There were some positive news stories during the week, such as Celsius Network announcing that it would be exiting bankruptcy and the SEC approving eight new applicants for Bitcoin ETFs.
However, the overall market sentiment remained bearish, as investors continued to worry about the global economic slowdown and the ongoing war in Ukraine.
The Federal Reserve is expected to raise interest rates in the coming months to combat inflation. This could lead to a slowdown in economic growth, which could further hurt the crypto market.
Bitcoin Could Reach $1.5 Million
The self-described “Bitcoin bull,” Cathie Wood, continues to bet a significant amount in the development of cryptocurrencies. Her forecast that Bitcoin will reach $1.5 million within the next ten years has recently received further support.
Not just Cathie Wood thinks that Bitcoin might make for a decent inflation hedge. In times of economic crises, Bitcoin has performed better than the stock market, according to numerous other experts.
During the recent banking crisis, bitcoin proved its value as a safe-haven asset. Investors looked to Bitcoin as a form of safety when the stock market plummeted and the banks failed. Bitcoin’s price surge from $19,000 to roughly $30,000 proved its capacity to safeguard investors’ wealth in turbulent times.
Nasdaq is delaying the launch of its crypto custody
Given the uncertainty around how cryptocurrencies will be regulated by the US government, Nasdaq is delaying the debut of its crypto custody service.
With the introduction of its digital asset custodian service, Nasdaq is proceeding cautiously. According to CEO Adena Friedman, the business is awaiting improved macroeconomic conditions while also making sure it conforms with all current rules and regulations.
The company is working on solutions for the market and is awaiting more clarity from regulators before taking action.
$2.9M NFT Now Worth Less Than $4
In the early stages of the NFT market, a crypto entrepreneur named Sina Estavi took a risky step. At a time when people were still trying to understand what these digital assets were all about, he paid $2.9 million for Jack Dorsey’s first tweet.
The fact that the NFT was the very first tweet ever sent on Twitter made it collectible in the eyes of the Iranian investor. This gave it historical significance and connections to a strong organization.
The importance of Jack Dorsey’s initial tweet serves as a reminder that the NFT market is still developing. The best offer for it right now is just $3.77, even though it cost $2.9 million to buy it in 2021. This demonstrates that the market is still developing and that the value of NFTs is still up for debate.
El Salvador’s International Bonds Rebound
International El Salvador bonds have experienced a tremendous comeback in 2023, returning 60% year-to-date. After the country’s recent year’s economic and political challenges, this is a tremendous improvement.
The adoption of Bitcoin as a legal tender by El Salvador backfired dramatically in July 2022, when the value of its bonds fell by 75%. This resulted from the IMF and other international financial institutions expressing their dissatisfaction with the action.
The recent steps El Salvador has taken to strengthen its finances have received praise from investors. The nation intends to repurchase $1.2 billion of its debt and has engaged a former IMF official as an advisor to the finance minister. These actions are viewed as evidence that the nation is seriously considering its financial position.
Google Cloud Lead Web3
Google Cloud is placing a significant wager on Web3. The business has invested a significant amount of money in the technology and is actively working to create new goods and services to support it. The most current startup program offered by Google Cloud shows the company’s dedication to Web3.
The firm is dedicated to supporting the growth and development of its clients’ Web3 projects. To keep ahead of the curve, it makes R&D investments and offers a wide range of services to support this technology. The executive, however, refrained from divulging any specifics regarding planned efforts.
The goal of Google Cloud is to improve the usability and accessibility of Web3. To achieve this, the company is investing in the creation of new tools and services that will simplify the creation and utilization of Web3 applications by developers and enterprises.
Indonesia Launches Crypto Exchange
While some nations are closing their cryptocurrency markets, Indonesia is embracing the technology. The Indonesian government is establishing a national cryptocurrency exchange to provide investors with a more transparent and secure way to trade digital assets.
On Indonesia’s new national cryptocurrency exchange, which will be administered by BKPI, a division of BAPPEBTI, several well-known cryptocurrencies, including Bitcoin, Ethereum, and Tether, will be accessible.
The new national cryptocurrency exchange for Indonesia is a government-regulated platform that aims to offer investors a safe and secure way to trade digital assets.