FUD (fear, uncertainty and doubt) surrounding the European Union potentially banning Bitcoin’s Proof-of-Work consensus mechanism has been laid to rest.

Proof-of-Work is the algorithmic process that helps secure the Bitcoin network and is tied to the mining of BTC. Other cryptos such as Litecoin and Dogecoin use PoW, as does Ethereum, although the latter is becoming a Proof-of-Stake protocol mid year, which is the far-more environmentally friendly method.

Anyway, the TLDR on all this is: the proposal to ban the activity in Europe (which could have effectively killed much of the crypto industry in that part of the world) has been rejected.

FUD over for now. Non event. Nothing to see here. Move along and back to other things (Russian invasion, Fed rate hikes) keeping the crypto Fear & Greed Index dial well and truly to the left.

 

Top 10 overview

With the overall crypto market cap at about US$1.81 trillion, down about 0.5% point from this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.

Not a lot of major movement in the past 24 hours here. The market is strangely flat at the time of writing.

XRP is the worst performer over the past day, though not by much. Irrespective of that, we’re seeing some spreading optimism here and there on crypto Twitter regarding a potentially positive outcome for XRP’s founder Ripple in its court battle with the US Securities and Exchange Commission.

Ripple’s lawyers notched up a nice little win recently – having the SEC’s motion to remove Ripple’s “lack of due process and fair notice” quashed.

That said, perhaps we’re following too many crypto and XRP heads and not enough hard-nosed regulators for balance. As things stand, XRP still runs the risk of securities classification by the SEC, which would surely kill a lot of investor confidence in the project if it were to go that way.

 

Uppers and downers: 11–100

Sweeping a market-cap range of about US$18 billion to about US$802 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.

DAILY PUMPERS

• THORChain (RUNE), (mc: US$2.3b) +19%

• Xido Finance (XIDO), (mc: US$802 million) +10%

• OKB (OKB), (mc: US$4.7 billion) +3%

• The Graph (GRT), (mc: US$2.2 billion) +2.5%

• Maker (MKR), (mc: US$1.6 billion) +2%

DAILY SLUMPERS 

• Humans.ai (HEART), (market cap: US$1.2 billion) -23%

• Chiliz (CHZ), (mc: US$1b) -8%

• Fantom (FTM), (mc: US$2.76b) -7.5%

• Juno (JUNO), (mc: US$1.5b) -6%

• Celo (CELO), (mc: US$1b) -5.5%

 

Uppers and downers: lower caps

Moving below the crypto unicorns (in some cases well below), here’s just a selection catching our eye…

DAILY PUMPERS

• MovieBloc (MBL), (market cap: US$68m) +168%

• Navcoin (NAV), (mc: US$13m) +40%

• Request (REQ), (mc: US$200m) +30%

• HiFi Finance (MFT), (mc: US$78m) +28%

• Unibright (UBT), (mc: US$162m) +22%

 

DAILY SLUMPERS

• STEPN (GMT), (market cap: US$209 million) -17%

• SpiritSwap (SPIRIT), (mc: US$19m) -16%

• Platypus Finance (PTP), (mc: US$91m) -14%

• Exeedme (XED), (mc: US$14m) -13%

• AIOZ Network (AIOZ), (mc: US$91m) -11%

 

Final words

 

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