Congressional consideration, proposing a clear framework for federal crypto regulation in the United States. The bill clearly defines three categories of digital assets — crypto-commodities, crypto-securities, and cryptocurrencies — as well as tasking each of three US regulatory agencies — the Securities and Exchange Commission (SEC), Financial Crimes Enforcement Network (FinCEN), and the Commodity Futures Trading Commission (CFTC) — with overseeing a specified category. The bill, if passed, would further establish these agencies as the official “Federal Crypto Regulators” responsible for regulating digital assets.
The Week Ahead
Leading up to the final week of 2019, there is much speculation about what the next year could hold for crypto. Despite volatility, there seem to be some bright spots: this year alone, Bitcoin was up by almost 100% overall; CNN crowned BTC the best investment of the decade; and a halving set for later in 2020 has many investors optimistic. We hope to see increased adoption and maturation of the market in crypto’s near future.
Whatever is in store, it’s sure to be interesting.