XRP witnessed a mega rally due to the positive news regarding the Ripple lawsuit and jumped 30% during the week. The third consecutive rate hike announced by the US Federal Reserve will have a significant impact on the crypto market in the coming weeks.
Here are some important crypto developments of the week:
Iran’s appointment with the CBDC
Iran’s central bank has launched CBDC trials to turn banknotes into programmable currency. The crypto rial will be a digital version of the country’s fiat currency, which could be a game-changer for the country’s digital economy.
Iran recently approved a detailed regulatory framework for cryptocurrency, and authorities have also restarted the process of providing licenses to crypto miners under the new law.
UK Government Introduces New Crypto Bill
The UK government has announced a new bill to combat money laundering and fraud by empowering authorities to review crypto assets deployed for illegal activity. The proposed legislation is expected to eliminate dirty money from the country and prevent crypto-related fraud.
Coinbase obtains a license to operate in the Netherlands
Crypto Exchange Coinbase has been licensed to offer full-spectrum crypto services in the Netherlands. The Dutch regulator has approved the Nasdaq-listed crypto exchange to operate in the Netherlands.
The Netherlands is a booming market for crypto-related products, and more crypto companies are expected to explore the huge business potential of the European market soon.
Top 5 Winners of the Week (As of 2:00 PM IST September 25, 2022)
– Reserve rights (RSR): 33% increase
-Algorand (ALGO): +28%
-XRP (XRP): 26% up
– Compound (COMP): 14% more
-Chiliz (CHZ): +11%
Top 5 Losers of the Week (as of 2:00 PM IST September 25, 2022)
-Terra Classic (LUNC): 25% deposit
-Toncoin (TON): 20% decline
-Ravencoin (RVN): 17% decline
-EOS (EOS): 16% decline
-Unus Sed Leo (LEO): 15% drop
