Moons (MOON), the native token of Reddit’s r/CryptoCurrency community of over 6.5 million users, has chalked up a triple-digit percentage price gain this week. One analyst cited Reddit’s recent change in terms of service as a possible reason for the impressive price rally, which has seen MOON’s price has surging 170% to almost 25 cents from 9 cents, according to data tracked by Coingecko. The cryptocurrency is listed on SushiSwap, Gate.io and MEXC. Moons are ERC-20 tokens distributed as rewards to users for their posts or comments in the r/CryptoCurrency subreddit. The coins can be freely traded, tipped, or spent in the community for different purposes. The tokens can also be stored in Reddit’s Ethereum-based wallet, called Vault. The Bricks (BRICK) token, distributed as a reward for contributions in the r/Fortnite subreddit, has surged 300% in two days.
MOON token’s price (Coingecko)
Investors were reminded of Coinbase’s (COIN) significant regulatory challenges after the crypto exchange late Friday disclosed it had suspended retail staking services in four of the 10 states that say its staking offerings represent securities, investment bank Berenberg said in a research report. While a U.S. District Court last week ruled that Ripple’s XRP token is not a security in and of itself, it also said that XRP can be classified a security when used in certain transactions, the report said. “Coinbase Earn, the securitized product through which COIN offers staking rewards to retail customers, appears particularly vulnerable to being defined as a security within this context,” analysts led by Mark Palmer wrote.
Bankrupt crypto lender Celsius, its creditors and its Series B funding round shareholders have agreed on a settlement to distribute $25 million from the proceeds of the sale of GK8, with $24 million allocated for legal expenses and $1 million to be distributed amongst the group. Self-custody platform GK8 was sold to Galaxy Digital as part of Celsius’ bankruptcy proceedings, and while the exact details of the sale were not disclosed, Galaxy spokesman Michael Wursthorn earlier told CoinDesk that the price was significantly less than the $115 million Celsius bought it for. The bankrupt crypto lender closed a $750 million Series B funding round in November 2021. Growth equity firm Westcap and one of Quebec’s pension funds led the round, which was oversubscribed, expanding the raise from $400 million to $750 million.
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Market Insight: Bitcoin Cannot Remain Indifferent to Dollar Index for Long
Bitcoin’s (BTC) negative correlation with the U.S. dollar index (DXY) has broken in recent weeks, with the top cryptocurrency struggling to gather upside traction amid continued sell-off in the greenback. The situation, however, may not last long, per one observer.
The dollar index, which gauges the greenback’s exchange rate against major global fiat currencies, fell 2.26% last week, its worst performance since November. The index dropped below 100.00, hitting the lowest since April last year.
Still, bitcoin traded primarily between $30,000 and $32,000, extending the multi-week consolidation, even as equities, including meme stocks, rallied.
The chart shows changes in XRP’s liquidity, measured by a collection of buy and sell offers within 1% of the mid-price or the average of the bid and the ask/offer prices.
The depth has held steady at around 25 million XRP since the beginning of the year.
“If this liquidity was to see any severe drops, it would likely indicate the risk of holding inventory on the books in case the SEC was to win, causing negative price action and a potential swathe of delistings on exchanges,” CCData said in a report on Friday, calling the liquidity a good indicator of perceived regulatory risk of market-making on XRP pairs.
Liquidity refers to the ability of the market to absorb large buy/sell orders at stable prices.
Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
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