Crypto-Market News and Developments This Week

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Just as the market as a whole began anticipating a cryptocurrency recovery after BTC prices began approaching the $25,000 mark, traders now realize that the turbulence is just picking up heat. Just yesterday, the price for the crypto-king touched the $18,400 mark, which was even below the fateful lows of June, causing it to hit its lowest point in the last year. Ethereum also tanked to the $1200 region, indicating fast diminishing confidence in the market. Although the reason for such a substantial capital outflow remains unclear, many assume it relates to further interest rate hikes in the future.

Crypto Highlights of the week

  • After the tanking of most well-known cryptocurrencies, as well as the collective stock market, Bank of America market strategists have claimed that the summer bullish rally is finally approaching its close. Digital assets too are an asset class that has been a part of the wider market plummet. Analysts further anticipate a massive plummet within the week, as an interest rate hike announcement comes in the upcoming days.
  • According to the US Department of Justice, a man from Los Angeles, earlier this week, was sentenced to 38 months in federal prison for running a crypto Ponzi scheme worth $3.4 billion, from which he personally profited by $24 million. Victims of the scam totaled over 4100 individuals spanning 95 different countries.
  • Contrary to what many in the market had been expecting, Ethereum prices plunged after a successful transition towards its PoS model. Statistics from within the Ethereum system also point out that the network’s issuance rate has seen a dramatic slowdown since the merge. Many have pointed out this slowdown comes from ETH now essentially becoming a deflationary asset, as opposed to an inflationary one.
  • The US Department of Justice yesterday announced the establishment of a country-wide network of federal prosecutors to combat crypto-based cybercrime and fraud. The body, Digital Asset Coordinator Network, consists of 150 prosecutors, aiming to safeguard the American public from falling prey to the ever-growing threat of crypto-crimes.
  • Members of the Mohawk Nation from Kahnawake are considering using electricity from Hydro Quebec to fuel bitcoin mining activities, according to a report by Canada’s Local Journalism Initiative. In order to investigate alternative cryptocurrency mining options, the council established a research group to investigate energy sources. This will be a part of the Mohawk Council of Kahnawake’s (MCK) economic development agenda.

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