Crypto Weekly Roundup: Negative Sentiment, JPMorgan’s Blockchain Experiments, WEF Pulls Crypto Crowds, eBay’s NFT Debut, Crypto Satellite, And More.

It has been a very busy week for crypto. Many industry experts and regulators expressed negative sentiments about crypto, particularly Bitcoin, more so since the Terra (LUNA), crash. It seems, however, that the actual industry continues to move forward unaffected. Continue reading to learn more.

Bitcoin

Minerd, the CIO at Guggenheim, stated that crypto and bitcoin were not reliable investments and would likely drop more.

JPMorgan published a note saying that the “fair price of Bitcoin” is 28% more than its current trading level, and that cryptocurrencies have overtaken real estate as an alternative asset.

The Central African Republic (CAR), which became the second country to accept Bitcoin as legal currency, is currently working to create a cryptocurrency-based economic zone.

Christine Lagarde (CEB president) says crypto is not worth anything and that it should be regulated in order to discourage people from using it. Instead, she advocates a digital euro to be a safer store for value.

Ethereum

Recent statements by Vitalik Buterin have sparked speculations that the long-awaited Merge update might be delayed further.

DeFi

Binance Staking, a crypto-exchange’s staking-focused programme, has joined the Neo Council. It is now more closely integrated with N4 infrastructure.

Uniswap reached its second major milestone in less that a month when the trading volume of the decentralized exchange (DEX), surpassed $1 trillion.

Altcoins

Terra’s revival continues after core developers were approved to burn 1.3 million UST from the community pool. This was following a critical governance vote.

Input Output Hong Kong (IOHK), Cardano’s parent firm, has announced that the Project Catalyst fund9 will be launched on June 1, 2022.

Technology

JPMorgan, a Wall Street giant, has begun using blockchain technology to settle collateral. The pilot transaction took place last week.

SpaceX’s Falcon 9 rocket launched the first ever crypto satellite into low-Earth orbit.

Twitter has circulated a fake video featuring Elon Musk, where the Tesla CEO promotes cryptocurrency platforms.

Mercado Bitcoin is Brazil’s biggest crypto exchange. Stellar Development Foundation (SDF), joined forces to assist in the development and implementation of a Central Bank Digital Currency.

Binance announced today that it had completed infrastructural Integration with Optimism. This is a layer-2 (L2) Ethereum scaling solution.

Blockchain-based Service Network plans to expand internationally. The product will be open-sourced so potential users can inspect it.

Business

Harold Bosse (VP MasterCard) speaks out about crypto adoption and the impact of the recent downturn on the crypto markets.

Huobi Global, a crypto trading platform, has purchased Bitex Latin America in an acquisition that will allow Huobi to expand its presence in Latin America.

A16z, a VC firm, has raised record $4.5 billion to fund its fourth fund during the current crypto market crash.

Despite recent market downturns, the World Economic Forum (WEF), held in Davos saw a surge of crypto enthusiasts from all walks of the globe.

Avalanche revealed that LFG (the entity responsible for the reserve fund for the failing UST stablecoin) has not yet disclosed its plans for the AVAX tokens it has in its treasury.

Regulation

Hester Peirce, SEC Commissioner, says the Securities and Exchange Commission “dropped the ball” on crypto regulation and that this could have long-term implications.

The ECB published a report about the financial stability risks associated crypto. It focuses on current crypto trends and their impact on market stability.

The “Economic Well-Being of U.S. The “Economic Well-Being of U.S. Households in 2021” survey was published on May 23rd 2022. It evaluates the economic health and availability of consumers in the US.

Andrew Bailey, Governor of Bank of England, recognized the importance of blockchain technology and distributed ledger technology but did not consider crypto to be a future payment system.

Charles Randell (chairman of the UK Financial Conduct Authority) commented on the “speculative nature” of cryptocurrency and even questioned their legitimacy.

NFT

Seth Green, an actor and producer who lost a lot of expensive NFTs has put his animated series, based on characters from Green’s NFT collection on hold.

eBay, the e-commerce giant, is dropping its first NFT collection for Polygon. It features Wayne Gretsky, a Canadian hockey legend.

Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.

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https://cryptodaily.co.uk/2022/05/crypto-weekly-roundup-negative-sentiment-jpmorgan-s-blockchain-experiments-wef-pulls-crypto-crowds-ebay-s-nft-debut-crypto-satellite-and-more