The dry spell for cryptocurrencies seemingly appears to have subsided, as both Bitcoin and Ethereum had seen a rise throughout the prior week. The upward shift appears to hint at recovery for the cryptocurrency market following some of the worst days in over a year. Bitcoin in particular rose by 20% since its lowest point of last week and saw a push far away from the danger zone at its present price of almost $22,500. The prior week was pivotal for the cryptocurrency market at large, and through resilience and recovery, bulls once again felt confident about digital assets.

Highlights of the week

• In what US prosecutors describe as the first case of insider trading in cryptocurrencies, the brother of a former product manager at Coinbase Global Inc. pleaded guilty to a wire fraud conspiracy charge. 26-year-old Nikhil Wahi, between 2021 and April 2022 made at least 14 transactions, on the basis of confidential information, prior to official announcements.
• Uruguay’s executive authority proposed, earlier this week, a new cryptocurrency bill to the country’s parliament. The piece of legislation aims to draft out a legislative and regulatory framework under which cryptocurrency can operate within Uruguay, whilst ensuring the authority of the country’s central bank. The proposition brings forward amendments to the central bank’s organic charter that would allow for oversight over cryptocurrencies.
• A senior executive from the global investment management giant, State Street has commented that institutional investors remain confident in their exposure to digital currencies. This comes despite the heavy price drops seen in the prior month. The executive further emphasized that persistence in this class of asset comes from the underlying belief that cryptocurrencies are here to stay.
• The Canadian crypto-exchange, Coinberry, has sent out lawsuit notifications to at least 500 users who acquired Bitcoin from the exchange during a software glitch. The glitch allowed for the purchase of BTC without completion of e-transfer, which resulted in 120 coins acquired by 546 users. The exchange also states that it contacted Binance, requesting them to restrict the accounts of the individuals involved.
• Blockchain analytics firm, Chainalysis revealed last week that US regulatory officials had seized digital assets worth up to $30 million from a group of North Korean hackers. This is the first time that assets of a North Korean hacking group have been seized in this manner and set a new precedent in the cybercrime control domain against North Korean crypto-hackers.