Despite signs of mainstream acceptance, the prices of cryptocurrencies have barely budged this year.
Since the beginning of the year 2022, if you have been following this column closely, you will have noticed that while the prices have been volatile, they have not moved much.
With a market cap of $742 billion,Bitcoin is the clear market leader, and often you can take the temperature of the global market simply by looking at its performance. Every week there are new signs of integration into mainstream markets, but it has yet to break out of its $40,000 range.
Over the last seven days, the price of the world’s favorite currency has grown at a very slow pace. As of this writing, Ethereum was trading at $2,582, falling 2.5% this week.
In a week where few prices changed dramatically, two coins did make modest gains: Terra’s LUNA rose 5.8% to $89.86, while Polkadot jumped 6.6% to $18.18.
At the other end of that spectrum, Solana fell 8.3% this week to $81.48 at the time of writing, and Cosmos dipped 8.7% to $27.42.
The Securities and Exchange Commission in Cyprus, a European Union nation despite its geography, approved the launch of FTX Europe, now the second affiliate of the popular FTX exchange. The exchange will soon start servicing the Middle East, according to a FTX spokesman.
A couple of weeks ago, the European Union added a provision to a set of draft regulations calling for a ban on PoW Cryptocurrencies. According to the chairman of the European Parliament’s Economics Committee, voting on the legislation had been delayed due to fears that the draft package might be misinterpreted as a ban on virtual currency.
Voting is scheduled to go ahead on Monday despite the fact that the language in question has been changed to make it clear that the regulations are not a ban on the digital currency.
President Joe Biden signed an executive order this week to lay out a strategy for regulating cryptocurrencies in the United States. The need to protect consumers, investors, and businesses in the United States is front and center, and national security concerns are also within its purview.
The executive order calls on the FTC, SEC, and the CFTC to coordinate regulation efforts.
Multiple leading authorities, including the Environmental Protection Agency, must submit a report to the president that will examine the potential for these technologies to impede or advance efforts to tackle climate change.
Reactions to Biden’s announcement ranged from optimism that there will soon be clarity on regulations and compliance measures, to cynicism that the order focused too much on central bank digital currencies.
On Wednesday, South Korea elected a new president, Yoon Suk-yeol, who wants to change what he deems to be unreasonable regulations. The president-elect said that his ideal policy approach would be a negative regulation system that would make the industry safe.
It was on Thursday, Warner Bros. Over 6 million DC Comics-inspired physical trading cards are going to be created by the company and will come with NFTs. The cards are due out later this month.
Stripe started offering institutional clients the ability to use the app as a payment method. The Cube Thingies collection was launched by Stripe. Watsi gets money from the NFTs. The company said that it has tapped FTX, FTX US, Nifty Gateway, and Just Mining for its Web3 pivot.
American companies are still having trouble getting SEC approval for an exchange traded fund that tracks the price of Bitcoins. On Thursday, the federal agency turned down applications from both NYDIG and Global X.
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