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As the crypto market remains submerged in bearish waters, most cryptocurrencies seem headed for rock bottom with strong momentum like a giant ball dropped at the top of a steep slope. However steep this crypto recession is getting, crypto traders remain hopeful of a bullish outcome, networks continue to scale their system upgrades, new products, and services, and the crypto community continues to grow significantly.
Cryptocurrency users are scared. Bitcoin has plummeted
The cost of BTC plummeted down: the fall began on June 6, when 1 BTC was equal to 31.3 thousand dollars. Since that day, the exchange rate has been getting lower and lower. On June 14, the exchange rate was $21,000. This is the lowest price since December 16, 2020. BTC has fallen in price by 33.1% in just a week.
There is a high correlation of BTC with the stock market right now. It is likely that the cryptocurrency exchange rate will change to positive along with the restoration of general economic stability in the world.
Ripple confident in imminent growth
As cryptocurrency exchanges and networks take measures to keep afloat as the crypto recession intensifies, Ripple boss, Garlinghouse, has stated his belief in the imminent long-term bullish performance of the crypto market despite the present downtrend.
While companies like Block, Gemini, and even Coinbase begin to reduce staff, according to Bloomberg reports, Ripple states that it would continue to expand its staff during the current recession, courtesy of its significant cash balance.
The storm might not be over yet for Terra
Tera might just be in a huge spiral of cascading integrity as preliminary investigations seem to establish Terra executives are responsible for the TerraUSD de-peg. Results of ongoing investigations prove that TerraLabs managed the wallet address linked to the de-peg, according to Uppsala Security.
Uppsala security suspects that the collapse of the Luna, resulting in the loss of over $40 billion, could be attributed to the activities of the uncovered wallet address, which makes the Luna collapse, probably, an inside job. However, nothing is certain right now as investigations are still ongoing.
Tron turns to its accumulated reserve as USDD stablecoin loses peg
On Monday, USDD lost its peg to the dollar, and its price fell to $0.974. In a bid to prevent the UST disaster, Tron withdrew 3 billion TRX in an attempt to stabilize the USDD and prevent a further downward spiral.
While Tron seems on top of the issue, the crypto community, still in shock over the UST debacle, which led to the loss of over $40 billion, seems worried over the fate of the USDD, an algorithmic stablecoin like the UST.
Binance joins list of Litecoin’s MimbleWimble opposers
MimbleWimble continues to stir controversy as Binance joins the list of exchanges that would dissociate itself from Litecoin due to the upgrade. Binance stated that LTC transactions on the MimbleWimble Extension Blocks (MWEB) function would not be returned and received because the function hides transaction information. Standard LTC transactions will continue to be processed as before.
Chainlink corporates with Moonbeam to provide price data to Polkadot developers
Regarding upgrades this week, Chainlink (LINK), a decentralized Oracle network, has cooperated with Moonbeam, a Polkadot smart contract parachain. The joint venture will allow developers on the Polkadot network to access data.
The integration will allow developers on the Polkadot network to access price data, distilled, compiled, and aggregated from different exchanges, the Chainlink's team stated. The move will also increase data and price accuracy on decentralized applications.
Whales in massive Dogecoin acquisition
Stats from WhaleStats reveals a huge purchase of Dogecoin by whales on the Binance platform. The whale, under the pseudonym Scarlet Witch, made a purchase worth $31.66 million, which translated to 400 million Doge coins. In another event, Elon, the Doge Father, is rooting for Doge as usual. But this time, it's in support of Web69.
In response to his views on the decentralized web on the Dogecoin- Web69, with a fire emoji, Elon once more showed his unwavering support for the products and services of the memecoin.
Top Gainers and Losers this week
Ethereum leads the losers’ chart this week with a 38.02% decline, while Polygon (Matic) follows closely behind with a price decline of 36.94%. Bitcoin Cash (BCH) lost 36.86%. Overall, it was a tough week for all major coins, which seem to have lost to a certain degree in the past 7 days. However, in the past 24 hours, the major gainers have been Monero (XMR) with an 8.62% gain, Litecoin (LTC) with a 3.66% gain, and Tron (TRX) with a 1.44% gain.
Crypto users can now book taxi rides on the Binance app
As Binance continues expanding its services, the exchange integrates crypto use into daily activities such as booking and paying for Taxi rides. In a Twitter statement, Binance founder Zhao Changpeng stated that Binance users would now be able to book taxi rides on the Binance application. He further stated that the service is available in over 150 countries. The service can be accessed at the Binance pay section of the application, and payments for rides can be made using Binance coin (BNB) or Binance USD (BUSD).
With Binance pay, users can shop and transfer crypto to close pals without fees. The contactless, borderless and secure cryptocurrency payment technology, launched in 2021, can also be used for mobile airtime top-up services, game top-up, and more.