Royo-Royo Green Crypto, SOL Flying Highest

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Royo-Royo Green Crypto, SOL Flying Highest
Tasya Natalia , CNBC Indonesia
MARKET 26 December 2023 10:10
FILE PHOTO: Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 13, 2018. Picture is taken February 13, 2018. REUTERS/Dado Ruvic/File Photo
Photo: REUTERS/Dado Ruvic
Jakarta, CNBC INDONESIA - Over the past week, cryptocurrency price movements have been observed happily. Solana is the most leading with weekly gains reaching more than 60%.
According to data from coinmarketcap.com on Tuesday (26/12/2023) until 08.06 WIB, the seven crypto coins with the largest market capitalization were seen to be in the positive zone in the movement over the last 24 hours, although in the last hour a slight correction has begun.

Starting from Bitcoin (BTC), the giant crypto coin managed to strengthen 1.27% daily to US$ 43,480.58. This appreciation brought BTW to gain 1.97% during the week. Ethereum, the second giant coin in the crypto market, strengthened slightly by 0.21% on a daily basis, making ETH gain 2.58% on a weekly basis.

Meanwhile, the most fantastic gainer came from Solana (SOL), which over the past week was able to soar more than 60%. The rise of SOL has made its market capitalization rival that of Binance, so that it is currently the third largest in the entire crypto market.

More details can be seen in the following table:


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The strengthening of crypto is in line with the fear & greed index value reported by coinmarketcap . com is at number 73 which shows that the market is in the greed/optimistic phase with the current economic conditions and crypto industry.

Reporting from cointelegraph.com , Argentina's Minister of Foreign Affairs and International Trade, Diana Mondino, claimed that her country had approved the use of bitcoin.

In a December 21 post on X (formerly Twitter), the policymaker clarified that recently announced economic reform decisions will allow Argentines to use bitcoin and other cryptocurrencies under certain conditions

The “Basis for the Reconstruction of the Argentine Economy” decree does not mention crypto but includes provisions allowing debtors to pay in certain digital assets that are not recognized as legal tender.

"We ratified and confirmed that contracts in Argentina can be settled with Bitcoin," Mondino said. "And other cryptos too."

This decision does not only apply to cryptocurrencies. Argentinian citizens can also settle contracts with liters of milk or bulls.

For your information, Mondino was appointed foreign minister by President Javier Milei after his election victory in November. He is described as "Bitcoin friendly".

Approval of crypto by a country, one of which is Argentina, will provide positive sentiment for the crypto industry which is reflected in the increase in crypto prices. This happens because crypto is considered to be increasingly accepted globally.

Apart from that, the dovish prospect of the United States (US) central bank, The Federal Reserve (The Fed) next year will further boost crypto movements because the dollar will become cheaper, so that investors' interest in buying risky assets will increase.