The cryptocurrency market continues its precarious positioning into this week, in what many analysts are calling the calm before the storm. BTC prices in particular have been confined to a tight range above $19,000 for weeks now, with strong anticipation of this consolidation finally coming to a cease. The result could be a sharp price movement in either direction, which would ultimately bear implications on the sentiment of the wider cryptocurrency market as a whole.
Crypto-Highlights of the week
Israel’s only public stock exchange, the Tel Aviv Stock Exchange (TASE) recently announced its plans to initiate its entry into the crypto realm. The CEO stated recently that TASE will soon establish a digital asset platform, which is in line with its broader vision of technological innovation, and the applications of decentralized finance.
The Internal Revenue Service recently updated the cryptocurrency section in the 2022 draft of the tax form 1040. The draft now included both non-fungible tokens as well as virtual currencies in the description of digital assets. These asset classes’ placement in the tax bracket holds significant implications for the wider cryptocurrency market.
Hong Kong has been making strides in the development of a digital currency backed by its central bank known as Project Aurum. Authorities, earlier this week unveiled the much-awaited prototype which features both stablecoins and retail tokens. Project Aurum saw testing in cross-border trials in payments to banks in mainland China, Thailand, and the UAE.
In a recent statement issued, Bank of America analysts described a growing correlation between the prices of gold and BTC. The phenomenon points towards market sentiment and investor psyche, which is increasingly showing Bitcoin’s reputation as becoming a safe haven cryptocurrency, in the wake of wider, macroeconomic turmoil.
The Turkish government recently hosted a blockchain summit at the university of Istanbul, where it elaborated on its ambitions towards harnessing the power of blockchain. Senior government officials stated that the blockchain holds immense potential in a result-oriented and youth-driven nation such as Turkey, which goes far beyond cryptocurrencies.