Welcome to our newest edition of The Weekly Crypto Update — your source for the most recent shifts in the crypto market, the latest news, and upcoming market movements.
Weekly Crypto Performance
The crypto market has shown slight signs of recovery this week. Bitcoin (BTC) and Ethereum (ETH) saw increases of +1.84% and +1.31%, respectively, over the past seven days.
Most of the top 10 altcoins by market cap have also shown an uptrend in their value over the last week.
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Top Crypto Market News
Argentina Legalized Bitcoin for Contract Settlements
Argentina has made a groundbreaking decision to accept Bitcoin as a legal option for business deals. This historic announcement by Foreign Minister Diana Modino marks a significant change in Argentina’s stance on digital currencies.
Modino noted that this acceptance also applies to other cryptocurrencies, likening them to everyday measures like beef or milk. This move aligns with the election of Javier Miley, a Bitcoin-friendly president, hinting at a positive future for cryptocurrencies in Argentina.
Solana’s Popularity Hit an All-Time High on Google
Solana is experiencing a massive surge in public interest, as shown by the increasing number of Google searches by 250%. Interest in Solana has hit its highest level in the past few months, reflecting the growing excitement around blockchain technology and new digital currencies.
Google Trends shows that the search interest for Solana jumped from a score of 34 to an impressive 94, suggesting a significant rise in curiosity and potential market growth.
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Avalanche Set a New Record with Huge AVAX Burn
The Avalanche C-Chain network has set a new record in the crypto world by burning an unprecedented amount of its AVAX tokens worth $18 million in just one week. This significant increase in burnt tokens, up ten times from previous weeks, indicates a surge in network usage and transaction fees.
While the price of AVAX has risen by 90% over the last month, the increase has slowed to 1.5% this week. Currently, AVAX is trading at around $44, showcasing its growing influence in the cryptocurrency market.
Stay tuned for more updates and insights into the world of cryptocurrency!
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