Bitcoin, Ethereum, Dogecoin Mute Amid Regulatory Uncertainty — Cardano And XRP Are On A Tear
Cardano (CRYPTO: ADA) and XRP (CRYPTO: XRP) soared Tuesday night even as the rally in other major cryptocurrencies simmered down with the global cryptocurrency market cap up 0.8% at $1.88 trillion.
What Happened: ADA shot up 14.84% higher at $1.68 over 24 hours and XRP rose 8.24% in the same period. Over a week, ADA and XRP have shot up 24.02% and 21.92%, respectively.
ADA was among the top gainers at press time and traded 14.77% and 13.22% against Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) in a 24 hour period at press time.
See Also: How To Buy Cardano (ADA)
The apex cryptocurrency traded 0.27% lower at $45,771.93. BTC was up 19.57% for the week.
ETH traded 1.64% higher at $3,162.10 over 24 hours. The cryptocurrency has risen 26.56% higher over seven days.
Shiba Inu-themed Dogecoin (CRYPTO: DOGE) rose 2.08% to $0.26 over 24 hours. DOGE has soared 30.74% over seven days at press time.
The top gainer on Tuesday night was Axie Infinity (CRYPTO: AXS), which rose 66.41% to $72.53. For the week, the token of the blockchain-based game has skyrocketed 89.97%.
AXS rose 66.67% and 63.69% respectively against BTC and ETH over 24 hours.
Other notable gainers over 24 hours at press time were Helium (CRYPTO: HNT), Terra (CRYPTO: LUNA), and Internet Computer (CRYPTO: ICP).
HNT shot up 28.65% higher at $18.39, LUNA was up 20.9% at $16.67, and ICP registered a gain of 20.63% at $75.43.
Why It Matters: Regulatory uncertainty marred the apex cryptocurrency’s recent rise as it slipped on the news of the infrastructure bill clearing the U.S. Senate. The bill contains provisions related to cryptocurrency taxation.
Lucia della Ventura, legal compliance manager at financial software company Ledgermatic, said, “The crypto sector itself is new, and leaning on a nascent technology industry for taxes could impair its growth,” reported CoinDesk.
See Also: EXCLUSIVE: Game Where You Can Earn Dogecoin By Catching ‘Dogemons’ Coming Soon On iOS, Android Devices
Ahead of the passing, Edward Moya, an analyst with online brokerage Oanda, said, “Cryptocurrency traders are not so much focused on the expected passing of President Biden’s infrastructure bill, which, as it stands, will include new tax-reporting rules that are very negative for the space,” as per CoinDesk.
Coinbase Global Inc (NASDAQ:COIN) CEO Brian Armstrong said on Twitter that while tax reporting is “enormously important, but nonsensical rules that are impossible to comply with don’t advance that goal.”
Meanwhile, cryptocurrency trader Michaël van de Poppe said Tuesday on Twitter that a market correction is possible “given the heavy resistances everything is acting in” but advised users to “buy the dips” on account of long-term growth prospects.