This week in the crypto space, Bitcoin (BTC) and Ethereum (ETH) have seen volatile trading, while XRP and Terra Luna (LUNC) have made notable advancements in their respective developments. Here's a closer look at the major developments that have unfolded in the crypto space this week ¹:

- Bitcoin (BTC) has traded with high volatility this week. Looking at its chart, we can see that it has dipped to the $66K price level over the past seven days. Similarly, ETH has traded with the same volatility, with the weekly chart showing a fall to the $3,500 price level.

- Despite the U.S. Producer Price Index (PPI) index data hinting at a cooler inflation rate, further accompanied by the optimism with the latest U.S. CPI data, the crypto market has traded sluggishly this week. However, Microstrategy’s Michael Saylor announced $700 million in senior convertible notes offerings, aiming to bag more Bitcoin.

- Ripple Labs-backed crypto has embarked upon a stockpile of advancements this week. Ripple collaborated with Archax to jack up XRP Ledger in becoming a leader in real-world assets (RWA) tokenization. Further, the American blockchain payments company introduced the XRPL EVM Sidechain to bring Ethereum Virtual Machine (EVM) compatibility to the XRP Ledger. On the other hand, XRP Healthcare appointed Whitney Lynn as its new chairman. However, the SEC’s claim that Ripple’s arguments on penalties and injunction are inadequate poses the XRP price at risk. Conversely, XRP lawyer Bill Morgan spotlighted the SEC’s inappropriate stance towards Ripple Labs.

- The Terra Luna Classic community passed a Genuine Labs-backed proposal to disburse 256 million LUNC for work done by developers on the ecosystem. The community also started voting for a proposal to implement a revised LUNC burn tax distribution. Lastly, Terra Luna Classic proposed to implement the Tax2Gas proposal this week, eliminating the need to take care of tax calculations separately.