CoinLoan Weekly: BTC Beat PayPal, SEC vs Ripple, ETH Deflation
The BTC price fell last week, reaching the lowest point this weekend, $53,827. However, the movement changed the course to growth on Monday, November 29. The leading cryptocurrency's value jumped to $57,672, over a $4,000 difference in the past 24 hours.
So far, the crypto market is subject to sideways movement. The 24-hour change is 4.7%, the 7-day price difference is -3.6%
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Last week, Ethereum was growing despite fluctuations, bouncing between $4,000 and $4,505. On Friday, the second leading cryptocurrency reached the highest point of $4,525, which was close to Ethereum max but dropped heavily to $4,037. ETH was experiencing sideways movements for the entire weekend and rose to $4,383 on Monday, November 29.
So far, ETH's 24-hour change is +6.2%. The 7-day price difference is +0.6%.
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XRP experienced light fluctuations between $1.03 and $1.07. The cryptocurrency's price didn't change much last week, but other coins experienced a slight drop on Friday. XRP went down to almost $0.92 and since then was struggling to recover.
As of November 29, XRP was trading at $0.98 with a negative 8.3% change over the 7 days but a positive difference of 5.4% in the past 24 hours.
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BTC Takes Over PayPal in Quarterly Volume
According to Blockdata (a trusted crypto portal), the transferred value on the Bitcoin blockchain can reach the rate equal to USD transactional volume on PayPal by 2026. A report published on Thursday states that the BTC network processed $489 billion on average per quarter in 2021, 38% more than Mastercard's network. PayPal's processed volume for the same period was $302 billion.
While the research was unable to find whether the average amount of bitcoins grows or falls, Blockdata believes the BTC price hike to $245,000 will place the blockchain in the same league as PayPal.
SEC vs Ripple: Update
Fox Business published an investigation into the SEC's case against Ripple. According to journalists, the regulators behind the lawsuit may have been affiliated with Ethereum. The legal standoff between Ripple and the SEC has been going on for months with no final verdict. SEC considers XRP as a security, insisting the company's actions are not within the legal field. Ripple was forced to give up its internal correspondence to the investigation.
Former SEC chief Jay Clayton signed the lawsuit on December 22, hours before leaving his chair. According to Fox, the regulator's enforcement division unanimously supported the initiative.
As chairman, Clayton favored transparency, frequently consulting with industry experts and representatives. In January 2018, he asked venture capital firm Andreessen Horowitz to participate in discussions on regulatory issues.
As a result, Horowitz held a conference with representatives of Ethereum and other blockchain-affiliated ventures, including the law firm Perkins Coie.
Ethereum to Become Deflationary in 2022
According to Ultrasound Money, the Ethereum cryptocurrency supply will peak at 119.7 million ETH in the first half of 2022 before becoming deflationary.
So far, Ethereum's annual burn rate is 4.3 million ETH, while emission stands at 5.4 million ETH over the same period. Based on the figures, the inflation rate of the leading cryptocurrency is less than 1% per year.
In the 109 days since the London update activation, the protocol has taken more than 1 million coins out of circulation with a $4.2 billion overall value.
Thanks to EIP-1559, the emission has decreased by 39%. Inflation on the network has slowed to 1.8% per year.
NFT marketplace OpenSea (110,175 ETH) was the leader in burnout. Transfers on the network reduced the number of coins in circulation by 97,500 ETH.