Week in Review: Crypto market capitalization tops $2 trillion, XRP climbs 139%

Crypto market capitalization surpassed $2 trillion. Ukrainian officials disclosed billions of dollars in Bitcoin holdings, XRP price rose to $1.4 on favorable court news, and other events marked the week.

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Crypto market capitalization tops $2 trillion as altcoins rally

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On Monday, April 5, the crypto market capitalization for the first time reached $2 trillion. Of this, $1.1 trillion was Bitcoin, and a further $250 billion — to Ethereum, whose price over the past weekend hit a new high.

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During the week, the price of digital gold only tested the $60,000 level on Saturday, April 10, but did not break above it.

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Ethereum continued to rise and by the weekend its price approached $2200.

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If, in the end, the second-largest cryptocurrency by market cap rose 6.4% over the last seven days (per CoinGecko), the next in the ranking — Binance Coin and XRP — posted much more substantial gains.

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The price of BNB early in the week surpassed the $400, with the coin rising by almost 54% over the period.

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The Ripple coin XRP surged on the back of court decisions favorable to the issuer: firstly, a judge granted a motion requiring the SEC to justify its position on Bitcoin and Ethereum, and then denied the regulator’s request to disclose the personal financial statements of the firm’s CEO Brad Garlinghouse and co-founder Chris Larsen.

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On Tuesday, April 6, XRP breached $1, and by week’s end reached $1.4. The period’s gain was nearly 139%.

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ForkLog spoke to experts about how long this XRP rally might last and what local highs it could reach in the near term.

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The BitTorrent token BTT also hit an all-time high at $0.013, briefly entering the top-10 cryptocurrencies by market capitalization.

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The Bitcoin dominance index over seven days fell by about 2% to around 53%.

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In DeFi, the volume of assets locked in protocols exceeded $100 billion, according to DefiLlama.

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Unstoppable.https://t.co/bPgTVWPECy pic.twitter.com/wOry5AXACV

— DefiLlama.com (@DefiLlama) April 6, 2021

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About 80% of the volume comes from the Ethereum blockchain, with projects on the Binance Smart Chain (BSC) — roughly 15%.

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Russia’s tax authority keeps reporting requirements for cryptocurrency holders

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The bill to impose a tax on cryptocurrency operations in Russia has not undergone significant changes ahead of its second reading and provides for citizens to inform the Federal Tax Service about their digital asset holdings.

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Meanwhile, experts recorded a spike in Russians declaring cryptocurrency operations. Among possible reasons cited were the adoption of the Digital Financial Assets law, increased tax authority attention to foreign assets held by citizens, and foreign banks’ demands to verify income sources.

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Ukrainian officials declared more than 46,000 BTC

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In their 2020 declarations, 652 Ukrainian officials reported a total of 46,351 BTC.

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The largest holdings were reported by Vyacheslav Mishalov, a deputy of the Dnipro City Council — 18,000 BTC (over $1 billion at the time). He later called the data erroneous.

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Among MPs, Anatoliy Urbansky leads — as in 2019, he reported 4256 BTC and 4256 Bitcoin Cash.

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Following publication, the National Agency on Corruption Prevention (NAZK) said it would investigate officials who reported crypto holdings.

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Khabib Nurmagomedov names starting price of his NFTs

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The MMA fighter Khabib Nurmagomedov opened pre-orders for gold and platinum cards from his NFT collection.

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The starting price for a gold card is $2,900. Later, owners will be able to participate in exclusive giveaways from Nurmagomedov. The gold card run is limited to 290 copies.

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Platinum cards priced at $29,000 were issued in a quantity of 29. In addition to access to draws, holders will receive a personal gift from the fighter.

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The single diamond card will be sold at an auction starting on April 12. The starting NFT price will be $290,000. Its buyer will receive a personal gift from Khabib Nurmagomedov at a meeting.

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Among other developments in the growing segment:

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• Forbes cover with the Winklevoss twins purchased as an NFT for $333,333.
• The French arm of McDonald’s introduced a series of animated NFT images of its menu items.
• Brian Armstrong will release an electronic music collection as NFTs.
• Sotheby’s will conduct its first NFT auction with digital “blocks.”
• Playboy will put archival photos up for sale as NFTs.
• For NFT video of a knockout from a YouTube blogger’s fight, $10 million was requested.

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