This week has been full of spices, collaborations, regulatory actions, and even a severe hack in the crypto industry. We at TheCoinRise are here to summarise it for you.
Market this week
After a long fight between bear and bull, it seems like there’s are winning as we can see the price of most of the tokens going down by double digits. The recent blood in the market came after Bitcoin went down by 10% in just 24 hours, dropping from $57,000 to $42,000. However, the king coin immediately tried to recover and is currently around $47,000. The newcomers seem panicking, but the pro experts are grabbing more and more coins in the current dip, which is visible by El Salvador’s recent dip shopping of 150 BTC.
One of the biggest Bitcoin lover firms, MicroStrategy, has also bought 7,002 Bitcoins recently.
Terra (LUNA), with its recent search, has become the star of the week by gaining 61% in just seven days. It has secured a safe place in the top 10 largest cryptos after gaining a new all-time high. Polygon(MATIC) is also not behind and has surged its value by 38% in a week. TheCoinRise already reported the arrival of bulls as MATIC formed a bullish triangle in weekly charts.
On the other hand, Ankr (ANKR) and The graph (GRAPH) are the top losers of the week with 28% and 25% slips, respectively.
The biggest reason behind the latest drop is the bearish crossover in the MACD indicator in Bitcoin’s weekly chart. In the best-case scenario, the market will swing around and resume further upward movement in the upcoming weeks. On the other hand, if bears decide to take control, we can expect bearish weather for at least a couple of weeks.
HMRC’s set to impose taxes on exchanges
After banning the crypto derivatives in the nation earlier this year, Her Majesty’s Revenue and Customs (HMRC) regulator in the U.K. is geared up to impose a digital service tax of 2% on the crypto exchange platforms.
Thailand governor claims that crypto is future
He believes that talking to big names in the crypto market like Apple CEO Tim Cook would help the country to attract crypto enthusiasts.
India won’t ban crypto but regulate it
During the first day of the parliamentary session in the country, Nirmala Sitharaman, finance minister of India, clarified that the country is not seeking to ban crypto and rather plans to regulate it. Sitharaman also answered different queries raised by the ministers in the parliament regarding the Crypto regulatory bill, advertisements, and awareness.
The local news channel also confirmed it via an internal cabinet document source. However, the exchanges would be regulated, which might result in the ban of private crypto wallets.
South Korea tax delay
South Korean authorities recently signaled a one-year delay in the Crypto tax law implementation. This is not happening for the first time, as the government is known for making investors wait for its proposed 20% tax law.
Notable events that caught the attention of crypto fanatics
The first meme token on Avalanche network SnowdogDAO (SDOG) dropped by 90%, leaving the question on the coin’s legitimacy. Experts, however, tried to convince the losing investors that it’s not a rug pull.
After explaining why it dropped its Bitcoin ETF plans for the U.S. SEC approval, Invesco has made a grand entry by launching Bitcoin ETN on the German stock exchange Deutsche Boerse, with BTIC as its ticker symbol.
The founder of social media giant Twitter Jack Dorsey has resigned from the post of CEO in the company. The board of directors of the company has appointed CTO Parag Agarwal as the company’s new CEO. The resignation comes amid digital payment company Square, also owned by Dorsey, announcing its rebranding to Block to shift its focus towards blockchain technology.
The famous hip-hop artist Snoop Dogg this week announced the launch of its first NFT or non-fungible token, along with the well-known digital artist Ryan Colditz. The NFT would be minted on the NFT marketplace SuperRare and contain the portrait of the artist showing ten different stages of his life.
Non-fungible token (NFT) game Guild of Guardians has raised funds worth around $5.3 million from the sales of its native token, GEMS. The sale involved the participation of 808,000 people from over 100 different nations.
The Japan-based SoftBank is planning to invest around $150 million in a South Korean metaverse company Zepeto. The metaverse firm has more than 70% of its users as females, which is one of the rarest things for a crypto-related firm.
The famous asset manager Fidelity Investments has decided to introduce a debut spot BTC ETF in Canada.
The legal fight between self-proclaimed Bitcoin inventor Craig Wright and the estate of his partner David Kleiman is not coming to an end. Jurors remain deadlocked over the decision on the ownership of 1.1 million BTC, and the case might end with a mistrial.
The social media giant and trending metaverse marketplace Meta recently revealed its expansion on eligibility requirements for running advertisements of crypto-related products and services on Facebook.
Gary Gensler, the U.S. Securities and Exchange Commission (SEC) chair, wants Crypto exchanges to come forward and become centralized in nature. He insisted on his wish by adding that the commission was even ready for a meeting with exchange representatives on different subjects.
After the recently announced partnership between Algorand and PlanetWatch, Miami will become one of the first major cities to begin air quality tracking.
Ross Ulbricht, the founder of the Silk Road, has announced the launch of the NFT collection named Ross Ulbricht Genesis Collection, aiming to preserve different points of his life from childhood to his time behind bars.
The ranking member of the Senate Banking Committee is urging Congress to come forward along with legislation to bring new Crypto law if the SEC fails to provide full guidance on Crypto assets.
Strong remarks from critics
Jordan Belfort has recently attacked meme coins like Dogecoin and Shiba Inu for not having any utility and value. The real-life Wolf of Wall Street further insisted on putting the founder of meme coins behind bars.
The well-known businessman and investment legend Charlie Munger supports Chinese action during the crypto crackdown. He called the cryptocurrency frenzy a crazy situation and added that he would never participate in the insane bubble. He even went on to say that he wished that crypto hadn’t been invented at all.
Exchanges expanding their services
Singaporean crypto exchange Coinstore has announced the opening of three offices in India with a dedicated $20 million fund. The announcement comes amid the regulatory confusion in India.
When we talk about crypto exchange platforms, we cannot forget Binance. The exchange giant Binance has restarted the DOGE withdrawals after 17 days. The issue gained huge attention after Tesla CEO Elon Musk called it shady on Twitter, leading to a cold war between Musk and Binance CEO Changpeng Zhao.
India’s renowned crypto exchange CoinDCX revealed its plan for a public listing and said that it is not in a hurry and will decide once the country sees a regulatory framework.
Crypto exchange giant Kraken has announced the listing of Shiba Inu on its platform with a minimum of 50,000 SHIB and a minimum deposit of 373,000 tokens. The news resulted in the SHIB price surge of over 30% in a day.
The chief product officer at Crypto exchange giant Coinbase, Surojit Chatterjee, revealed the ambitions of the company to become the crypto industry’s AWS. He also stressed the necessity of diversifying the form’s limited revenue stream.
OKCoin has recently introduced Randi Zuckerberg in its team to aim for an increase in the number of female customers in the crypt industry. It has also decided to invest $1 million, aiming to increase its female customers by 50% in the coming four years.
The exchange giant FTX has published a set of principles and ideas to help policymakers create a better regulatory framework.
Bitmart recently faced one of the most devastating centralized exchange hacks, with the firm severely losing more than $196 million in the form of various cryptocurrencies. The CEO of the company said that the withdrawals are temporarily suspended to avoid extension of the breach.
The recent blood bath has been exciting for many because of discounted entry position, while some are crying to break even their losses.
We at TheCoinRise will be back with another weekly roundup next Sunday.