The latest inflation data from the United Kingdom shows that inflation is at its highest in 4 decades and is mainly driven by high food prices and the falling supremacy of the pound. The US economy is defying global trends and is becoming a stringer with the rising dollar as US-listed companies report positive earnings, acting as a catalyst for the world’s most powerful currency.
The rising tension between Russia and NATO was keeping investors on their toes and decreased consumer spending is expected to stagnate the local economies around the globe. The crypto market is expected to remain choppy in the coming weeks and crypto assets are under tremendous pressure due to the shaky macroeconomic factors surrounding the financial markets.
Here are some of the major 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 crypto assets. The ATMs will allow seamless conversion of Tether to Brazilian reals and vice versa starting November 3. The news was received with much 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 with driving financial inclusion in Brazil and 34 million adults are still unbanked.
Bitcoin enters the Guinness Book of World Records
The world’s largest cryptocurrency made it to the famous Guinness Book of World Records as the ‘First Decentralized Cryptocurrency. The news had little impact on the crypto market price movements but made the crypto community feel proud as the crypto king received such a prestigious honor.
Bitcoin was invented as a peer-to-peer electronic cash transfer system without interference from any central bank and the title of 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 crypto transactions worth $172 billion between July 2021 and June 2022 as per the data released by chain analysis. The report also suggested that global crypto adoption slowed down during the bear market but remained above the level before the bull market. Vietnam claimed the top spot for the second consecutive year 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 issued a very positive statement about crypto regulation in India. She mentioned that India is aiming at developing standard operating procedures for cryptocurrency and India is in favor of technology-led regulations for crypto. The honorable Finance Minister of India also reiterated the fact that all nations want technology to survive but not to be missed.
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 custody service will
traditional fund managers to hold digital assets as well for their clients. 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 is viewing this as a bold step by BNY Mellon when most of the banks are waiting for more regulatory clarity for cryptocurrencies.
Top 5 gainers of the week (as of 8.30 hours IST on October 23, 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 hours IST on October 23, 2022)
Axis Infinity (AXS): 19% down
TerraClassicUSD (USTC): 14% down
Ethereum Name Service (ENS): 13% down
Terra Class (LUNC): 13% down
EthereumPoW (ETHW): 9% down
Note: The study includes only top-100 cryptocurrencies in terms of market capitalization listed on the source of data, that is, Coinmarketcap.
(The author, Shivam Thakral, is CEO, BuyUcoin)