The US is playing with the crypto market! Bitcoin and Ripple Suffer; Big Eyes Coin remains unaffected

by Arthur · March 11, 2023

The United States of America is the largest economy by nominal GDP, the second largest by purchasing power parity, and the eighth highest GDP per capita. It accounted for 24.7% of the world economy in 2022 and held the most used currency in international transactions. These are some of the advantages that make America a major influencer in the global economy.

Every decision that America makes affects the international financial markets, and sometimes even the virtual world feels the effect. Why? Because 20% of US citizens own cryptocurrencies, and more than 70% of states have enacted regulations pertaining to cryptocurrencies or blockchains. With more than 50% of Americans having knowledge of cryptocurrency, the country remains one of the largest markets in terms of potential investors. It is for these reasons that the decisions made by America also affect the crypto market.

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America’s role in BTC volatility

Bitcoin is the first cryptocurrency that responds to new choices or decisions that America makes. Since it is the most common cryptocurrency traded against the US dollar, it cannot remain immune to the changes in the dollar exchange rate.

In the past 30 days, the US has twice destroyed Bitcoin’s momentum, sending it back to where it was a few months ago. In mid-February, the hype created around Ordinal Bitcoin helped it cross $25,000, but only lasted a few hours. Since then, the coin has been trying to break $25,000. But on February 24, when investors expected Bitcoin to break the desired value, the price suddenly plunged to around $23,000 from $24,500. The reason revealed itself when investors were unaware of the sudden downturn. The personal consumption expenditure index, which is used by the Federal Reserve to measure inflation, was released that day. The figures were slightly higher than economists had expected and suggested that the ongoing inflation would continue for some time.

Following the PCE index, California-based crypto-focused lender Silvergate bank’s insolvency crisis took its toll on the Bitcoin price. On March 3, Bitcoin’s price suddenly dropped to $22,500 from $23,500. Before it rose from the fall, the new announcement from the head of the Federal Reserve knocked it back below $22,500. On March 7, Jerome Prowell, the chairman of the Federal Reserve, signaled that the central bank would raise interest rates higher, causing Bitcoin to fall by 1.5%.

Ripple vs US

The war between Ripple and The US Securities and Exchange Commission has been going on for the past three years. Ripple is a blockchain-based digital payment that owns a cryptocurrency called XRP.

In 2020, the US Securities and Exchange Commission initiated a lawsuit against Ripple, alleging that the company and its executives illegally sold XRP to investors without registering it as a security.

Ripples disputed the claim, saying the token should not be considered an investment contract as it is used in business to facilitate cross-border transactions between banks and financial institutions.

The suit was filed just ahead of the biggest bull market in crypto history in 2021 when Bitcoin rose to a whopping $64, but the SEC lawsuit forced XRP to remain on the bottom line throughout the rally.

As the case nears its verdict, Ripple CEO Brad Garlinghouse said that if the SEC wins against Ripple, it could lead to the shutdown of many crypto projects. He also criticized the SEC’s approach against cryptocurrency as “not a healthy way to regulate the industry”. He also stated that America does not provide a favorable environment for the crypto market and also falls behind other countries in terms of crypto adoption.

Although XRP is the sixth largest cryptocurrency by market capitalization, the SEC lawsuit has affected its price for the past three years. At the time of writing, XRP was trading at $0.387.

Big Eyes wins the market with overloaded cuteness

While the entire crypto market fluctuates and tries to resist the latest developments in the crypto world, Big Eyes Coin has maintained its stability like a pro.

The new cat-themed meme coin presale was launched in late 2022. Since then, the coin has only registered growth. With a clear roadmap to achieve the goal of moving the wealth into the DeFi system and protecting the ocean, the coin has won not only investors, but also the interests of the crypto community.

It has rolled out new offers to increase advance sales. Loot Boxes released by Big Eyes team is registering a great success in the market. Four loot boxes at four different prices make it affordable for everyone to participate. The special thing about these Loot Boxes is that they are designed in a way that does not cause loss to the investors. The investors will receive HUGE tokens worth equal to or more than the price of the loot box they open. Especially the Excali-Paw Chest loot box that cost $9,999 to open can turn an investor into a millionaire in a single spin.

Big Eyes Coin recently announced a vault pin for investors to earn free loot boxes. Users who spend more than $100 to buy STORE tokens will receive loot boxes as a reward. To earn these free loot boxes, investors should copy and paste vault pin 819 during purchase.

At the time of writing, a single unit of BIG token costs $0.00049. It has already raised more than $31 million in the 12th phase of the pre-sale. Crypto enthusiasts who don’t want to be affected by market volatility can consider Big Eyes Coin as a viable business to earn high profits.