This Friday, several cryptocurrencies are seeing heightened attention and significant changes in market sentiment.
Among the trending digital assets are Bitcoin ($BTC), Onyxcoin ($XCN), and THORChain ($RUNE), with the crypto community buzzing over recent developments and trading activity, Santiment reported.
Bitcoin’s Regulatory Shake-Up
Bitcoin is currently trading at $104,253.40, reflecting a 1.13% drop. The largest cryptocurrency by market capitalization has been significantly impacted by recent news concerning U.S. President Trump’s executive order regarding a national digital asset stockpile.
The executive order, which rescinds previous regulations, has stirred up intense discussions within the crypto community. The order’s effects on Bitcoin custody by banks have led to debates on whether Bitcoin should be viewed as a strategic reserve asset, much like gold, or part of a broader digital asset stockpile.
This confusion and excitement about Bitcoin’s regulatory future have sparked widespread interest, making it one of the most talked-about cryptocurrencies on social media platforms.
As the U.S. government considers its stance on digital assets, Bitcoin’s role in the nation’s financial system continues to evolve.
With the global cryptocurrency market cap now standing at $2.06 trillion, Bitcoin’s 24-hour trading volume has fallen by more than 55%, indicating potential uncertainty among investors in light of the regulatory developments.
Also Read: Bitcoin Bull Run Hinges on BTC’s Ability to Defend $97,877 Support
Onyxcoin Sees Bullish Sentiment Despite Market Decline
Onyxcoin ($XCN) is also making waves in the crypto world, with users expressing strong bullish sentiments around the token. Many are comparing Onyxcoin to popular digital assets like XRP and HBAR, citing its potential for significant trading gains.
Speculation about the asset’s future value has intensified, with many crypto enthusiasts urging investors to buy during price dips.
At the time of writing, Onyxcoin is trading at $0.023, down by 19.55%. Despite this decline, the crypto community remains optimistic, noting the coin’s growing potential.
The global market cap for Onyxcoin currently stands at $706.95 million, with a 28.34% decrease in the 24-hour trading volume.
This suggests that while Onyxcoin is facing some short-term pressure, there’s still strong interest and belief in its long-term prospects.
THORChain Faces Financial Struggles
The third cryptocurrency making waves today is THORChain, which has been hit by growing concerns regarding its financial stability. Allegations of insolvency have sent shockwaves through the community, particularly as they relate to the ability of THORChain’s associated token, RUNE, to maintain value.
Currently trading at $2.12, down by 2.81%, RUNE is grappling with selling pressure due to fears of the liquidity protocol’s inability to meet its obligations.
The situation worsened when THORChain announced it would temporarily halt Bitcoin and Ethereum withdrawals from its lending and saver programs. This decision followed concerns about the protocol’s solvency.
To prevent further damage, THORChain’s node validators have opted to pause the network for at least 90 days to resolve the ongoing debt issues.
As a result, the lending program now only supports BTC and ETH, while the saver vaults are still accessible for a wider range of digital assets.
Despite the setbacks, the protocol’s decision to pause the network reflects a strategic effort to stabilize and resolve financial troubles.
As discussions around Bitcoin’s regulatory future, Onyxcoin’s potential and THORChain’s financial difficulties intensify, market participants remain vigilant.
Bitcoin’s evolving role in the financial system is sparking curiosity, while Onyxcoin’s bullish sentiment points to growing interest, and THORChain’s struggles highlight the risk of insolvency in the crypto space.
Also Read: Senator Cynthia Lummis Embraces ‘Laser Eyes’ Trend Amid Bitcoin Strategic Reserve Act Push