By EWN • 11 March 2023 • 12:15
The United States Of America is the largest economy by nominal GDP, second largest by purchasing power parity, and the eighth highest per capita GDP. It accounted for 24.7% of the global economy in 2022 and owned the most used currency in international transactions. These are some of the advantages that make America a great influencer in the global economy.
Every decision that America makes impacts the international financial markets, and sometimes even the virtual world often feels its effect. Why? Because 20% of American citizens own cryptocurrencies, and more than 70% of the states have enacted regulations that concern cryptocurrencies or blockchains. With more than 50% of Americans having knowledge of cryptocurrency, the country remains one of the greatest markets in terms of potential investors. It is for these reasons that the decisions made by America affect the crypto market as well.
Bitcoin is the first cryptocurrency to respond to any new choices or decisions that America makes. Since it is the most common cryptocurrency traded against the US dollar, it cannot remain immune to the changes in the dollar rate.
Over the past 30 days, the United States has twice destroyed the momentum of Bitcoin, sending it back to where it was a few months ago. In mid-February, the hype created around Ordinal helped Bitcoin cross $25,000 but lasted only for a few hours. Since then, the coin has been trying to break $25,000. But on February 24, when the investors were expecting Bitcoin to breach its desired value, the price suddenly plunged to around $23,000 from $24,500. The reason revealed itself when the investors were clueless about the sudden dip. The Personal Consumption Expenditure Index, which is used by the federal reserve to measure inflation, was released on that day. The numbers were a little bit higher than the economist had expected and suggested that the ongoing inflation would continue for some time.
After the PCE Index, the California-based crypto-focused lender Silvergate bank’s insolvency crisis took its toll on Bitcoin price. On March 3, Bitcoin’s price suddenly dipped to $22,500 from $23,500. Before it rose from the dip, the new announcement from the chair of the federal reserve knocked it down below $22,500 again. On March 7, Jerome Prowell, the chair of the federal reserve, signaled that the central bank would increase interest rates higher, which made Bitcoin dip by 1.5%.
The war between Ripple and The US Securities and Exchange Commission has been going on for the past three years. Ripple is a blockchain-based digital payment that owns a cryptocurrency called XRP.
In 2020, the US Securities and Exchange Commission launched a lawsuit against Ripple, alleging that the company and its executives illegally sold XRP to investors without registering it as a security.
Ripples disputed the claim, saying that the token should not be considered an investment contract as it is used in business to facilitate cross-border transactions between banks and financial institutions.
The case was filed just ahead of the largest bull market in crypto history in 2021 when Bitcoin soared to a whopping $64, but the SEC lawsuit forced the XRP to remain in the bottom line throughout that rally.
As the case is nearing its verdict, Ripple CEO Brad Garlinghouse said that if SEC wins against Ripple, it could prompt the closure of many crypto projects. He also criticized the SEC’s approach against cryptocurrency as “not a healthy way to regulate the industry”. He also stated that America is not providing a conducive environment for the crypto market and also falls behind other countries in crypto adoption.
Even Though XRP is the 6th largest cryptocurrency by market capitalization, the SEC lawsuit has been impacting its price for the past three years. At the time of writing, XRP was trading at $0.387.
While the entire crypto market oscillates, trying to withstand the recent developments in the crypto world, the Big Eyes Coin has been maintaining its stability like a pro.
The new cat-themed meme coin presale was launched in late 2022. Since then, the coin has only been registering growth. With a clear road map to achieve its goal of shifting the wealth into the DeFi system and protecting the ocean, the coin has been winning not only investors but also the interests of the crypto community.
It has been rolling out new offers to boost the presale. The Loot Boxes released by the Big Eyes team are registering a big success in the market. Four loot boxes at four different prices make it affordable for everyone to participate. The special feature of these Loot Boxes is that they are designed in a way not to cause any loss to the investors. The investors will receive BIG tokens worth equal to or more than the price of the loot box they open. Especially, the Excali-Paw Chest loot box that cost $9,999 to open could make an investor a millionaire in a single spin.
Big Eyes Coin recently announced a vault pin for investors to earn free loot boxes. Users who spend more than $100 on purchasing BIG tokens will receive loot boxes as rewards. To earn these free loot boxes, investors should copy and paste vault pin 819 during purchase.
As of writing, a single unit of BIG token costs $0.00049. It has already raised more than 31 million dollars in the 12th stage of the presale. Crypto enthusiasts who do not want to be affected by market volatility can consider Big Eyes Coin as a viable business to make a high profit.
WARNING: The investment in crypto assets is not regulated, it may not be suitable for retail investors and the total amount invested could be lost
AVISO IMPORTANTE: La inversión en criptoactivos no está regulada, puede no ser adecuada para inversores minoristas y perderse la totalidad del importe invertido
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