Hello 18Digits. Happy new month, and welcome to your favorite crypto news blog! As always, you can anticipate the most prominent crypto news that unfolded this week. You’ll also find out how your votes went this week.
As the crypto world digests FTX’s collapse, there have been extensive discussions around crypto regulation and what happens to FTX founder Sam Bankman-Fried. Also, this week, Brazil moved to make crypto a legal tender.
Before delving into the rest of this article, note that this content is not indicated as financial advice. Conduct your research or interact with a professional before investing in crypto tokens.
What happened in the crypto this week?
Financial policymakers call for ‘adequate crypto regulation’
Several events have unfolded since the collapse of FTX in week 45. One of the biggest is the growing sense of the need for crypto regulation amongst policymakers around the world. In a blog post on Wednesday, the European Central Bank criticized the crypto market. According to the article, Bitcoin is on the road to irrelevance.
The U.S. Treasury Secretary, Janet Yallen, also calls for adequate regulation of the crypto industry. While she stated the recent turmoil in the crypto market has not diffused into the banking sector, she remains “skeptical” about the crypto industry.
Sam Bankman-Fried in the spotlight
Embattled founder of the now-bankrupt FTX, Sam Bankman-Fried, has been in the spotlight since the collapse of his crypto empire. Although SBF is still under Federal interrogation, he made public statements at the New York Times’ DealBook Summit this week, saying he “screwed up.” SBF also claimed he was unaware of the events unfolding at FTX’s sister company, Alameda. “I wasn’t running, Alameda. I didn’t know exactly what [was] going on. I didn’t know the size of their position,” he said.
There have been mixed reactions to the interview, with Coindesk’s Chief Insights Columnist David Morris calling FTX collapse a crime, not an accident.
In other news, Brazil moved on Tuesday evening to make crypto a legal tender. The lawmakers of the South American country voted in favor of the bill to make crypto a legal means of payment.
How did top crypto assets fare this week?
Bitcoin started the week just above $16,000 and was at its lowest on Monday afternoon at $16,004. Afterward, it went bullish and reached its highest point this Thursday at $17,250. The crypto asset was about $50 short of the $17,000 mark early on Friday.
It was a decent week for most crypto assets. DOGE grew by 15% as investors got into a frenzy after Elon Musk announced his plans to integrate a new payment system for the social media app. MATIC also rose by 10.6% this week. ETH and ADA rose by 8% and 0.44%, respectively. XRP and BNB had a relatively turbulent week as they slipped by 3.7% and 1.9%, respectively.
18Digits Top 18 Result: MATIC, DOGE move up
MATIC and DOGE followed up their strong price performance this week with impressive rankings. MATIC climbed two places into the top 5 positions while DOGE moved up by three places into 11th. ADA and SHIB exchanged spots as they ranked 6th and 7th, respectively. DOT leapfrogged TRON into 9th; LTC, CAKE, and USDT all lost two spots and ranked 8th, 11th, and 12th, respectively.
Biggest Winners and Losers: LeverFi soars, Big Crypto Game loses
This week’s biggest winner is LeverFi (LEVER), as it climbed 10316 places into the 9000th spot. Holoride (RIDE) rose by 7619 places into 382nd is the 2nd biggest winner; Aurox (URUS) followed RIDE by overtaking 4828 tokens to move into 392nd. BlockWallet (BLANK) AND SONM completed the enviable list of the biggest winners
The top five losers are Big Crypto Game(CRYPTO), All Time High (ATH), Risecoin(RSC), Holdr(HFI), and Indigo DAO Governance Token(INDY).
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