Cryptocurrency Market Developments of the Week

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Following the tumultuous volatilities of recent months, the cryptocurrency market finally appears to be going on its own path, diverging somewhat from the movements of the stock market. As the S&P 500 closed at a new low, facing the pressures of a devalued US dollar, BTC price has climbed by 4.2% since Friday. Analysts state this phenomenon of separation comes about as the market flushed out volatility-sensitive retail traders, leaving a far higher proportion of long-term holders. As a result, a higher degree of stability in the crypto markets may be possible in the upcoming weeks. In this news article, we go over some of the top stories of the week.

Crypto Highlights of the week

  • Following a draft law agreement overseeing cryptocurrency payments to foreign entities, the Russian finance ministry, in collaboration with the country’s central bank, is reportedly working on a standardized cross-border crypto payment mechanism. The country continues its push toward the use of cryptocurrencies, in order to bypass the paralytic sanctions imposed upon it by the collective West.
  • The digital currency lender, Nexo faces trouble after allegations from authorities that its Earn Interest Product (EIP) breaches several securities laws. Legal against the lender by regulators based in Washington, New York, California, and South Carolina, as well as authorities from Kentucky, Vermont, and Maryland.
  • The governor of the Kenyan Central Bank made a series of comments complaining about the impracticality of converting the country’s monetary reserves to Bitcoin, describing the move as “craziness”. The governor made the comments to the members of the country’s legislature in the context of the high volatility of BTC.
  • The co-founder of Terra Form Labs, Du Kwon is reportedly wanted in at least 195 countries and is now on Interpol’s red notice list, according to South Korean authorities. Du Kwon’s Terra Luna plummet to zero sent ripples across the crypto-market, with many authorities across the globe alleging serious capital law violations, which could result in harsh penalties.
  • The US Internal Revenue Service (IRS) has stepped up efforts in going after cryptocurrency holders with undeclared and taxable digital assets, on a “very high priority” basis. Following a recent court order, the agency now holds the authority to summon customer records and transaction data from the broker, SFOX. SFOX holds over 176,000 customers, with transactions exceeding $12 billion in the last six years.

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