This Week In Crypto | 20th May 2022

Hello everyone!

Welcome back to another week’s episode of Crypto Weekly, where you get updated on the major news events shaking the crypto-verse over the past few days.

I’m sure you missed us on Monday, not to worry though as we’re changing our news pattern to serve you better.

In today’s episode of crypto stories and happenings, we have the following;

  • Bitcoin Market Plunges Into Extreme Fear, How Scary Will It Get?
  • Russian minister says Crypto to become means of payment “soon”.
  • Bearish behaviour might lead to more downtrends in the crypto market.

Let’s jump right in;


1. Bitcoin Market Plunges Into Extreme Fear, How Scary Will It Get?

This week, data has that Bitcoin market sentiment has stayed deep in extreme fear as broader financial markets also get fearful.

According to the latest weekly report from Arcane Research, this is highest level of fear the wider financial market has seen since 2020’s COVID crash.

The Bitcoin fear and greed index value is 12 at the moment, showing a sentiment of extreme fear.

However, it is unclear currently if the sentiment has hit bottom or if Bitcoin will bleed more,  thereby plunging the fear and greed index further in the days to come.

Bitcoin’s price floats around $30.1k, down 3% in the last seven days as at the time of writing. The cryptocurrency has lost 24% in value over the past month as well.

2. 4 NFTs Including A Bored Ape Stolen From Hollywood Actor Seth Green

The growth of the NFT industry over the past years has managed to attract countless celebrities, with the likes of Eminem, Neymar, Madonna, Serena Williams, Snoop Dogg, and many others purchasing some digital collections.

Unfortunately, one of these celebrities Seth Green, the 48-year-old Hollywood actor, director, writer, and producer announced on Tuesday on his Twitter page that he had become a victim of a phishing attack and had four NFTs stolen, which were later flagged by OpenSea.

According to the Pennsylvanian-born actor on Tuesday, the four stolen NFTs included

Doodles, Mutant Ape Yacht Club, and Bored Ape Yacht Club which were from some of the most popular NFT collections.

The trading prices for the NFT’s as at the time they were stolen showed on his original tweets as he urged the community to refrain from buying or trading them while he tried resolving the issue.

3. Russian Minister Says Crypto To Become Means Of Payment ‘soon’

According to Russia’s minister of industry and trade, Dennis Manturov beliefs,  it will only be a matter of time before crypto becomes a means of payment in the country, Reuters reported.

He made the statement at a forum in response to a question about the possibility of crypto becoming a legal means of payment, the report said.

His words were “The question is, when this happens, how it will be regulated, now that the central bank and government are actively working on it. But everyone tends to understand that sooner or later this will be implemented, in some format or other”.

4. Ethereum Dominance Falls to 55% While Being At 84% In March

Ethereum is currently in the process of losing dominance against other DeFi competitors like Avalanche, Compound, Yearn Finance and others, according to the most recent CoinMarketCap report,

The beginning of May, saw Ethereum lose almost 30% of its dominance on the market, compared to March 2021, meanwhile other platforms were seeing the rapid growth of their DeFi ecosystems mainly because of their superiority against Ethereum.

Binance’s BNB chain gained more than $30 billion in TVL at its peak and now reports approximately $11 billion of funds locked in contracts. It was one of the principal competitors of Ethereum.

Solana network as well was designed to bring Ethereum to the dumps as well, which it suceeded at during the beginning of its path.

Ethereum’s inability to keep up with user demand during the NFT craze, resulted in outrageous fees on the network, which played out in Solana favor which offered the same functionality for a cheaper “price”.

5. Bearish behaviour might lead to more downtrends in the crypto market

Investors are currently worried by the constant fall and the bearish behavior of crypto markets.

Jason Brink, President of Blockchain of Gala has taken to YouTube to educate the crypto investors and affirm them for a better future in the market.

Talking to Altcoin YouTube channel,  he elaborated the importance of self-policing in the crypto market.

Sounding worried about the government regulation in the crypto market, Jason firmly stated that crypto investments is about the freedom of investors.

It’s a free market and that’s why it is going to have major ups and downs but if that creates panic in the market and attracts some government regulations on the cryptocurrencies, it would be a more terrible thing to happen.

6. Global Financial Regulators Will Discuss Crypto at G7

Bank of France Governor François Villeroy de Galhau reportedly said that the recent crypto market volatility had been a “wake-up call” for global regulators.

Central bank governors and finance ministers from the Group of Seven, or G7, are reportedly planning to discuss the regulation of cryptocurrencies.

According to a Tuesday report from Reuters, Bank of France Governor François Villeroy de Galhau said representatives from the United States, Canada, Japan, Germany, France, Italy, and the United Kingdom

will likely speak on issues related to a regulatory framework for cryptocurrencies at a meeting in Germany’s cities of Bonn and Königswinter starting on Wednesday.


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Conclusion

Bitcoin and other cryptocurrencies were designed as an alternative currency.

This provides stability in times of economic turmoil, withstanding everything from pandemics to inflation and market volatility.

With the current market dip, now is the ideal time to learn everything there is to know about the crypto world.

We have a course for you here on the Fundamentals of cryptocurrency, we know you’d love it.

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