Welcome to that special moment where the two things cryptocurrency enthusiasts enjoy most come together: the beginning of the weekend and Crypto-Economy’s Weekly Cryptonews Recap.
After several consecutive weeks of good news since the beginning of the year, it seems that the calm couldn’t last forever and the market starts to shake hard after the recent SEC decisions.
But let’s start by analyzing some cryptocurrencies that started the week on the right foot. One of those cases was Solana, which has been showing a great performance after plummeting sharply during 2022. Since hitting its lows last December, SOL has risen 195% and is one of the market’s divas. Although it is clearly still far from its ATH.
Another crypto that has been making waves since the beginning of the year is LidoDAO, which has marked several weeks of gains and is attracting quite a bit of investor attention. In fact, earlier this week LIDO was up 11% in just 24 hours. In addition, we found a potential hidden gem in the market. This is SingularityNET (AGIX), which accumulated an incredible 200% gain in just one week. We will keep an eye on it in the future.
Of course we couldn’t do a Weekly Recap without talking about one of the most scandalous cases that has shaken the cryptocurrency industry, that of FTX. Not a week goes by that we don’t learn new details about the SBF fraud or how the case is progressing. On this occasion, we reported on the agreement that the lawyers of the former CEO of the Exchange got, so that SBF could use messaging applications. Recall that he had been banned from communicating, as Bankman-Fried was apparently trying to influence the testimony of some of his former employees in the investigation against him.
In addition, good old SBF was in the habit of giving generous donations to politicians for their election campaigns, either to help causes he really believed in or to cash in on favors when they were elected? What do you think?
The point is that the new FTX management is asking the politicians to return all the money donated by Sam Bankman-Fried the last years… Good luck with that.
But let’s move on now to the most important issue of the week and one that promises to have strong repercussions in the cryptocurrency market. Because the SEC has undoubtedly been the big player in the news.
In anticipation of Jerome Powell’s speech, the market was nervous at the beginning of the week and most cryptocurrencies traded in the red. However, it quickly turned green after news that US inflation was slowing.
But it doesn’t stop there, as the SEC seems to be more determined than ever to attack the cryptocurrency industry. For some time now we have been seeing more and more indications that the Securities and Exchange Commission is looking for a very tough intervention in the entire crypto ecosystem.
That is why it announced that it will start to investigate in detail all companies offering services related to cryptocurrency advisory services. A clear way to limit and discourage private initiatives that allow the market to develop.
And just so we can see that they are serious, the SEC has decided to shut down the cryptocurrency staking program of Exchange Kraken, which it fined more than $30 million. And there is speculation that the commission will move forward on the staking of all cryptocurrency companies in the market.
After this harsh news, the market plummeted and the Bitcoin put an end to its good bullish streak and, according to our trading analyst, it could return to the $20,000 level very soon.
Undoubtedly, this could be a turning point in the history of cryptocurrencies.