Crypto News Worldwide – The Top 6 Crypto Highlights Of The Week

The Crypto ecosystem is making strides in every direction possible, and if we do not stay informed, we lose money. Every tiny element in the crypto market would create a butterfly effect on your investment. So, buckle up for the crypto news that made the headlines.

• Bitcoin Reaches A New Low By Falling <16k

Binance announced that it is backing out of the agreement to acquire FTX.  It significantly stirred the crypto market, and Bitcoin continuously started falling and reaching below $16k. Experts expected that Binance would come around and close the FTX deal to rescue Bitcoin, but the deal was dead, and the altcoin and BTC prices kept falling. In just 24 hours, there was $832 million in liquidation and more on the subsequent days. Another reason for this tremendous impact is the consistent liquidations in Solana’s markets.

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• Solana Prices Tumbled 40% 

On the 9th of this month, SOL saw a 40% drop in price and reached $16. This slip is due to its link with Sam Bankman-Fried. 24 hours earlier, Bankman-Fried fell from the status of a billionaire by losing $15.6 billion. Earlier, since Binance sold a $2 billion stake which was in FTX native token, FTT’s value also crashed by 85%. Experts believe SOL can drop even lower to $14.30, another 25% slip from the current value.

There were also speculations regarding the potential insolvency of Alameda Research. On June 30, 2022, the firm’s balance sheet had $12 billion, out of which 50% was FTT, and it had $8 billion on the liability side. All these created a cumulative effect of crashing prices on all crypto coins linked with Bankman-Fried, Alameda Research, FTX, and Sam Coins.

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• The MiCA Legislation Is Mana From Heaven For Crypto Exchanges

During the Web Summit Conference in early November, Martin Bruncko said that startups and smaller cryptocurrency exchanges could benefit from MiCA regulation.  The MiCA crypto policy had already passed in October. The ultimate aim of this policy is to create a unified regulatory framework for all the countries in the EU. 

Right now, all the twenty-seven EU nations have fragmented crypto laws and varying regulations, which is becoming a financially demanding process if an exchange wishes to be compliant in multiple EU nations. Thanks to MiCA, the EU can work as one nation for crypto exchanges. On the other hand, companies can stop worrying about compliances and regulations and work more on expanding to multiple regions across the continent with ease.

• No More Charges For Failed Crypto Transactions – Ethereum Shanghai Upgrade

After Merge, The Shanghai Upgrade is one of the critical milestones. Shanghai focused on scalability upgrades, improvement proposals, and more. All these could be a piece of great news for the builders. 

Any transaction would interact multiple times with the software that receives tokens. The initial interaction would be expensive as the Coinbase software has to warm up, and the fee would reduce with the subsequent interactions. With EIP-3651, the software would always be warm; thus, the initial interaction would not cost more. Traders using the builders need not pay for failed transactions. There will be several more implementations of this upgrade to look forward to until September of next year.

• US Enforcement Agencies Seize Over 50,000 BTC with Silk Road Ties

Federal authorities in the US had announced seizing in excess of 50 thousand bitcoins which have been tied to the infamous dark web marketplace Silk Road. The crypto stash, currently valued at over $1 billion was apprehended from the residence of James Zhong, who had pled guilty to multiple wire frauds. Legal experts suggest Zhong might be looking at 20 years of prison time when he will be sentenced in February. 

• Binance Pulls Out of FTX Acquisition 

The much-talked-of Binance’s takeover of FTX has been postponed by the former citing a further assessment of due diligence reports as per regulatory investigations in accordance with US law.

Earlier Binance CEO CZ Zhao had mentioned in a social media post that acquiring the rival FTX would not be a win for the company. Zhao also said that he had stopped the FTT trading and that Binance would continue to hold FTT tokens until Tuesday’s meeting with Bankman-Fried. Binance will not buy or sell more FTT tokens to maintain a higher standard.

He also mentioned that the fall of FTX was not a win for Binance or anyone in the crypto world. 

The crash would lead to more regulatory scrutiny, and licenses might become harder to obtain. He also mentioned that Binance is not master planning anything related to this, and he has little to no knowledge of FTX’s internal status.

• Middle East, Africa, and Asia Join Forces to Form Crypto and Blockchain Association MEAAACBA In Abu Dhabi’s Free Economic Zone

A new association for blockchain and cryptocurrency has been launched in the free economic zone of Abu Dhabi – Middle East Africa & Asia Crypto & Blockchain Association – MEAACBA. This association aims to develop the crypto ecosystem and blockchain in African, Asian, and Middle Eastern countries. This non-profit association was launched on November 8th and is headed by Jehanzeb Awan, A Dubai internal risk & compliance consulting firm’s founder. The association also prioritizes investing in education, commercial opportunity creation, facilitating regulatory solutions, and more.

MEAACBA aims to be crypto-friendly and adhere to AML and CFT standards of the UN. In 2022, the MENA region saw a 48% hike in transaction volume, and it is one of the fast-growing crypto markets. 

Wrapping Up

Crypto is growing and faces collision with new regulations, compliances, government interferences, and more. Seasoned investors know better to learn about all leading crypto news and make an informed investment decision. Stay updated about all crypto news and relevant events to predict the ecosystem.