This week has seen tons of regulatory actions in the crypto industry, along with a market minor crash leading to a fearful situation. We at TheCoinRise are here to summarise it for you.
Market this week
The Crypto market was looking sluggish last week, but Bitcoin went for a roller-coaster ride with most major coins this week. After hovering around $42,000 after touching the $40,000 zone, the king coin went above $44,000 and then slipped back to the $42,000 zone.
The fearful situation is arising as Bitcoin is sitting next to the death cross, which means the 50-day MA is going below 100-day MA, a huge bearish signal. This causes huge pain to both individual and institutional investors.
Almost all major cryptocurrencies are witnessing a blood bath amid the bearish divergence. Solana (SOL), which was recently flying high, has been found below the $150 zone. On the other hand, Binance Coin (BNB) is also aiming for $500. The largest altcoin, Ethereum, is trading around the $3,300 zone and has been up by 2% in the last seven days.
The only country that has BTC as its legal tender, El Salvador, is also suffering amid the Bitcoin slump. President Nayib Bukele is known for buying the dips, but the biggest question arising is whether Bitcoin is still a worthy investment for the country or not.
Crypto regulators in the United States
When the regulators all over the world are racing to bring their CBDCs, the United States is still stuck on the development plans of a digital dollar. The member of the Federal Reserve Board of Governors, Lael Brainard, said that Congress should make a decision on whether or not to work on the CBDC.
Brainard said that the Fed is eagerly waiting for Congress to take a critical role in upgrading the regulatory framework by integrating CBDCs to monitor users’ financial activities.
The United States Federal Trade Commission (FTC) has issued a warning about a new version of a crypto-related scam. The three primary components in the fraud are a QR code, a crypto ATM, and an impersonator, where targets are encouraged to send money to a particular wallet.
Morocco is the most crypto populous nation in North Africa
Morocco, also known as the “Kingdom of the West,” has the highest population owning cryptocurrency in North Africa. As per the report by Singapore-based crypto provider and aggregator Triple-A, around 2.4% of Moroccans, or 0.9 million citizens, invest in crypto.
It is also among the top 50 countries with the biggest fraction of crypto users, just ahead of Portugal.
Axis Bank joins hands with two local firms in India
India’s financial services giant, which is known for its quick service and vast support, Axis Bank has joined hands with two local companies to use the government-backed blockchain service, Secured Logistics Document Exchange (SLDE).
SLDE was introduced in July 2021 by the nation’s Ministry of Commerce and Industry in the form of a digital document exchange site to hold blockchain-related safety protocols for data authentication and security.
As per the official announcement, the bank granted a financial deal between ArcelorMittal Nippon Steel India and Lalit Pipes & Pipes Ltd, guaranteeing payment under certain conditions.
Russian Tinkoff Parent Firm invests in Crypto Firm Aximetria
The parent company of Russia’s Tinkoff Bank TCS Group has paid an unknown sum for a major position in the Swiss digital currency investment company Aximetria. This comes amid uncertainties in the Russian digital currency industry, and the firm’s intended approach to selling crypto-based services is unknown.
When it comes to crypto in Russia, the country is still confused about whether to ban or regulate digital assets. The country’s Central Bank has recurrently banned the use of digital currencies, and while Tinkoff Bank’s acquisition of Aximetria appears risky, it demonstrates the desire among financial institution players to tap into the fast-growing crypto ecosystem.
Seba Bank CEO Predicts $75K BTC target for 2022
Many projections for the price of Bitcoin (BTC) in 2021 failed to happen, as BTC concluded the year below its All-Time High (ATH) of $69,000.
Despite the possibility of volatility affecting estimates, Guido Buehler, the CEO of Switzerland-based Seba Bank, a crypto-focused banking institution with business in more than nine nations, believes Bitcoin will hit a new high of $75,000 this year, against all obstacles.
Coinbase to shut down for a week every three months in 2022
One of the biggest crypto exchanges, Coinbase, will give its employees one week off every three months to recuperate following “long days and long weeks” of hard work.
The Chief People Officer of the exchange, L.J.Brock, said on Monday that almost all the employees would be given off for four weeks this year as part of a test to let them recover after completing hard workloads.
DeFi attacks: Centralization vulnerabilities are the primary reason
As per the research report by the blockchain security firm CertiK, the main reason behind the huge number of decentralized Finance or DeFi attacks is the less “decentralization” since attackers use centralized vulnerabilities to rob users in 2021.
The researchers pointed out the centralization weak points are the most common reason for these attacks within DeFi. The blockchain security firm reported 44 attacks on the sector, losing around $1.3 billion.
Iran plans to allow crypto payments for foreign trade
Mehr News Agency reported recently that Iran’s Ministry of Trade and the Central Bank of Iran (CBI) have joined hands to link the payment platform of CBI to a trading system that will be used to process crypto payments by enterprises for international trading.
The deputy minister of industry, mine, and trade and head of Iran’s Trade Promotion Organization (TPO) of Iran (the country grabbed news with its crypto mining activities), Alireza Peyman-Pak, said that the system is expected to finish “within the next two weeks.”
Wikipedia is against classifying NFTs as art
The largest free user-generated online encyclopedia, Wikipedia, has polled against classifying NFTs as art and agreed to put the topic on hold until a later date.
The platform was working on finding the most expensive art sales by living artists in December when the debate began about whether NFT art transactions should be classified as “art sales” or “NFT sales.”
Amber Group plans to acquire DeCurret in February this year
The Japanese company DeCurret, which offers digital asset trading and exchanges, is reportedly selling its crypto business to Amber Group, the famous Hong Kong-based investing platform.
On Wednesday, Nikkei Newspaper published a report that revealed DeCurret holding plans to sell its crypto division to Amber Group in February 2022. Though the details about the acquisition are still unknown, the report hinted that the transaction would be worth millions.
Oasis Network’s first DEX YuzuSwap hits $100M TVL
Within 24 hours of its launch on January 11, the first decentralized exchange (DEX) on the Oasis Network, YuzuSwap, marked tremendous adoption, indicating a huge requirement for decentralized finance protocols. The exchange hit a total value locked or TVL of $100 million within the first 24 functioning hours. The trading volume in the duration hit $323 million.
YuzuSwap is completely compatible with the Ethereum Virtual Machine and was created with a smart contract ecosystem on the Oasis Network.
LooksRare hits $394M in sales
LooksRare, the trending NFT marketplace, formally debuted on January 10, is called a strong competitor of the largest NFT marketplace OpenSea after its performance in the first few days. The daily volume on the marketplace has already seen rising above $394 million in recent days.
LooksRare is charging only 2% fees on basic sales with zero fees on private sales to attract a user base. In contrast, the rival company OpenSea charges 2.5% fees on each trade. It contains many popular NFTs on its platforms, including LarvaLabs’ Meebits collection. LarvaLabs is the company that brought the famous Cryptopunks and Autoglyphs collections.
Coinbase acquires CFTC Regulated FairX
Coinbase Global Inc is said to be acquiring the Commodity Futures Trading Commission or CFTC regulated derivative company FairX, marking its entry into the derivatives marketplace. The exchange giant has not disclosed any details about the deal and noted that it is aiming to close the deal by the company’s fiscal first quarter-end.
We at TheCoinRise wish you amid the death cross situation and will be back with another weekly roundup next Friday.