The fire engulfing the crypto-realm remains ablaze. After a brief hopeful glimpse toward a shift in direction, the market came crashing down, with most of 2022 proving to be one of the worst for crypto traders, so far. Bulls continue to become fewer and further apart in the market, making upward price rallies extremely difficult.
Crypto-Highlights of the week
The American cryptocurrency exchange, Bitfront, had announced yesterday that it will immediately suspend new sign-ups on its platform, and halt all credit card payments. The exchange further stated that it will cease operations entirely, putting further pressure on the global digital currency markets.
Following the failure of cryptocurrency exchange FTX, JPMorgan has broken its silence regarding the whole fiasco. It detailed significant changes it anticipates, regarding the regulation of the wider crypto-industry. It discussed the possibility of new regulatory efforts, including those emphasizing custody, customer asset protection, and transparency.
Russian autocrat, Putin has lately been becoming extremely vocal regarding his beliefs on blockchain-based decentralized finance. He recently stated that in order to lessen reliance on large banks and third parties, a new mechanism for international money transfers is required. He is certain that digital currency and distributed ledger technologies will revolutionize cross-border payments.
The Nigerian digital asset exchange platform Quidax recently said it has let off employees who made up 20% of its employees as it struggles with the effects of what it called a worldwide economic slowdown. Quidax apparently assured clients that it has no intentions of ceasing operations, and business will continue into the future.
Eric Adams, the mayor of New York City, voiced his support for the state’s limited restriction on crypto mining, albeit in a covert manner. The bill passed by fellow Democrat and New York Governor Kathy Hochul limits the short-term use of fossil fuels in the production of digital currency. Adams maintained that cryptocurrencies form a crucial part of the wider financial path, and emphasized that the moratorium was temporary in nature.