This week has been full of spices, reddish candles, and regulatory actions in the crypto industry. We at TheCoinRise are here to summarise it for you.
Market this week
Amid business legend Robert Kiyosaki saying that the world economy, including Bitcoin, will see a massive crash in the coming days, the king coin continues to struggle to cross the $50,000 level.
Bitcoin price in the last 7 days reached a high of 51,934.78 USD, followed by a low of 47,023.70 USD. The world’s biggest cryptocurrency started the month of December at $56k and has since been in a downtrend. This past week was a continuation of the market crash we witnessed last Saturday.
Ethereum, on the other hand, remained bearish too but was able to quickly recover. The 7 day low of the token rests at 3,897.77 USD, followed by the 7-day high at 4,482.31 USD. Furthermore, the token is 16.90% shy from ATH, while BTC is more than 25% away from its ATH.
The top performer in the this week was the BitTorrent token (BTT), with a 7-day low of 0.002327 USD followed by a 7-day high of 0.004199 USD. The token is currently 37.16% shy of its all-time high and remains one of the best performing altcoins while the market was bearish.
The founder and CEO of Ark Invest, Cathie Wood, said that metaverse could become a multi-trillion market in the coming future. However, the related tokens like GALA (GALA) and The Sandbox (SAND) are still down in the bleeding market.
The activeness of the crypto exchanges
Binance this week has been really active and announced its plans with Animoca Brands to set up a $200 million funding round to boost the potential of blockchain gaming startups.
The exchange giant recently also revealed that it is aiming to open a new subsidiary company in the U.K. within 18 months to comply with the local regulatory requirements.
WazirX, the biggest crypto exchange in India, is now facilitated by the banking giant Kotak Bank to open an account for offering debit and credit to the traders on the platform.
The famous Canada-based crypto exchange Newton announced the delisting of Ripple (XRP) and Tether (USDT) from the platform amid strong regulatory scrutiny.
The exchange giant Coinbase during the Ledger Open Conference, hinted at its plans about the integration of the crypto hardware wallet support (starting with Ledger) in the coming days.
Regulatory statements all around the world
The Bank for International Settlements (BIS) has cautioned that the crypto business poses a serious danger to economic stability and that a comprehensive regulatory system is urgently needed.
Alexandria Ocasio-Cortez, a democrat and well-known politician from New York, believes that holding digital assets for officials is unethical and unprofessional.
Shaktikanta Das, the governor of the Reserve Bank of India, stated his concerns about the underlying risks of CBDC. He stated that the government is concerned about the possibility of digital fraud posed by the digital rupee.
Japan on the path of the U.S.
Australia gearing up for world-leading crypto reforms
Australia is ready to bring a “payment and crypto reform plan,” including at least 6 laws, the biggest economic reforms in 25 years of history. The authorities are looking into CBDCs, launching a report, “Project Atom,” about wholesale CBDCs. The reforms come as scams are increasing. A couple, Emma Robinson and Hugo De Meira Quintao lose more than $100,000 to scammers.
India over crypto regulation
The Indian PM said in an online summit in the presence of Joe Biden that crypto should empower democracy. On the other hand, the PM’s Twitter was hacked as a result of a scam attempt through a tweet claiming that India has adopted BTC as legal tender.
On the other hand, Indian lawmaker Nishikant Dubey asked the government to ban crypto, claiming that these currencies are based on darknet technology.
Is Iceland against Bitcoin miners?
Iceland’s electrical firm Landsvirkjunis shuts off supply to new Bitcoin miners in the nation due to rampant electrical consumption. Along with miners, aluminum smelting is also affected.
Notable events that caught the attention of crypto fanatics
Crypto trading platform Stacked has completed its $35 million funding round in coordination with venture partner of Bybit, Mirana Ventures, and crypto trading firm Alameda Research.
The concept of virtual land has been highly popular these days and has contributed the highest (nearly 25% of the total sales) in the previous week’s NFT sales worth $300 million.
Solana Protocol Library’s reference document has been found to have a million-dollar vulnerability by the Security researchers. The bug had the potential to steal $27 million worth of funds per hour, which has been finally corrected.
British Overseas Territory Gibraltar is working on applications of blockchain and has recently announced its plans on storing official documents using the technology. The authorities have decided to upgrade the territory’s eGov system and have joined hands with exchange giant Bitso and fintech startup IOVlabs.
Block’s (previously called Square) crypto subsidiary firm Spiral has recently displayed its Lightning Development Kit (LDK), claiming to solidify the Bitcoin network. Twitter’s former CEO Jack Dorsey features in the video explaining the functions of Bitcoin Lightning and LDK.
The famous decentralized oracle network Chainlink appointed former Google CEO Eric Schmidt as its strategic advisor.
Hashed, the South Korea-based venture capital firm is reportedly under investigation by the National Tax Service (NTS). However, the exact reason behind the scrutiny is still unknown. The officials are aiming to finish the investigation before February-end.
The biggest bank of Columbia, Bancolombia, has partnered with the New York-based crypto exchange firm Gemini aiming to bring the consumers of the bank into the crypto world.
The Chief Investment Officer of Bitwise, Matt Hougan, stated that Bitcoin would not break its current all-time high before the year ended. He, however, adds that the $100,000 goal is an achievable price for the king coin in 2022.
BitMart, which saw a devastating $196 million hack called one of the biggest crypto exchange hacks, has recently updated users about the hack and the progress. The CEO of the company said that the biggest reason behind the attack was the theft of private keys. Crypto exchange giant Huobi and meme token Shiba Inu (SHIB) community has come forward to help the exchange from the hack by offering security and tracking of assets inflows.
The CFO of the OpenSea has finally cleared that the company currently has no plans on the Initial Public Offering (IPO) launch, and if it plans, it will definitely involve the community.
The biggest payment processor Visa Inc. has launched a crypto advisory service for its global client base, including merchants and banks, marking a major presence in the industry.
Two among the biggest crypto tokens, ETH and DOGE, have made to the annual list of top 10 news searches on Google. DOGE has been in 4th position, with ETH securing 10th place.
The metaverse and blockchain gaming giant Animoca Brands revealed that it had surged its treasury’s value by over five times in just two months.
Bank of Thailand orders banks from dealing with crypto, especially trading, citing volatility issues as the reason.
Facebook, now called Meta, has started testing payments through Novi wallet on its subsidiary messaging giant WhatsApp. The integration will be offered to some limited users in the U.S.
In a recent statement, Congressman Brad Sherman joked about crypto, citing an example of ‘mongoose coin’, which led to the actual creation of the Mongoose Coin, which surged by 320,000% in a few hours.
Ava Labs has reportedly joined Mastercard’s Start Path Crypto program to accelerate the growth of enterprise’s blockchain applications.
Mexico-based enterprise payment firm Tribal Credit has partnered with Bitso and Stellar Foundation to offer a better cross-border business-to-business (B2B) system to the business community.
The Bitcoin supporting company MicroStrategy which recently bought BTC in the dip, said that one should sell all $10 trillion gold to buy Bitcoins. The co-founder believes that the biggest threat to gold is Bitcoin.
Layer-1 smart contract network, Assembly, said that it raised $100 million via a funding round which was led by investors including L.D. Capital, HyperChain, and more.
Former CTO of Sushiswap said on Wednesday explained his action of resignation from the exchange and outlined the reasons why he resigned.
Miami Mayor Francis Suarez revealed that he has doubled his earlier investment in Bitcoin and said that he’d take a part of his 401K retirement fund in BTC.
Montserrat and the Commonwealth of Dominica joined in using the central bank digital currency that was rolled out by the Eastern Caribbean Central Bank (ECCB).
We have covered some of the reasons for the extended bull run cycle, which might surprise its loyal investors. Crypto investors are bathing with blood in the hope that the coming year brings new highs for the entire crypto. 2021 helped Australian female investors to double their crypto portfolios. We at TheCoinRise wish you all luck and will be back with another weekly roundup next Sunday.