This week in coins the prices of the crypto market leaders Bitcoin (BTC) and Ethereum (ETH) experienced days of slow growth after the Fed rate hike. The current market prices for Bitcoin and Ethereum follow as $28.820 and $1,885, respectively. Although these two cryptocurrencies posted mild increases over the seven days period, TRON outperformed them with 8% growth, and was the only top thirty cryptocurrency to see notable improvement.

The Fed's latest regulation to hike interest rates is seen as the principal cause of the week's market stagnation. Many investors steer away from risk taking assets such as crypto in times of rising borrowing costs. This was further reinforced as the White House released a report advocating for a Digital Asset Mining Energy tax, which would levy between 10%-30% on crypto miners, balancing out the energy cost-despite the source. The proposal has met much resistance from the crypto industry.

Speculations of an on-going government crypto-crackdown were sparked further when the Argentine Central Bank barred payment services from offering crypto-trading options to customers. The news was countered by the announcement of Sotheby's launching an on-chain NFT marketplace for secondary NFT sales, providing practical opportunities for crypto adoption.

Overall, the market lacked much progress this week as the prices of the majority of leading cryptocurrencies remained stagnant and apprehension of governmental regulations lingered.



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