This week in pieces: Bitcoin and Ethereum see fourth flat week like TRON and Tether Surge

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It was the fourth consecutive week of fixed prices. A generally slow news cycle means market leaders Bitcoin and Ethereum remained where they were last weekend.

Bitcoin depreciated by 0.5% nominal and is currently trading at $26,815, while Ethereum is up 1% over the seven days and now enters the weekend at $1,829.

On Monday, an AI-generated photo of a fabricated explosion at the Pentagon briefly caused a selloff in stocks and Bitcoin.

Markets were decidedly flat across the board, with none of the top thirty cryptocurrencies posting significant gains except for TRON, which rose 8% to $0.076778.

The rally in TRONs this week appears to have been driven by the growing market capitalization of the US dollar-pegged stablecoin Tether (USTD), as the latter is poised to surpass its all-time high of $83.2 billion, set in May. from last year.

According to CoinGecko, Tether could establish a new high watermark any day.

The joint rally of TRON and USDT seems to be related to the fact that the majority of USDT, around $46 billion, is issued on Tron, surpassing the $36 billion on Ethereum. Recent data shows a strong increase in USDT on the TRON network throughout 2023 so far.

The largest losses among cryptocurrencies this week were recorded by Internet Computer (ICP), which fell 6% to $4.88, and Lido DAO (LDO), which fell 7.1% to $4.88. $1.96.

Monetary Policy

Crypto is already a major talking point in bitcoin-friendly Florida Governor Ron DeSantiss’ campaign as he prepares to run as the GOP candidate in the next few years’ US presidential elections.

DeSantis headlined an otherwise disastrous Twitter space the day he announced his candidacy and told his host, Twitter/Tesla CEO Elon Musk, that the Bidens administration [has] for bitcoin, and if it continues for another four years, they will probably end up killing it.

On Tuesday, the International Organization of Securities Commissions (IOSCO) released a report outlining policy recommendations for global crypto regulation as part of the public consultation process.

In a nod to FTX’s downfall, IOSCO’s recommendations warn regulators against crypto companies “consolidating certain functions into a single legal entity or a group of affiliated entities, such as an entity operating exchanges , trading companies and custodial companies under one roof.

On Thursday, watchdog the European Systemic Risk Board (ESRB) released a report concluding that the industry’s economic impact is minimal, but recommending vigilance and the development of policies that monitor trading leverage and financial contagion risks of the industry.

On the same day, the European Securities and Markets Authority (ESMA) and National Competent Authorities (NCAs) issued a statement stating that cryptocurrencies should be clearly labeled as unregulated and that investors and investment firms should understand the financial risks involved in trading them.

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