Crypto market news today: Why Enjin Coin is up 15.3 per cent as Bitcoin price gains 0.8 per cent
NFT token Enjin coin is up 15.3 per cent in the last 24 hours, bringing its value to a point not seen since early November and making it the biggest riser over the last day.
The NFT token is being bolstered by several factors, including the launch of the team’s non-fungible token marketplace NFT.io, as well as the new 2.0 update to Enjin Wallet.
These developments are a sign of the growing influence of the Enjin Network, which lets game developers monetise in-game assets in a Web 3.0 ecosystem.
Currently amidst a similar resurgence is NEXO, with its value jumping 13.8 per cent over the last 24 hours.
It comes as the UK-based group settles out of court with the US Securities and Exchange Commission (SEC) over failure to register its cryptocurrency lending product.
The lender ultimately paid $45 million, split equally between the SEC and state regulators.
Despite reporting it would be phasing out services in the US until regulations provide a more hospitable environment, this uptick indicates a confidence in the lender’s continued success elsewhere around the world.
Meanwhile, Bitcoin prices are up 0.5 per cent over the last 24 hours, pointing towards stability in the currency following a booming start to 2023 in which it has gained 26 per cent in value.
Many currencies are enjoying the thaw of the “crypto winter”, with slowing inflation in the US clearing a potential path for less stringent monetary tightening and a more enticing investing environment.
Further, with the fallout from the FTX collapse fading, crypto enthusiasts are growing more confident in treating it as an isolated incident, with the many currencies reclaiming or increasing on their past value.