bitcoin: Crypto week at a glance: Bitcoin wobbles at 19k, India to develop SOPs for tokens

bitcoin: Crypto week at a glance: Bitcoin wobbles at 19k, India to develop SOPs for tokens

The crypto market recovered from most of its losses during the week. The world’s largest cryptocurrency, Bitcoin, has held $19,000, while Ethereum is back above $1,300 after recovering from its losses during the week.

The latest inflation data from the UK shows that inflation is at a 4-decade high, driven mainly by high food prices and the pound’s declining supremacy. The US economy is bucking global trends and tightening with the rising dollar as US listed companies report positive earnings, acting as a catalyst for the world’s most powerful currency.

Rising tensions between Russia and NATO kept investors on their toes, and reduced consumer spending is expected to stagnate local economies around the world. The crypto market is expected to remain choppy in the coming weeks and crypto assets are under immense pressure due to the volatile macroeconomic factors surrounding the financial markets.

Here are some of the most important developments in the crypto market during the week

Tether makes its way to 24,000 ATMs in Brazil
Tether will be available across 24,000 ATMs across Brazil in a push to drive mass adoption of the crypto-asset. The ATMs will allow seamless conversion of Tether to Brazilian reals and vice versa from November 3rd. The news was received with great enthusiasm by the crypto community around the world and is considered to be a game changer for web3 related products and services. The move will also help promote financial inclusion in Brazil, where 34 million adults are still unbanked.

Bitcoin enters the Guinness Book of World Records
The world’s largest cryptocurrency entered the famous Guinness Book of World Records as the ‘first decentralized cryptocurrency. The news had little impact on price movements in the crypto market, but made the crypto community feel proud as the crypto king received such a prestigious honor.

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Bitcoin was invented as a peer-to-peer electronic cash transfer system without the intervention of any central bank and the title decentralized was given. Bitcoin entering official records is certainly good news for the crypto industry.

Chain Analysis Releases Global Crypto Adoption Index
India ranked 4th in the Global Crypto Adoption Index as it recorded $172 billion worth of crypto transactions between July 2021 and June 2022 as per the data released by Chain Analysis. The report also suggested that global crypto adoption slowed during the bear market, but remained above pre-bull levels. Vietnam took the top spot for the second year in a row in terms of crypto adoption.

India’s FM supports technology-led crypto regulations in India

India’s finance minister made headlines this week at the G20 summit when she made a very positive statement about crypto regulation in India. She mentioned that India aims to develop standard operating procedures for cryptocurrency and India is in favor of technology-led regulations for crypto. The Hon’ble Finance Minister of India also reiterated the fact that all nations want technology to survive but not to miss out.

BNY Mellon launches crypto custody services
America’s oldest bank and the world’s largest custodian bank, BNY Mellon, has launched crypto custody services citing the high demand for it from customers. The launch of the crypto depository service will

traditional fund managers to hold digital assets for their clients as well. The 238-year-old bank’s digital custody platform will allow institutional investors to hold Bitcoin and Ether with the same security offered to traditional assets. The industry sees this as a bold step by BNY Mellon when most of the banks are waiting for more regulatory clarity on cryptocurrencies.

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Top 5 Winners of the Week (as of 8:30 AM IST on 23 October 2022)

Huobi Token (HT): 29% up

Aave (AAVE): 15% up

Lido Dao (LDO): 14% up

Trust Wallet Token (TWT): 13% up

Aptos (APT): 12% up

Top 5 Losers of the Week (as of 8:30 AM IST on 23 October 2022)

Axis Infinity (AXS): 19% down

TerraClassic USD (USTC): 14% down

Ethereum Name Service (ENS): 13% down

Terra Class (LUNC): 13% down

EthereumPoW (ETHW): 9% down

Note: The study only includes the top-100 cryptocurrencies in terms of market capitalization listed on the data source, i.e. Coinmarketcap.

(The author, Shivam Thakral, is CEO, BuyUcoin)

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