For the first time since December 2020, the overall crypto market capitalization has fallen below $1 trillion this week. We at TheCoinRise summarize the crypto market for this week, ranging from regulatory involvement to increasing adoption.
Regulatory involvement in the crypto industry
The Bank of Canada has issued a statement emphasizing the urgent need for crypto regulations. It stated that the risks associated with projects like Luna should be addressed before the sector grows to the point where it threatens to bring down the entire financial market.
Last Monday, New York City Mayor Eric Adams, who is known for his pro-crypto stance, spoke out against a law that is just one step away from outright prohibiting Bitcoin mining in the state for the next two years.
The U.S. SEC has reportedly initiated an investigation into what crypto exchanges are doing to prevent insider trading, according to recent reports.
The Governor of the Central Bank of Russia, Elvira Nabiullina, has said that she is willing to allow crypto transactions in the nation as long as they do not penetrate the domestic financial system.
The government of France intends to host the 2024 Olympic Games in Paris with the lowest security risks to its spectators. The country’s Olympic Committee could incorporate blockchain technology into its ticketing system, allowing spectators to purchase personalized, non-transferable tickets.
On Thursday, 14 members of the U.S. Congress sent a letter to the EPA or Environmental Protection Agency with more learning materials on PoW consensus. Surprisingly, the letter, which was co-signed by several crypto bulls, seemed upbeat. It advises the agency to conduct a “comprehensive analysis” when determining the environmental implications of digital assets.
Decentralized USD (USDD), Tron’s algorithmic stablecoin, has collapsed under the weight of the bearish crypto market, losing its claimed $1 peg to the U.S. Dollar.
Partnerships, launches, fundings, and future plans
Fartech, a British-Portuguese online luxury fashion retailer, will begin accepting crypto payments on its platform, according to a recent report. The move confirms the nascent crypto sector for the luxury brand.
According to a recent survey conducted by Deloitte and PayPal, 73 percent of merchants expect to integrate crypto payments internally by 2025. It also discloses that over half of large merchants with a revenue of more than $500 million are now investing at least $1 million in crypto payment infrastructure development.
Iconic fashion brand Lacoste is flying high in the Web3.0 ecosystem with the launch of its Non-Fungible Token (NFT) collection, UNDW3, also called Underwater.
Despite the fact that a recent study by CipherTrace reveals a decline in the percentage of total digital currency volume utilized for illegal operations, there are still a lot of fraudsters and scammers in the crypto world. OpenSea, the largest NFT marketplace in the world, has taken a significant step to protect its platform users from theft by introducing new security features.
Immutable, an Australian Web3 gaming business, has announced the launch of a $500 million developer and venture capital fund.
Sber, the Russian banking giant, is preparing to make the first transaction involving a Digital Financial Asset (DFA) through its own trading platform, which it designed domestically.
Wildcard Alliance, Playful Studios’ Web3 gaming business, raised $46 million in a Series A fundraising round led by Paradigm Capital.
Crypto exchange news
With MicroStrategy facing dark clouds this crypto winter, several companies have considered downsizing their workforce. BlockFi, a crypto trading and lending platform, has become the latest Company to drastically reduce its workforce in the wake of the recent crypto market downturn. It plans to lay off 20% of its 850+ staff.
Coinbase has recently stated that around 18 percent of its global workers will be laid off. Brain Armstrong, Co-Founder and CEO of the exchange, explained that the current economic situation and the exchange’s uncertain business prospects forced the difficult decision to let certain employees go.
In contrast to other crypto exchanges that are laying off employees due to the present crypto market conditions, Binance believes that now is the perfect opportunity to expand and hire new people. Changpeng Zhao, the exchange’s founder and CEO, stated that the crypto winter is an excellent opportunity to increase investment in talent and acquisition.
A group of investors has filed a class-action complaint against Binance.US, the Binance’s U.S. arm, alleging that the trading platform facilitated the trading of LUNA and UST tokens, which are unregistered securities in the nation.
Crypto trading platform Blockchain.com has announced that consumers will be able to register for free “.blockchain” domain names using unstoppable Domains. According to the release, the crypto exchange would grant .blockchain domain ownership to 82 million registered users.
Major Korean cryptocurrency exchanges have agreed to develop a new emergency system that would respond within 24 hours if another Luna-like disaster occurred. Notably, Do Kwon’s LUNA/UST model failed last month, causing residents to lose tens of billions of dollars.
Huobi Technology Holdings Ltd., a Hong Kong-based crypto exchange platform, has decided to close its Thailand operation after failing to get approval from the local regulatory agency.
The crypto exchange FTX has announced the acquisition of Bitvo, Inc., a Canadian crypto asset trading platform. The new agreement between the two companies is the next step in FTX’s commitment to extend its industry-leading products and services while keeping them regulated for its global users.
Coinbase was hit with yet another class-action lawsuit on Thursday, alleging that the platform was negligent in its listing of the TerraUSD stablecoin. The exchange is also accused of failing to disclose its financial ties with Terraform Labs.
An investigation of crypto scams
TheCoinRise conducts thorough research on the projects that look like scams. This week, it found the following projects defrauding its customers:
Some views by market experts this Crypto winter
Many of the current projects in the crypto industry, according to American billionaire Mark Cuban, will not survive this bear market. In an interview with Fortune, Cuban discussed the present state of the crypto market, saying that projects that aren’t based on a good business strategy are likely to fail.
Sandeep Nailwal, the Polygon co-founder, believes that Web3’s long-term prospects are “mega-mega bullish.” He believes the latest correction is due to “macro” factors rather than any big flaws in the Web3 sector.
According to American billionaire David Rubenstein, the crypto price plunge is a common occurrence in the market. He believes that despite the recent negative events, people understand the potential of cryptocurrencies and will not abandon the concept behind the digital asset class.
Celsius Network withdrawal pause
Celsius Network recently halted all withdrawals on its platform. After the announcement, competing crypto lending platform, Nexo AG offered a bailout to acquire Celsius’s collateralized loans. The Nexo offer to Celsius is unique, but the Company has proved that it can aid Celsius’s customers or clients.
Ben Armstrong, popularly known as BitBoy crypto, a popular crypto YouTuber and influencer, has revealed plans to file a class-action lawsuit against the struggling crypto lender. BitBoy is furious that he can’t get his hands on the funds he’s locked up on Celsius to pay off his existing loans.
Moreover, Celsius Network has apparently hired restructuring lawyers from the prominent law firm Akin Gump Strauss Hauer & Feld LLP during these difficult times.
Exclusive reviews and announcements
Vision Network: It is the world’s first Vision-based blockchain browser, allowing users to quickly find, confirm, and verify transactions on the vnetvision blockchain.
BOSO TOKYO: It is attempting to create a metaverse identity brand. As a result, the initiative will bring branded NFT avatars into the Metaverse, which is essentially a digital realm that can be copied and manipulated.
Swissborg: It is made up of a collection of finance and technology experts that are dedicated to democratizing wealth management by making it more enjoyable, fair, transparent, and community-oriented.
EXIT Festival is expanding its reach into the Metaverse by teaming up with CHRISTINA CARMELA, a famous model, pilot, and human rights activist, and MACEO PLEX, a superstar D.J. and producer.
TFLOW Blockchain has finally completed the development of its Futures Trading Trading Algorithms. The Company collaborated closely with its Strategic Partner, A-Quant, on the development, testing, and auditing of the algorithm results.
TheCoinRise will come back with another week of crypto roundup next Weekend.
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