Crypto news: What Happened Since Last Week

Last week, the crypto world was in a frenzy when Bitcoin crashed over $5000. But throughout the week, Bitcoin recovered to reach heights of more than $6500 and is still going strong. 

It’s clear that crypto markets were extremely volatile and unstable last week and any changes in market value should be taken with a grain of salt. 

The only thing we know for sure is that following the news can be hard work. 

We’ve done our best to summarize what happened during this crazy week so you don’t have to!

Airsatellite has some more information about crypto news.

Bitcoin prices surged again on Monday, leaving many investors wondering what just happened. Bitcoin markets are back to relative calm, with Bitcoin now down more than $3000 since last Tuesday.

The Bitcoin crash seems to have been caused by buy orders increasing ahead of the weekend, which caused the price to drop. 

Many investors believe that this is likely normal behavior in Bitcoin’s supply-demand market. However, there is still considerable doubt about whether the crash was due to wash trade or not.

Here are some points about Crypto News, what happened last week-

1. Bitcoin ETF approval was announced.

The US Securities and Exchange Commission (SEC) approved for the first time an exchange-traded fund (ETF) on cryptocurrencies. 

The introduction of this ETF is bound to raise interest in the market due to its ability to offer investors exposure to Bitcoin without having direct ownership of the underlying assets. 

The US states were some of the first countries in the world to allow cryptocurrency securities, with Chicago approving BitLicense for Bitcoin exchanges in 2013. 

However, since then it has been mostly under control, with many countries imposing strict controls on cryptocurrencies.

The SEC’s decision to approve a fund with ETF backing is very significant for cryptocurrency markets because it is one of few ways they can be used in traditional markets.

2. Russia to regulate cryptocurrency markets.

Russian lawmakers have directed the government to adopt a framework for regulating cryptocurrency markets. 

Proposed legislation will create a license for active cryptocurrency exchanges and introduce restrictions on ICOs, while also requiring digital coins to be registered with Russia’s central bank.

Unfortunately the legislation is being introduced in a week when almost all other news about cryptocurrencies has been a disaster or a misunderstanding. 

The concept of “regulating” cryptocurrencies is nearly impossible to understand, which raises major concerns about how Russia’s actions could affect its own economy and why this order was not done long ago. 

Cryptocurrencies are still completely unregulated in Russia right now, which could change quickly if Russia starts to take necessary measures soon.

3. Ripple Labs sued by XRP investors.

The former chief executive, chief technology officer and the inventor of XRP are being sued by two cryptocurrency holders who accuse Ripple Labs Inc. of violating US securities laws. 

The complaint, filed Thursday in the US District Court for the Northern District of California by disgruntled XRP investors, alleges that defendants sold XRP tokens in an initial coin offering (ICO) knowing they were unregistered securities.

Despite all this bad news, low prices are only temporary. Crypto News market indicators are rising again, which means the risk of losing money is small while the rewards are infinite. 

There is still a chance you can benefit from this while there are still low prices available.

4. Coinbase to add new cryptocurrencies.

Coinbase said it plans to add Ethereum Classic to its offerings, after enabling trading in the cryptocurrency last week. 

The move comes about a month after the company listed Litecoin on its GDAX exchange service, where traders can place limit orders and transactions are executed by an automated matching engine based on price-time priority.

5. Ethereum rises above $500 a token.

Ethereum’s market value has surged above $500 a token, after the cryptocurrency hit a record high on Friday. The increase means Ethereum is now more valuable than established cryptocurrencies such as Bitcoin Cash and Litecoin.

The cryptocurrency reached an all-time high of $547.60 at 12:07 UTC on Friday, Dec. 22, according to data from Coinmarketcap.

6. Companies in India have started crypto exchanges in India.

With the recent Reserve Bank of India (RBI) warnings against cryptocurrencies, Indian IT companies are looking to corner this market by facilitating cryptocurrency transactions after the government’s decision last month to ban banks from dealing with them. 

This move by Indian companies is seen as a challenge against the government’s decision, which will be reflected in the upcoming year when RBI presents its annual report about digital currencies.