Each week we look back at the most important crypto news from the past week. Last week was all about a sideways bitcoin price and strict regulation. For a while it seemed as if the standstill was over, but now the course is back to zero.
Bitcoin price doubted by SEC
Bitcoin (BTC) started the week on a flat side two weeks ago, but that all changed on Tuesday when crypto fund manager Grayscale won its lawsuit against the SEC. That meant the SEC had to reconsider Grayscale’s request to convert GBTC into a so-called spot ETF.
This led to a roughly 8% surge for bitcoin, but gains have since been completely wiped out. Because on Friday it was announced that the SEC the decisions for every seven uses va Spot ETFs delay. The price is now back to roughly the same level as before the crash.
One of the few exceptions to this rule is Toncoin (TON), which is up just over 30% in price. The TON Foundation recently announced a Web3 app store which appears to be the driver of growth. In addition, customers of the German airline Lufthansa can now non-fungible tokens (NFTs) earn when they book airline tickets.
In addition, YouTuber Ben Armstrong made big news. We know Armstrong from his media personality BitBoy Crypto. He was fired from parent company Hit Networks over alleged alcohol abuse and financial losses from FTX’s troubles.
Cryptocurrencies are legal again in China, interest rates are even higher
Perhaps most notably, China appears to be slowly but surely reversing its outright ban on cryptocurrencies. It is still illegal to mine and trade cryptocurrencies, but a Chinese court has now ruled that owning cryptocurrencies is protected by law.
Meanwhile, Binance could be in trouble with the law as the US government is one step closer to potentially prosecuting Binance CEO Changpeng Zhao. The SEC has asked the court to file sealed documents, meaning Binance and the rest of the crypto industry cannot see what they are saying.
Two weeks ago, there were fears that several countries could fall into economic recession, including Europe and the United States. Unfortunately, the Netherlands is already struggling with a recession. But The European Central Bank (ECB) announced last week that it would not stop raising interest rates just yet. The Federal Reserve would also like to push through a final interest rate hike for the USA.