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      Crypto Market Weekly Overview and Top Stories - Stocks Telegraph

      By Wasim Omar

      Published on

      January 17, 2023

      6:05 PM UTC

      Last Updated on

      March 24, 2023

      6:02 AM UTC

      Crypto Market Weekly Overview and Top Stories - Stocks Telegraph

      The crypto market is back on par with its glorious potential, as Bitcoin has finally climbed above the $21,000 mark, for the first time since November. As the market took a break yesterday amid MLK day, a serious price gain was seen throughout the markets, including that of cryptocurrencies. Ethereum too made it big, after making it to a point of almost $1,580.

      Crypto-Highlights of the week

      • Following several months of researching cryptocurrencies, Tanzania’s central bank has finalized its approach toward a viable digital currency. According to a recent statement, the central bank will be taking a prudent approach, while taking into account all the risks associated with the project. Similarly, the bank will be focusing on the risks of issuing the currency, as well as counterfeiting and distribution.
      • The Europol body has been working alongside law-enforcement agencies in Bulgaria, Cyprus, Germany, and Serbia, and has successfully cracked down on a large crypto-scam network. The detained suspects allegedly lured gullible crypto holders via ads and the promise of extraordinarily high investment returns.
      • The asset management division of the Samsung Group has recently made the news after a successful launch of its very own Bitcoin futures ETF, listed on the Hong Kong stock exchange. The move clearly shows the tech conglomerate’s willingness to benefit from exposure to growing Bitcoin prices.
      • Despite all the dynamic crypto promise that is inherent to the tech-driven Indian market, the country’s central bank governor has made a tirade of comments against cryptocurrencies. He stated that BTC, ETH, and all similar crypto names undermine the national currency, and therefore should remain banned. He also made a comparison between crypto-trading and gambling.
      • Poland’s primary consumer protection agency has initiated legal action against a cryptocurrency exchange that has made misleading statements to users. The exchange, which falsely claimed to be Polish, stated to be operating within the country’s legal and regulatory framework, which was also false. Authorities have likened the exchange to operating similarly to a promotion-based pyramid scheme.

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