The cryptocurrency market continues its slip into dark territory, following the crash seen a fortnight ago. The industry is still yet to see recovery after the catastrophic failure of Alameda Research and FTX, which sent shockwaves across the board. Investor confidence in the crypto markets is at its lowest point in years, and the call for regulations continues to grow louder with each subsequent day.
Crypto-Highlights of the Week
The crypto-sphere continues to struggle toward the attainment of stable footing, as the FTX contagion moves ahead to engulf major players in the industry. The renowned, Hong Kong-based crypto ATM company, Genesis Block recently announced putting a stop to its operations, amid the wider liquidity crisis. As a result, BTC fell to a new low beneath $15,700, whereas ETH made it to below the $1,100 mark.
The fall of the crypto-king, Bitcoin, continues to mount severe pressure on its holders, and especially miners, that are continuously facing a squeeze. As BTC prices have fallen below their production costs, the coin continues to become a hot coal, and highly unpopular to hold in the present circumstances.
After a recent filing to a top US bankruptcy court became public, yesterday, a report revealed that FTX owes over $3.1 billion to its top 50 lenders alone. The crypto exchange, which has been accused of misappropriating investor capital, claims that during its crash, funds had been ‘stolen’ or transferred to more stable exchanges.
The largest US bank, JP Morgan, has officially taken the first major step towards the crypto-industry. According to a recent USPTO filing, the bank has registered a trademark by the name of “JP Morgan Wallet” and has applied for it under the cryptocurrency category. The bank has recently discussed plans to enable its customers the opportunity to transfer, exchange and process crypto-based payments.
Many Chinese blockchain players have been at the forefront of metaverse-related innovations, in the wake of the FIFA 2022 world cup. Many platforms have been developing the means to broadcast the events via a metaverse context, through the use of VR devices and 5G technology.