Weekend April 16, 2022
In last week’s crypto news, it seemed that the fate for the crypto world was changing, cryptocurrencies bounced back after enjoying price spikes. Unfortunately, things didn’t get much better last week, with no recovery in sight. Fear is engulfing the crypto world, with concerns that crypto assets will not fare well in a world of so much uncertainty.
BTC fell 7%, ETH 8.7%, SOL 12.2% and ADA b 12.7%. Things could be worse, but they could also be a lot better – price volatility can take a while to subside, so manage your expectations!
As for the worst performers, MINA fell 25%, CVX 25%, OSMO 16.7% and WAVES 16.4%.
However, a few coins managed to see gains. Among them were DCR (+21%), STEPN (+11.7%), XCN (+7.9%) and XMR (+1.5%).
One of the biggest headlines of the past week was about the possible sale of Twitter to Elon Musk. While unlikely to happen, the deal would expand Musk’s portfolio, which includes Tesla and SpaceX.
1) Auction of the first tweet by Dorsey Falls Flat from Twitter
Meanwhile, the NFT of Jack Dorsey’s first tweet, which sold for $2.9 million last year, is in the news again after the buyer seemingly decided to seize the moment to resell it. Sina Estavi, a crypto entrepreneur, put the NFT up for sale for $48 million and pledged to donate 50% of the profits to charity. However, his confidence backfired – the NFT only received seven bids, the highest of which was about $277. That’s uncomfortable. It is unclear whether Estavi will sell or continue with HODL.
2) Ex Ripple, Barr nominated for Fed
US crypto regulation has been a constant point of discussion and the latest update is that a former Ripple advisor has now been given one of the top positions. Michael Barr, who was also a senior government official in the Obama era, has been named one of the nominees for the position of vice chairman at the Fed, hoping his mix of conventional and crypto-specific experience will make for a winning combination. However, he is not guaranteed the position and is awaiting confirmation.
3) India stops payments to crypto exchanges
It’s not just in the US that crypto regulation is heating up. In India, several Indian payment processors have stopped allowing payments to crypto exchanges. The cessation of payments came suddenly last week and no official reason has been disclosed, but it is thought to be related to the new taxes introduced in April and stricter regulations, which are putting pressure on payment platforms.
Some better news is that Portugal has given its first crypto license to a bank, with Bison Bank taking the credit. As a result, the financial institution becomes a virtual asset service provider (VASP), meaning it can legally perform crypto custody and trading services in the country.
4) Brazil’s 2TM Launch Quant Trading
Meanwhile, 2TM, the holding company behind the country’s largest crypto exchange, is planning to launch a quantitative trading platform in Brazil. 2TM hopes to partner with Brazilian asset manager Giant Steps to provide the service to capitalize on the growth of the trading practice in recent years.
5) Bybit Overtake CME for Bitcoin Futures
Bybit has become the second largest bitcoin futures exchange, overtaking the place of the Chicago Mercantile Exchange (CME) when measured by open interest, a figure that shows outstanding contracts and aggregate activity. Binance has held the top spot so far. Some traders think the fortune change could be due to Bybit’s super-leveraged offering, high liquidity and lower spreads – but anything can happen in this fast-paced field.
The organization behind the highly successful UST stablecoin and LUNA cryptocurrency, Terraform Labs, has donated the equivalent of $820 million LUNA tokens to its non-profit organization, the Luna Foundation Guard (LFG). The organization aims to increase its currency reserves and maintain its function as a stablecoin.
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 by Smart Bitcoin Buyer/ Timothy Thomas Limited and syndicated by Tim Thomas.
Featured Image Credit: Unsplash.
This post 5 Crypto News Shorts: Crypto Price Pain, First Twitter NFT Auction Failed & More
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