The crypto market as a whole is pushing on to a more positive mode, as the release of the latest inflation report is likely to come to light later today. Market experts seem confident that consumer prices may have seen a fall of 6.5% with the new data coming out. This bullish change clearly comes about in the market, as both BTC and ETH continue to trade at impressive multi-week highs.
Highlights of the week
- With the transition of power taking place in Brazil, and the incoming president, Lula Da Silva taking office, one area where considerable change is likely, is that of crypto regulations. Analysts and commentators have pointed out that the country’s crypto law, which has been in a state of limbo, will finally see some much-awaited progress. Lula’s administration is defined by its progressive and forward-looking ideals, in comparison to the prior regime.
- According to the latest remarks by US Federal Reserve governor, Michelle Bowman, the Fed is making sure that innovation in the realm of blockchain and decentralized finance does not face obstacles, through its regulations. She pointed out that an aggressive stance by the fed would result in the market turning towards unbanked and unregulated channels.
- In a rather surprising turn of events, the token for the controversial FTX exchange, FTT has been seeing somewhat of an inexplicable price pump in recent days. Its 28% price climb amid fraud and bankruptcy hearings has been turning heads. Many have claimed that the token is part of the speculative trading of market participants, cautioning that the trajectory will continue to remain highly volatile.
- Following the launch of its Digital Ruble, the Russian government has outlined the payment models to avail in order for transactions to remain effective, for the purposes of international settlement. The Russian central bank has advised users to avail of the digital payment mode in the case of bilateral agreements with countries.
- Recently revealed documents from Nigeria have revealed that the country’s central bank will soon be working on an initial framework within which stablecoins can function, in a regulated manner. Moreover, the FDI potential of ICOs had also come forward, as to how its sustainable regulation can follow through.
Crypto fear & greed index
Market sentiment, during the last 24 hours has shown to bring about drastic improvement, as demonstrated by the crypto fear & greed index. In a single day, the index jumped from 26 to 30, bringing about an end to the statically fearful state the market had been in for the last month.
This improving sentiment very much shows in the prices of top crypto players, Bitcoin and Ethereum, both of which made it to multi-week highs and thus ended their spells of paralysis they had been a part of. A major reason behind this change in mood comes as the inflation report is expected to get released later today. Many are confident that the figures will point to significant macroeconomic improvement, which will eventually prove positive for the future of the wider crypto market.
