Week ending April 9, 2022
A few weeks ago, it seemed like it was in the crypto market, but it seems it wasn’t supposed to stay that way. Most cryptocurrencies have moved in the opposite direction over the past seven days, with a few exceptions. Here is the latest crypto news from last week.
1) BTC price is falling
BTC was down 8.8% and ETH 8.9%, and similar results were mirrored by most of the market. Among the other major currencies, BNB fell 6.9%, ADA 13.5% and SOL a whopping 18.7%. However, it still didn’t make the top five of the biggest fallers, which says everything you need to know about the past week.
The title of the week’s biggest drop goes to WAVES, which fell 50.3%, continuing the cryptocurrency’s volatile moves recently. Meanwhile, SNX was down 30.3%, AAVE 27.8% and AXS 27.2%.
Following the big price changes in the stock market, there have been some big swings, but there have also been a few cryptocurrencies that have enjoyed positive moves, although they have been very few. XMR rose 9.5%, USDN 6.4%, MINA 6% and DOGE 3%. And that’s about it, unfortunately.
2) Oversight Role for the NY’s Department of Financial Services
However, there are some positive developments in the crypto world. The New York Senate has authorized its Department of Financial Services to oversee crypto companies. It means they get a similar treatment to traditional financial institutions, keeping virtual currencies well regulated. The move was part of the new budget for fiscal year 2023, and it expands the state’s BitLicense for regulating cryptocurrencies, which is already the most advanced of its kind in the US.
3) GOP publishes crypto regulatory paper
The Republican Party has published a paper outlining the potential benefits and risks of cryptocurrencies to help it strengthen its approach to regulation. It lists the benefits of crypto, such as reduced transaction costs and improved privacy, but also outlines downsides such as scams and links to criminal activity. While none of this will be new to anyone familiar with the crypto world, it does suggest that the party is closer to a unified stance on crypto. There seems to be a creeping, inevitability to replicate the regulation of publicly traded stocks.
4) Truflation develops crypto inflation index
It’s no secret that inflation is becoming a serious problem in the world of fiat currencies, and the consumer price index (CPI) is one of the most well-established ways to measure it. But what about the crypto sphere? DeFi firm Truflation has developed a method to measure cryptocurrency inflation using Chainlink, partly in response to the government’s censored, centralized statistics. And it’s bad news – it estimates crypto inflation was around 13.3% in March 2022, compared to the 7.9% reported by the CPI.
5) UAE Approves Binance to Become a Crypto Broker Dealer
In the Middle East, Binance has received approval to become a fully regulated crypto broker dealer, meaning it is on track to operate in the United Arab Emirates. Binance has also received approval from Bahrain and is close to this stage in Dubai.
Competitor Coinbase has not been so lucky. It started trading in India last week, which was made possible thanks to the country’s UPI payment system – but now the UPI services are no longer available on the exchange app, derailing operations. This could be because the National Payments Corporation of India (NPCI) regulates UPI, and the tweeted that it was unaware of any crypto exchange using the platform on the day of Coinbase’s launch.
6) Ethereum gas soars in March
Ethereum gas usage rose 13% in March thanks to increased demand. This may have contributed to the rising price of ETH during the month, although it now appears that this trend is reversing. The generation of ERC-20 tokens has also increased by 25% compared to February thanks to the emergence of blockchains compatible with Ethereum Virtual Machines (EVM), likely impacting the need for gas.
7) New Competitor for Axie Infinity
Axie Infinity and other major play-to-earn games now have a major competitor as the brand new Blockchain Brawlers game made $357 million in its first week. Created by Wax Studios, the game allows players to purchase NFT brawlers and equipment and then compete against others for rewards.
Disclosure: The author is not a licensed or registered investment advisor or broker/dealer. They do not give you individual investment advice. Consult a licensed investment professional before investing your money.
Tim Thomas has no positions in the listed stocks, ETFs, mutual funds, forex, cryptocurrencies or commodities.
This post was produced and syndicated by Smart Bitcoin Buyer/ Timothy Thomas Limited.
This post 7 Crypto News Shorts: Crypto Price Drops Mean More Money Pain, GOP Publishes & More
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