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Crypto Market Weekly Wrap: Latest from the cryptocurrency world  

Crypto Market Weekly Wrap: Latest from the cryptocurrency world  

Crypto market highlights from the week show that despite volatility, bits and pieces of good news have started emerging from the crypto world.  

Crypto News This Week Crypto News This Week

Cryptocurrency markets are witnessing a recovery. The global cryptocurrency markets have reclaimed the $1 trillion market capitalisation. Ethereum has reclaimed a $150 billion market cap.  

The crash in the markets was caused by the upheaval of crypto companies like Terraform Labs and Celsius Network.  

Celsius Network according to latest reports, has completely paid off its Bitcoin loan. Their liquidation price has now dropped to $0.00. Also, Celsius Network has transferred 24,462 $WBTC ($510,853,000) to an FTX wallet. Furthermore, KeyFi has sued Celsius for allegedly defrauding the company.  

Seeing how majority crypto companies are facing financial troubles, Binance CEO Changpeng Zhao has come on record to clarify to its stakeholders that the company's financials are sound.   

Zhao says the company does not have loans from others and is self-sufficient. He also stressed that the company has "the largest reserve in the industry" that he knows of and the stakeholders need not worry about Binance's financials.  

Another positive news for crypto comes from Europe. Amid the firing fever in crypto companies, Spanish crypto exchange Bit2Me has announced plans to hire 250 people over the next year.  

Keeping in mind the volatility of cryptocurrencies, Avalanche blockchain network's AAVE has submitted a proposal to create a native, decentralized, collateral-backed stablecoin, pegged to the US dollar.   

In other news, as means to further regulation and oversight over crypto, the head of Russian Banking Association has proposed the creation of a crypto trading platform on the Moscow Stock Exchange.   

Elsewhere, Italy’s government has committed $46 million for blockchain and cryptocurrency research.  

Popular stock trading platform Robinhood has added support to send and receive all listed cryptocurrency assets on their platform.  

Also Read: All you need to know about TDS on cryptos in 5 points     - BusinessToday

Also Read: What is the OneCoin scam promoted by Cryptoqueen Ruja Ignatova? - BusinessToday