Weekly News Recap #7

Weekly News Recap #7
Table of Contents

A new week has come to an end and in this recap you will see everything that has happened, with the necessary humor to start the weekend in style. Of course these last few days did not disappoint and, in tune with what the market usually is, absolutely everything has happened. Ups, downs, arrests, suspicions, ridiculous NFTs and much, much more.

After what was a more than promising last week, looking to regain the bullish path that was lost more than a year ago, the market once again made it clear that 2022 will continue to be very bad until the last day.

The beginning of the week had several altcoins as protagonists. For example Polygon and Doge, which had sharp declines. Although with the better than expected US inflation data, the market had a few days of needed green that led Bitcoin to break the 18K mark for the first time in several weeks, and Ethereum to look optimistically at 1.7K.  For its part Cardano also had a small growth that led the most optimistic to think that it could even break the barrier, but as all year ADA continues to disappoint everyone (even those who no longer expect anything from it). But moving on to cryptocurrencies that are indeed generating profits for their holders, the token created by Telegram, TON, had a meteoric rise of almost 50%.

Of course, this trend was not going to take long to reverse and blood would once again flow in the market. Despite the promising inflation data, the SEC chose to raise interest rates again and all the advance of the last few previous ones came crashing down with a house of cards. No one ever thinks about the poor crypto investors.

Although BTC held steady for the first few hours after the announcement, it failed to sustain that upward momentum and saw red once again on its way up. All altcoins continued to show their extreme dependence on Bitcoin and plunged as well. BNB was no exception and fell 5% in just a few hours. In fact, the entire market eventually plummeted this Friday.

Ups and downs are an everyday occurrence for those of us in the cryptocurrency market. However, the big news this week was undoubtedly the arrest of former FTX CEO Sam Bankman-Fried, who had fled after declaring the exchange bankrupt and causing investors to lose millions of dollars. According to extremely reliable sources, SBF was discovered after leaving his mansion to get another piña colada. It looks like Sam will be spending this Christmas (and a few more) behind bars.

And while we’re on the subject of Christmas, do you know what you’re going to give your loved ones? If you’re one of the many who still have no idea, Donald Trump has just launched his own NFTs collection commemorating various aspects of his life. What better than giving that special someone a Trump NFT dressed as a superhero or an Astronaut? At this point Donald has a better chance of becoming a real superhero than having a second term in the White House….



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