The cryptocurrency market has come in with mixed sentiment throughout the week, bordering on uncertainty about the future. For most of the prior week, the largest cryptocurrency, Bitcoin, has been trading below the $20,000 mark, which was a major point of resistance in its price. Alternatively, Ethereum has been rising by almost 6% since last week. The market still awaits clarity amidst these unclear results, based on which it may establish a broader sense of direction.
Crypto Highlights of the week
- Russia is currently passing crucial legislation, that would allow cryptocurrency use for the purposes of international trade. Both the country’s central bank, as well as the ministry of finance are reportedly pushing for regulatory framework approval in the wake of severe international sanctions.
- The Brazilian Securities and Exchange Commission has been working persistently in recent years to develop a refined framework within which cryptocurrencies may be operable. At present, the institution is seeking to establish a functional definition of virtual assets, which would carry with its significant regulatory implications.
- The Australian Federal Police announced the rolling out of a specific unit focused upon crypto assets and will be authorized to trace and seize digital currencies being used by cyber-criminals. The force will operate under the wider command of the Criminal Assets Confiscation Taskforce. The move is a major milestone in terms of cryptocurrency entering into the mainstream in the Australian context, to the extent that it requires dedicated policing.
- Ethereum’s technology restructuring to a proof-of-stake concept continues to dominate the news. In particular, the cutting of its carbon footprint by 99% is likely to cause severe disruption to the crypto-market dynamic. Bitcoin, which would remain the largest culprit in the power-hungry digital sector, would face the pressure amidst growing climate consciousness and could very well see its standing compromised as a result.
- The Gulf Arab countries continue to prove as growing crypto-market stars. UAE in particular stands committed to becoming a global cryptocurrency hub, now ranking amongst the top ten countries in terms of its population’s exposure to cryptocurrency. The country’s Telecommunications and Digital Government Regulatory Authority (TDRA) released statistics earlier this week, stating that more than one in ten UAE residents has invested in some form of cryptocurrencies.