This Week in Coins: Bitcoin, Ethereum Escape Broader Market Slide
by James · October 31, 2022
On Tuesday, crypto recovered volatile one market capitalization of trillions of dollars. The modest gains were wiped out the next day by a short crashand coming into the weekend, Bitcoin (BTC) and Ethereum (ETH) are both basically flat over the past seven days.
That’s better than some of the other notable names managed in the past week. XRP is down 5% in the last week, even after one incremental victory in Ripple’s case against the SEC that will allow Ripple’s lawyers to see emails about former SEC officials Bill Hinman’s speech in 2018 where he did not label ETH as a security; Cardano (ADA) is down 7.5% even after pulling out Vasil hard fork; Solana (SOL) is down 5% after the network suffered a three-hour shutdown Friday night; Dogecoin (DOGE) is down 7%; Avalanche (AVAX) is down 5%.
Have any coins won?
Uniswap (UNI) rallied this week, up 9% over the past seven days following reports that Uniswap Labs, the development team behind the leading DEX, is currently in funding talks with one of Singapore’s sovereign wealth funds, along with blockchain investment company Polychain, to strike a deal that could give Uniswap a $1 billion valuation.
Regulation, regulation, regulation
Calls to regulate the crypto market are growing louder worldwide.
On Monday, Australia’s central bankso in a white paper like the country’s CBDC pilot should be completed by mid-2023. The pilot, which began in July, uses a blockchain currency called eAUD that uses JPMorgan’s private, enterprise-grade version of Ethereum. Quorumand at this point will not necessarily lead to a CBDC.
The following day, the European Central Bank’s Christine Lagarde, the Federal Reserve’s Jerome Powell and the Bank of International Settlements’ managing director Agustin Carstens all called for broader DeFi regulation under a online panel hosted by the Bank of France.
During a fireside talk at the NYU School of Law that day, Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam said that Bitcoin can “double the price” if traded in a CFTC regulated market. The chairman added that the crypto industry had “a huge opportunity for institutional influx that will only happen if there is a regulatory structure.”
And on Wednesday, 33 Paraguayan senators voted to reject President Mario Abdo Benitez’s veto of a bill aimed at regulating Bitcoin mining in the South American country. In July, Paraguay’s legislature approved the bill to create a clear tax and regulatory framework that will allow miners to know where they stand while operating in the country.
