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Crypto Market Daily Highlights

Jimmy Khan

May 07, 2022 09:46


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While the overall crypto market suffers due to investor concerns about Fed monetary policy, Tron (TRX) is on a breakout session.


Illicit behavior in the NFT realm continues unabated, with the OpenSea marketplace becoming the most recent victim.


In the newest twist in the SEC v Ripple lawsuit, the SEC sees hope of protecting William Hinman's 2018 speech-related papers and emails.


Argentina is the latest country to restrict client access to digital assets via banks.


The global financial markets are ending the week on a negative note, with European and US equities markets facing a second straight day of losses. Despite the gloomy crypto market attitude, Tron (TRX) defied the morning trend.


Market concerns over inflation, as well as the need for a more aggressive Fed rate path to contain inflation, sent shockwaves through the global financial markets.


The link between bitcoin (BTC) and the NASDAQ 100 became stronger this week, putting an end to any speculation that BTC might be used as an inflation hedge.


Tron (TRX) is the most active cryptocurrency on Friday.


Tron (TRX) was up 13.11 percent to $0.08428 at the time of writing. TRX rallied to a current-day high of $0.0865 during a strong morning session before dropping down.


Despite the fact that the larger crypto market was in the negative, the breakout session occurred. The announcement that Tron will introduce a TerraUSD (UST) competitor, the USDD, with a 30 percent annual percentage yield, drew a lot of attention.


Tron aims to raise $10 billion for its decentralized reserve, TronDAO, similar to the Luna Foundation Guard (LFG).


Algorand (ALGO), a CoinMarketCap top 100 coin, also gained gains this morning. Despite Thursday's sell-off, news of Algorand being a FIFA World Cup 2022 partner continued to give support.


In the SEC v Ripple case, the SEC wins a little victory.


The SEC won a tiny victory on Wednesday after a series of motions on Tuesday. Judge Sarah Netburn approved the SEC's request to submit a reply brief in its attempt to keep Hinman's speech papers and emails private on Wednesday.


William Hinman, a former SEC Director of the Division of Corporation Finance, has emerged as a key character in the SEC's case against Ripple.


Bitcoin (BTC) and Ethereum (ETH) are not securities, according to William Hinman. The Securities and Exchange Commission is attempting to protect records and emails related to internal deliberations and Hinman's famous statement.


Bitcoin (BTC) is having another difficult day.


BTC was down 1.48 percent to $36,033 at the time of writing. BTC fell to an early morning low of $35,319 before recovering to $36,000 levels after a gloomy morning.


The correlation with the NASDAQ 100 became stronger this week, as market sentiment regarding the Federal Reserve's monetary policies weighed on riskier assets.


The NASDAQ 100 was down 0.95 percent at the time of writing, after a 4.99 percent drop on Thursday.


The influence of central bank policies on cryptos was proved this week, calling into doubt the ethos of decentralization.


In other headlines this morning, Argentina's Central Bank banned banks from marketing cryptos to customers in the sake of financial stability.


With reports of hackers breaching OpenSea's Discord server, NFT marketplace OpenSea also made the crypto headlines.