Although the world continues to be in disarray, it’s been a good week for the cryptocurrency market as a whole. The biggest success story of the week was ETC, which enjoyed a sudden surge of 43.4% after continually dipping after it hit an all-time high in May 2021. Other coins that did well include RUNE (up 33.2%), AAVE (up 28.3%), and XIDO (up 28.2%).
As for the week’s losers, HEART declined by 49.7%, OMI by 15.1%, and JUNO by 10.1%. However, the biggest cryptocurrencies all saw moderate gains. ETH increased by 11.5%, BTC by 6.5%, and SOL by 9.6%.
The founder of the Ukrainian crypto exchange KUNA, Michael Chobanian, has alleged that Binance is working with the Russian government and has failed to make the $10 million donation it promised his company. These are scalding remarks considering that Binance is the world’s largest crypto exchange and cryptocurrency has played a key role in sending donations throughout the Ukraine crisis. However, a Binance spokesperson has denied the claims.
NFT marketplace FanCraze, which focuses on cricket, raised $100 million in its Series A funding round, with Cristiano Ronaldo allegedly one of the investors involved. The marketplace was built using the same blockchain technology behind NBA Top Shot, a leading marketplace for NFTs centered around the NBA. FanCraze’s team will be hoping they can reach a similar level of success after such a successful round.
The Argentine Congress has approved a $45 billion loan from the IMF, which includes an agreement to discourage cryptocurrency usage in the country. This clause was part of the deal to improve financial stability in the country, but it’s sure to cause disappointment among crypto enthusiasts — especially considering the high inflation in the country has made it become a hub for stablecoins.
Founder of the capital market company Kynikos Associates Jim Chanos has caused havoc by revealing that he’s shorting Coinbase in an interview with CNBC. Why? Chanos explained that the increasing competition between different exchanges could lead to fee compression and less profitability, and that the leading exchange is due a major correction. Coinbase shares have already fallen drastically this year, although many spectators remain hopeful it will recover.
El Salvador had been planning to launch its bitcoin bonds to fund the building of its upcoming “Bitcoin City” last week, but the move seems to be delayed. The lack of progress seems to be partly due to the conflict in Ukraine, with the country’s Finance Minister saying they almost have the tools but are waiting for a better context for the launch.
A US resident has been found guilty of committing fraud as part of a crypto scam. Asa Saint Clair pretended to be a United Nations affiliate for a non-existent organization that was launching a digital coin offering “guaranteed returns.” The move allowed him to scam more than 60 people out of hundreds of thousands of dollars, but he’s now received a charge of wire fraud, meaning up to 20 years in prison.
Lobbying group The Blockchain Association has opened a new office in Albany as part of its expansion. The organization has its headquarters in Washington, D.C, but the move to New York makes sense since the state is a hub for the crypto sector and accompanying regulations — all of which the lobbying group hopes to get involved in.
Crypto mining company Hut 8 purchased cloud and data centers from TeraGo back in January, and analysts are now predicting the deal could add almost $16 million to the company’s valuation. The move could make it possible for Hut 8 to make enough profits in fiat currency to cover their overhead costs — which is important considering it currently HODLs everything it mines.
Disclosure: The author is not a licensed or registered investment adviser or broker/dealer. They are not providing you with individual investment advice. Please consult with a licensed investment professional before you invest your money.
Tim Thomas has no positions in the stocks, ETFs, mutual funds, forex, cryptocurrencies, or commodities mentioned.
This post was produced and syndicated by Smart Bitcoin Buyer/ Timothy Thomas Limited.
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