The crypto market is dropping since the start of the pandemic. A global recession is looming and the crypto market is taking the brunt of it with the value of Bitcoin (BTC) around $19.7k. Ethereum (ETH) is facing a hard time too and its value may finally drop below the $1K mark if the current situation proceeds.
But even among these dire circumstances, there are developers who are willing to power through this economic handicap. Peruse through the following newsletter to enlighten yourself on what’s happening around the cryptomarket.
Crypto Market: Highlights of the Week
- The current value of BTC is around $19,807. Over the past week, Bitcoin has lost 3.63% of its value. There are indicators by the bears of the small rally as within the past 24 hours, a 0.22% gain has been made.
- The current value of ETH is around $1088. Similar to BTC, Ethereum has not made any gains in the previous day. It has lost 8.16% of its value over the previous week. A small rally is occurring where it has gained 1.54% over the past twenty-four hours.
- CEL had filed for Chapter 11 bankruptcy but is now trying to re-enter the market with a proper restructuring. To allow this to open, trading for CEL has been locked in decentralized exchanges.
- There are rumors circulating that the annual inflation in the US is expected to be due to the rise of interest rates. This created uncertainty in the cryptomarket.
- NFT sales are falling but Axie Infinity is still vying for survival. It has been able to recover its value from USD 11.80 to 18.50. It is transforming itself into a play-and-earn model.
- The Ministry of Finance wants the adoption of stablecoins but the Central Bank has refused to do so. This is because the Central Bank believes that there is more risk involved in the adoption of such stablecoins.