Welcome to that special moment where the two things that cryptocurrency enthusiasts enjoy most come together: the start of the weekend and the Crypto-Economy Weekly Cryptonews Roundup.
After several consecutive weeks of good news since the beginning of the year, it seems that the calm might not last forever and the market begins to shake strongly following the recent decisions of the SEC.
But let’s start by looking at some cryptocurrencies that started the week on the right foot. One of those cases was that of Solana, which has been showing a great performance following collapsing resoundingly during the year 2022. Since it hit lows last December, SOL has risen 195%, being one of the divas of the market. Although he is clearly still far from his ATH.
Another crypto that has been causing talk since the beginning of the year is LidoDAO, which has marked several weeks of gains and is attracting a lot of attention from investors. In fact, earlier this week LIDO was up 11% in just 24 hours. Also, we found a possible hidden gem in the market. This is SingularityNET (AGIX) which accumulated an incredible rise of 200% in just one week. We will keep an eye on her in the future.
Of course, we might not do a Weekly Summary without talking regarding one of the most scandalous cases that has shaken the cryptocurrency industry, that of FTX. There is no week in which new details of the SBF fraud or how the case is progressing are not known. On this occasion, we report on the agreement reached by the lawyers of the former CEO of the Exchange, so that SBF might use messaging applications. Let’s remember that he had been prohibited from communicating, since Bankman-Fried was apparently trying to influence the statement of some of his former employees in the investigation carried out once morest him.
Besides, good SBF used to give generous donations to politicians for their election campaigns. With the noble purpose of helping causes he really believed in or to later collect some favors when they were elected? What do you think?
The thing is, the new FTX management is asking the politicians to return all the money donated by Sam Bankman-Fried over the last few years… Good luck with that.
But now let’s move on to the most important topic of the week and that promises to have strong repercussions in the cryptocurrency market. Because the SEC has undoubtedly been the great protagonist of the news.
In anticipation of what would be Jerome Powell’s speech, the market was nervous earlier in the week with most cryptocurrencies trading in the red. However, it quickly turned green following it was learned that inflation in the US was slowing.
But it doesn’t end there, as the SEC seems to be more determined than ever to attack the cryptocurrency industry. For some time we have been seeing more and more indications that the Securities and Exchange Commission is seeking a very harsh intervention in the entire crypto ecosystem.
For this reason, it announced that it will begin to investigate in detail all companies that offer services related to cryptocurrency advice. A clear way to limit and discourage private initiatives that allow the development of the market.
And so that we can see that they are serious, the SEC has decided to close the cryptocurrency staking program of the Kraken Exchange, which it imposed a fine of more than 30 million dollars. And it is speculated that the commission advances on the staking of all cryptocurrency companies in the market.
Following that harsh news, the market crashed and Bitcoin ended its bullish run and, according to our trading analyst, might touch $20,000 once more very soon.
Undoubtedly, we are at a point that might be a turning point in the history of cryptocurrencies.
