Your Friday can’t end without our usual CryptoNews Weekly Recap, so we bring you this review of what happened in the world of cryptocurrencies this week.
It seems that the upward momentum that was recorded the first two months of this year is slowing down. Increasing regulations, faltering companies and large cryptocurrencies starting to raise suspicions are just some of the reasons that are leading investors to look skeptically at the immediate future of digital assets.
Although there are some tokens that continue to surprise, as is the case of Lido Finance, which is having a great year and was analyzed by our trading specialist, the truth is that the main cryptocurrencies are in the red. Such is the case of Bitcoin, which, after momentarily reaching $25,000 last week, BTC fell below $23,500 this Tuesday. And it is currently even lower and the outlook is not good.
One of the reasons is the impending collapse of cryptobank Silvergate, which sparked strong bankruptcy rumors by postponing the filing of its annual earnings report with the SEC. As a result, industry heavyweights such as Tether, Paxos and Gemini, cut ties with the company. All this has had the market upside down in recent days, and the ghost of what happened with FTX just a few months ago seems to be present again.
Moreover, in the last few weeks from Crypto Economy, we have been warning about a growing interference of regulatory agencies in the cryptocurrency space. Led by the SEC, other agencies are joining this unusual battle, as is the case of the CTFC, which intends to closely analyze Decentralized Finance. For its part, the IMF also seeks stricter regulation over the space, although it does not see a total ban on cryptocurrencies as beneficial.
On the other hand, Binance was in the spotlight again this week, as the prestigious Forbes magazine made serious accusations about the Exchange’s financial moves, comparing them to those made by FTX before its collapse. Of course, CZ did not take long to use its twitter account to come out against the accusations, and assured that the magazine has no idea how a cryptocurrency exchange works.
However, that was not all, since Coinbase Exchange, Binance’s main competitor, decided to stop allowing the trading of its stablecoin, BUSD. This comes in the wake of PAXOS being banned by the SEC last week from continuing to issue new BUSD. According to Coinbase, the stablecoin no longer meets the requirements to be listed within its platform, which represented a major blow to the CZs company.
Continuing with news about Binance, the exchange announced the launch of “Bicasso,” an artificial intelligence-based platform that enables the creation of NFTs.
And it seems that Changpeng Zhao is not the only one who wants to take advantage of the boom that AI is generating, as Elon Musk is supposedly working on an AI to compete with the famous ChatGPT. These rumors caused Singularitynet, a crypto related to this type of technology (although it has nothing to do with Musk) to skyrocket in a few hours.