After a very shaky weekend, several cryptocurrencies tried to scale before approaching the Christmas holidays, in what is considered the final attempt of 2022 towards a bullish rally. However, key names in the crypto realm such as Bitcoin and Ethereum appear to be facing crucial resistance points that are slowing their price trajectories. Overall, there is a pervasive sense of uncertainty dominating the mood of the broader market, and a major move in either direction is quite possible over the next few days.
Crypto-Highlights of the week
- After rising to a high of over $17,800, Bitcoin was unable to hold its gains with the volatility the weekend brought, falling to nearly $16,400 on Monday. Ethereum also went through an almost similar price trend, dipping below $1,200 on Monday. Both crypto names remain at critical resistance points, unable to overcome further, towards much-needed price appreciation.
- The Basel Committee, the institution in charge of establishing global banking standards and paving the way for regulations worldwide, has completed its new guidelines related to banks and crypto assets. The deal proposes two different digital asset classes, the first belonging to major cryptocurrencies, while the other consists of stablecoins and similar tokenized real assets. The Committee clarified the basis of collateral and the amount that banks can legally retain, with respect to each class.
- China's coastal region of Zhejiang has been working towards the grand goal of building a state-of-the-art, futuristic metaverse hub within its local jurisdiction. Officials have revealed that, based on finalized schedules and plans, the goal is to attract more than $28 billion into the metaverse sector by 2025 and establish an entire ecosystem where multiple players can access and use this technology.
- In the Indian lower house, the federal government offered some new developments regarding the recently passed cryptocurrency law, as well as control over cryptocurrency exchanges. The finance minister stated that because cryptocurrencies are virtual and beyond the jurisdiction of a single country, there is a great need for coordination between international governments.
- Recently, US Senator Pat Toomey went public with his strong case for the cryptocurrency industry. He argued that the fall of FTX should not affect the legal and innovative domains of the industry in general. He also talked about how you could simply migrate to other jurisdictions.
