Each week we look back at the crypto news from the past week. The last week stood for many cryptocurrencies under the banner a serious crash. Various factors would have been responsible for this, including an impending recession. This week the dark clouds have not disappeared.
PEPE crashes, bitcoin price doesn’t change anything
With the Bitcoin rate Little has happened in the last seven days. After falling more than 10%, the price is in one trading range of about 6%. The same was true for most major altcoins.
Memecoin PEPE has been far worse, after falling two weeks ago, the price plunged another 20% last week. That was because the project struggled with the fear of one withdraw, because about 3.8% of all tokens were suddenly sent to exchanges. It turns out that the transactions Are carried out by three members of PEPE’s own team.
Another whale has meanwhile sent a large amount of XRP to the crypto exchange Bitstamp. Perhaps that’s why the SEC is unwilling to drop the lawsuit against XRP issuer Ripple.
Meanwhile, there is also good news, because there is a wallet address that can hold a huge amount of bitcoins scraped together – 118,300 BTC to be exact. Now we know that it was allegedly crypto and stock broker Robinhood.
However, this is not yet a hard fact, nor is it clear whether Robinhood itself owns the coins or whether the traders on the platform do so.
Many analysts are now convinced that crypto will continue to fall, but JPMorgan disagrees. The world’s largest bank thinks the price will go up because there are no more Bitcoin sellers.
Governments are even tougher on cryptocurrencies
Further Governments also posed a serious risk to crypto last week. For example, the US Federal Reserve warned that interest rates could be raised even more. Judging by the past, this is not good for risky assets like cryptocurrencies.
Meanwhile, the Dutch cabinet wants to move into the House of Representatives Debate on the coming digital euro, for which legislation is currently being drawn up at European level. The government broadly supports the European draft law.
Also A new lobby group is fighting against the introduction of extremely strict anti-money laundering measures in the Dutch crypto industry. If the government has its way, your wallet address will soon be required to include your residential address and full name.
This information would then end up with various organizations worldwide, which experts consider a serious threat to your privacy.
Speaking of privacy; Follow the Netherlands The USA are now also taking tougher action against the developers of Tornado Cash. Two American developers of this crypto mixer have been indicted by the Justice Department, one of whom has already been arrested.