From crypto trading signals to the crypto adoption scenario, the industry witnessed growing enthusiasm as indicators for crypto turned green in the past week.
The crypto industry observed an overall productive week as regulatory and adoption updates progressed steadily. Indicators for crypto turned neutral at the beginning of the week but turned bullish soon after the Fed’s policy meeting. Bitcoin surged to over $42,000 and could hold the trading range over the weekend. Other altcoins also benefited from a gradual rise in the crypto market capitalization.
Global crypto adoption was optimized with multiple events on the regulatory front. Two countries made the headlines for their regulatory initiatives. The first, South Korea, did not spring a surprise when one of its regulators proposed new rules to protect crypto users. On the other hand, the United States was a definite surprise for industry insiders.
Crypto asset valuation rules were revised for crypto firms in the country. The crypto industry hailed the move in the US, as the earlier rules had several drawbacks. The US Financial Stability Oversight Council has also raised concerns, recommending lawmakers to create crypto legislation soon.
Along with the pending crypto ETFs with the SEC, the US will likely continue to take the spotlight in the crypto space. Blockchain gaming numbers for North America have also revealed substantial numbers. The strong CAGR numbers for the blockchain gaming industry in the US could fuel new projects around the sector.
Moreover, El Salvador is also trending for a few reasons related to crypto. Firstly, the country’s investments in Bitcoin turned positive, prompting its Prime Minister to tweet about it. Secondly, it has created a unique scheme that could provide visas in return for a Bitcoin investment in the country.
In Europe, the Swiss city of Lugano has enabled its residents to pay taxes in crypto. Other cities in Switzerland have also done the same in the past, bringing forward the strong use cases of crypto. Switzerland’s central bank is also in the lead for actively exploring central bank digital currencies (CBDCs).
Meanwhile, blockchain firm Ripple has affirmed the optimism around CBDCs through a white paper. The paper delved into minute details for CBDCs, sharing future use cases and potential for various industries.
It said, “CBDCs are needed to support the most significant positive impacts of asset tokenization, an increasingly targeted mechanism for transforming tangible assets into digital tokens stored on the blockchain. With tokenization, anyone can view the process of asset transfer through ownership.” It mentioned assets like real estate and intellectual property for the use case.
The following list of tokens saw the highest weekly returns:
These tokens suffered the highest losses in the week:
With solid fundamentals, the crypto market could see a more significant jump in the next couple of weeks.
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