It’s Friday! Of course that’s the news we all want to hear and have been waiting for all week. But there are other news that also deserve to be told, like what happened these last days in the world of cryptocurrencies.
Just like last week, (and the week before (and possibly the next ones will be the same)) the SEC continues to launch attacks towards anything that has to do with a digital currency. However, it is becoming increasingly clear that the regulatory agency is rowing against a current that just keeps moving forward.
In fact, more and more “traditional” companies are seeing the potential of cryptocurrencies and are beginning to incorporate their multiple benefits to improve their services. Such is the case of MasterCard, which will make it possible to pay with stablecoins (USDC, to be more precise). Those same stablecoins that the SEC is trying to control and limit, are a great possibility for consumers to make quick and low-cost payments. This is the understanding of Circle’s CEO, who also criticized the SEC, saying that it is not qualified to regulate stablecoins.
Want more proof? Even music platform Spotify is experimenting with cryptocurrencies, and will allow holders of some tokens to listen to playlists specially designed for them.
The SEC currently looks like a swimmer trying to go against the current. The more efforts it makes to control the crypto ecosystem, such as banning staking, attacking companies, limiting stablecoins and an endless etcetera, the more companies and organizations begin to adopt blockchain technology.
The market seems to maintain its uptrend regardless. Cardano started the week up 16%, but running into strong resistance at $0.42, as our trading expert explains. Solana also continues its growth path and Ethereum, although it had a small setback, falling 6%, the data shows that there is every reason to be optimistic about ETH’s future. The Conflux token, was the big surprise of the week, achieving a 500% increase in just a few days and attracting a great deal of market attention.
For its part, the flagship cryptocurrency, Bitcoin, broke the $25,000 barrier for a few moments, gaining 16%. But it failed to maintain its upward strength and, at the time of writing, it is trading at $23,500. And according to our analyst, the bears will force BTC to keep falling.
Moving on to other news, even after several months, some companies are still having serious difficulty recovering from the chaos left by the FTX crash. Galois Capital, is the latest to have to close its doors for this reason. And it will surely not be the last…
And so much for the highlights of the week for cryptocurrencies. If you want to know all the news and be the first to know the market trends, you should keep an eye on all the Crypto Economy news.
Maybe, you will achieve something similar to the founder of Reddit, who made millions of dollars with Ethereum. All thanks to being attentive to the new trends in the industry.