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Rain · Buy & Sell Bitcoin, Ethereum, and more in the Middle East

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Weekly Crypto Market Recap 8

By (Rain İçerik Ekibi - May 23, 7:00 PM

Last week was mostly uneventful in the crypto market, with prices being relatively stable following a bloodbath ignited by Terra’s collapse earlier. Many analysts argue that in the near future, we might see a proper bear market unfold, which essentially means prices will drop over a longer period of time. This, however, does not mean that there’s nothing to do—in fact, such times are often even more opportunistic than when prices are constantly on the rise.

General Market Performance

Over the past seven days, most crypto assets experienced a relatively mild downtrend, with BTC, ETH, XRP, ADA, and most large cap tokens losing a few percentage points each. The winner of the week was Tron (TRX), with over 10% in the green, which is likely due to the anticipated expansion of its versatile ecosystem. An interesting fact: around half of all Tether (USDT) in circulation is issued on the Tron network following the TRC-20 standard. Other than that, Uniswap (UNI) and 1inch (1INCH) both closed a solid week with around 3% gains each. Surprisingly, both assets feature a unicorn in their token symbols, but we can’t know for sure whether that coincidentally contributed to their performance or not. 

Bitcoin (BTC) might start a deep dive, analysts say

Bitcoin (BTC) could end up in a deeper bear market than anticipated, according to some analysts of the crypto space. The arguments state that the largest cryptocurrency might lose a hefty chunk of its valuation in the coming months, which could be followed by a rebound as colder weather returns. 

A bear market is usually an excellent opportunity for long-term investors to acquire their favorite assets at relative discounts, and these times should be no exception. If you’re in it for the sustainable, future gains, now could be the perfect time to diversify your portfolio.

G7 countries call for crypto regulation

G7 finance leaders have called for swift regulation of crypto assets following the collapse of Terra’s stablecoin. The call for regulation was communicated in a “draft communiqué” addressed to the Financial Stability Board. According to official communication, the bill’s intent is to protect inexperienced investors from losing their funds.

Panama postpones legalization of digital assets

Panama’s president has decided to postpone signing the crypto bill over fears of money laundering. In a statement, the president said he would only sign the bill if it included measures that would prevent money laundering in the sector. Panama was known for such activities in the past, and it seems the leadership of the country intends to change the world’s perception about this small Central American country.

Cyprus drafting crypto regulation 

Deputy Minister for Research, Innovation, and Digital Policy Kyriacos Kokkinos, has announced that Cyprus has drafted its own crypto legislation which it may undertake before Europe finalizes a uniform regulatory framework. The regulation is expected to contain nothing revolutionary, but rather lay down the basics of crypto legislation in the Mediterranean country.

New York’s financial regulator is accelerating its work on crypto business licensing

The New York Department of Financial Services is taking steps to speed up the process of approving licenses to crypto companies, under the name of “BitLicense”. The BitLicense currently requires a $5,000 application fee, and features additional capital criteria. These amounts will be the same that are paid by banking and insurance institutions as a way for the state to recoup operating expense costs and “best support” the industry.

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