A few weeks ago, the crypto market was brimming with enthusiasm, but last week the crypto news was a bit more volatile. Like this the Securities and Exchange Commission (SEC) continues to crack down on the industry, and European investors may have to start reporting all their transactions. Meanwhile, a cannabis grower uses bitcoin mining to keep his plants warm, and De Nederlandsche Bank (DNB) is afraid of a price spiral that could turn out positive for crypto.
Crypto regulation source of uncertainty
As often in recent months, the US SEC was a source of uncertainty last week. Grayscale likes his trustfund for Filecoin (FIL) not offering to investors. The altcoin would have the characteristics of an unregistered security.
Meanwhile, compared to the United States, the EU is an oasis of calm, and above all a great magnet for new capital. The US and UK, in particular, lost market share in venture capital. The vast majority of this went to Europe.
But at the same time, the European Council is very strict against people using crypto and blockchain. If it is up to this government agency, crypto companies will soon have to report every transaction to the government to prevent the technology from being used for criminal purposes.
De Nederlandsche Bank (DNB) is concerned about something completely different, namely a price spiral in the economy. High inflation makes many products more expensive. This could lead to an unstoppable chain reaction. That would mean that inflation will continue longer than expected, which could actually be beneficial for bitcoin (BTC) and other cryptocurrencies. So not all the news about the government last week was negative.
Positive news for Ripple lawsuit
Furthermore, the lawsuit between Ripple and the SEC is slowly coming to an end. Last week it was announced that the emails of former SEC director William Hinman will be made public after a long wait.
It is positive XRP news. The judge seems to want to use the documents for its judgment. And that would potentially be positive for XRP. So it is likely that this is why XRP was the only coin to rise in the top 10 last Friday.
Growing weed with bitcoin mining
In the meantime, it has been proven that the heat you produce with bitcoin mining can also be put to good use. You no longer need heating. At least, that was true for a small-scale weed grower. You can of course pay for heating costs, but you can also mine bitcoin and use the residual heat to heat your plants. So win-win.