As 2022 came to a close, the top two cryptocurrencies have not changed since last weekend, marking the conclusion of a terrible year for coin values.
Both Bitcoin (BTC) and Ethereum (ETH) had 1.5% price declines during the last seven days, with the former changing hands at $16,557 and the latter valued at $1,192 as of this writing, according to statistics from CoinMarketCap.
Due to many major U.S. miners suspending operations because of severe weather, the Bitcoin network had the disadvantage of starting the week. The hash rate of Bitcoin, which measures the network’s computational capacity, fell by about 40% and peaked at 156.36 EH/s. Since then, it has increased to 247.87 EH/s.
For Solana, the situation was completely different. Out of the top twenty coins by market size, SOL suffered the worst losses this week, falling 17% to trade at $9.78 at the start of the weekend. Solana is trying to maintain its position above the $10 support level after reaching a two-year low.
The protracted sell-off started at the beginning of last month when Solana was reaching highs that were over treble its current value. Faith in Solana decreased when FTX crumbled since the network had had strong support from FTX, Alameda Research, and its CEO, Sam Bankman-Fried.
This week, controversial claims that the network might switch from a proof-of-work (PoW) to a proof-of-stake consensus method, which would have followed Ethereum, sent Dogecoin’s price soaring (PoS). The change is not imminent, according to Dogecoin’s core developers. However, chief engineer Michi Lumin did say there is a plan in the works to offer a PoS proposal to the community.
Other notable decliners this week were Toncoin (TON), down 11% to $2.11; Avalanche, down 8% to $10.93; and Chainlink (LINK), down 8.5% to $5.49. Only one of the top thirty cryptocurrencies had a significant increase this week: OKB exploded by 15.4% and is now trading at $25.22.
Three significant economies made cautious moves toward cryptocurrency this week as western media continued to gorge on the FTX saga’s disintegration.
Following a landmark measure enacted by the Japanese parliament in June that recognised stablecoins as digital money as long as they were suitably supported and redeemable, the rules classify stablecoins as digital money. In 2023, the new framework will become effective.
A formal launch ceremony will be staged in Beijing to announce China’s first national-compliant cryptocurrency trading platform on Tuesday, according to Chinese media on New Year’s Day.
China Technology Exchange, China Cultural Relics Exchange Center, and a for-profit business called the Huaban Digital Copyright Service Center are working together to create the “China Digital Asset Trading Platform,” which is based on a blockchain known as the “China Cultural Protection Chain.”
Finally, the Turkish central bank said on Thursday that the initial round of testing for a digital lira had been completed. In Q1 of the following year, more tests will be conducted, and a report with the central bank’s assessment will be released.