The week has ended with a remarkable recovery for Bitcoin, helping crypto market conditions improve after a few minor bumps on the regulatory front.
The crypto market saw its volatility increase as several events impacted investors’ sentiments in the last week. Bitcoin’s resilience, with ample support from bulls, helped it tackle all roadblocks and sail through the week positively. The market recovered from all its losses, and the present crypto market conditions look set for a bullish week ahead.
The latest crypto analysis indicates BTC at above $37,000 and ETH above $2,000.
In the crypto industry, various vital developments took place. International bodies like IOSCO and the OSEC undertook initiatives for the crypto space. The former helped create a crypto regulatory framework, with support from a majority of its members. On the other hand, the OSEC organized a training program for Ukrainian officials to counter financial crimes related to the crypto space.
On the regulatory front, a major crypto exchange saw issues cropping up with US regulators. Traders in the crypto market anticipated further losses as multiple crypto tokens dipped with the news. Crypto bulls, long-term investors, and institutional buyers stepped in to help bring about a sharp recovery in the market. The current crypto analysis suggests the trend may continue.
With the exchange set to pay billions to the regulator, crypto firms worldwide could step up for stringent regulations. Regulations for crypto have been a lingering issue for years, with only a few regions in the world creating transparent laws.
Europe, with the MiCA law for the crypto industry, could now become an example for other countries on regulation. The past week saw a politician from Belgium also announcing his plans to resurrect the blockchain infrastructure project. If it goes live soon with fruitful results, a magnitude of use cases could be unlocked.
Other countries like Canada and South Korea have also been in the news recently in the crypto industry. Canada, for instance, is initiating a consultation period for the disclosure of crypto holdings. The consultation will continue for some time, and the draft guidelines will be released in 2024. Meanwhile, South Korea has gone a step ahead with its central bank digital currency. It will soon test deposit tokens for payments with several South Koreans.
In Asia, Cambodia was in the limelight this week for a partnership with payment major Alipay. The bakong service in the country, which works similarly to a CBDC, has tied up with Alipay. The collaboration will likely be a benefit for tourists and merchants of Alipay.
For the last week, the best-performing crypto tokens are the following:
The worst-performing crypto tokens for the week are:
With recent events around the crypto exchange, experts have said regulations like the MiCA would gather pace further in 2024. The European Commission’s policy officer, Ivan Keller, said regarding the MiCA, “Our position is that this rule book would mitigate some of the risks and, importantly, give regulators more clear-cut levers and powers supervising these entities so they can also mitigate those risks.”
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