Researchers at the CryptoRank analytical platform have published their 164th weekly report on the situation in the cryptocurrency market, based on data from August 14 to 20, 2023. They noted that the most important event was the global drop in quotes of the leading digital coins and tokens. Experts said that approximately $1.04 billion of positions were liquidated due to the sudden collapse of the Bitcoin (BTC) rate.
Recall that in the period from August 17 to 18, the quotes of the flagship cryptocurrency fell from $29,000 to $25,400. However, a little later, the BTC rate stabilized and recovered to a value of $26,200, which is kept around for the next few days. In addition, industry analysts recalled that the Coinbase trading platform received regulatory approval for access to cryptocurrency futures for US citizens.
Among other things, several events related to the US Securities and Exchange Commission (SEC) were noted among the news. For example, representatives of the organization said that the decision on the status of the Ripple cryptocurrency (XRP) requires additional consideration in the Court of Appeal. The management of the institution also announced that the first futures ETF fund on Ethereum may be approved in the near future.
And, here are the representatives of the Binance crypto exchange themselves sued the SEC for abuse of office.
Finally, CryptoRank analysts reported that the average daily fee rate in the FriendTech protocol rose to $1.4, second only to Ethereum and Lido in this indicator. Binance’s OpBNB developers have finally announced the mainnet launch for Layer 2 Scaling Protocol. Last week, the leading cryptocurrency exchange began trading 2 major projects – CyberConnect (CYBER) and Sei (SEI). They attracted a lot of attention from investors and traders and were trending in terms of the number of search queries.