: A Lack of Movement in Most Cryptocurrencies Contrasts with a Notable Rise in Popsicle’s Price.
• Crypto markets were mostly flat, with Popsicle’s ICE token being the hot action.
• The establishment is talking about banning crypto, but there is no evidence of contagion yet and it would be difficult to enforce.
• Important events include United Kingdom Gross Domestic Product and United States Gross Domestic Product Annualized, with the most recent episode of CoinDesk TV covering Sam Bankman-Fried and Justin Sun.
Cryptocurrencies have been going through a tough market, with the benchmark CoinDesk Market Index (CMI) of digital assets falling 0.3% over the past 24 hours. Bitcoin was trading flat, just above $16,800. However, the decentralized finance (DeFI) protocol Popsicle Finance’s ICE token saw a surge in action, tripling in price over the past 24 hours after the controversial yet prolific blockchain developer Daniele Sestagalli said he was returning to the project after a hiatus.
Despite this, the damage from the crypto market decline is limited to crypto. There’s no evidence to suggest that it has spread over to the traditional finance (TradFi) markets, with macroeconomic factors like interest rates and the strength of the dollar having an impact on crypto, but this being a one-way street.
However, the establishment sees it differently. India’s central bank Governor Shaktikanta Das forecasted that the next financial crisis would start with crypto and thus, it should be banned. Meanwhile, U.S. Senate Banking Committee chairman Sherrod Brown (D-Ohio) made a similar argument during a recent appearance on the television news program “Meet the Press”. Both of them are referring to a loss of state control of money, which was also a theme in the white paper for China’s central bank digital currency (CBDC).
Despite this, crypto has weathered the storm that macroeconomic events and black swans brought upon it. Although it continues to be in the crosshairs of regulators, its problems have yet to cross the chasm into traditional finance. If they really want to ban crypto, they are going to need to try a bit harder.
In the news, there have been several developments. Metaverse-first blockchain Lamina1 has launched a rolling fund for web3 builders, while peer-to-peer crypto marketplace Paxful has removed ETH from its platform. Additionally, Craig Wright v. Peter McCormack has seen a judge rule that McCormack should pay around $1.1 million in costs.
There are also some important events happening. These include United Kingdom Gross Domestic Product and United States Gross Domestic Product Annualized, with the most recent episode of CoinDesk TV covering Sam Bankman-Fried and Justin Sun.
Overall, it’s clear that the crypto markets have been struggling recently, but the damage is limited to crypto. The establishment may be talking about banning crypto, but its problems have yet to cross the chasm into traditional finance. There are also some important events taking place, and the latest episode of CoinDesk TV is covering the latest news.