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Crypto Week: Dogecoin is pumping, ETH is up well despite the ongoing FTX drama. And: The Brazilian legislature has also taken an important step to regulate cryptocurrencies.
While last week was an ebb and flow for the major coins, this week saw the first signs of real gains after the disaster of the FTX bust.
Bitcoin (BTC) is up 2.7% over the past seven days and is currently trading around $17,000. Competitor Ethereum (ETH) is up 6.7% and trading at $1,285 at the time of writing, according to CoinGecko data.
Both cryptocurrencies seem to be recovering a bit after falling earlier in the week. Then news of civil unrest in China sent risky assets like tech stocks and cryptocurrencies soaring. Citizens demonstrated against the country’s ongoing COVID-19 measures. As a result there were fears that the world’s second largest economy could collapse.
BlockFi files for bankruptcy
The market also fell on Monday after it was announced that crypto lender BlockFi was filing for bankruptcy. BlockFi is the latest in a long line of crypto companies hit by the fall of crypto exchange FTX.
Risky assets rose on Wednesday after Federal Reserve Chairman Jerome Powell said in a speech that December would see fewer rate hikes. This signals the end of the sharpest rate hike cycle since 1994. There have been three so far this year, each down 75 basis points.
Although almost all major currencies posted gains, gains were mostly small. However, some names have risen quickly, including Chainlink (LINK) up 11% to $7.59, Uniswap (UNI) up 12% to $6.12 and Polygon (MATIC) up 8% .4% to $0.922278.
Dogecoin (DOGE) has seen an impressive 21.5% rally and is trading at almost 10 cents at the time of writing.
DOGE’s week-long rally was sparked by a tweet from Twitter’s new CEO, Elon Musk. In it, Musk shows slides from a recent Twitter company talk he gave. One page mentions “Payments” but does not elaborate. However, that was enough to prompt the Doge Army to speculate that their favorite coin could be Twitter’s official digital currency. Finally, Dogecoin is also Musk’s favorite coin.
Legislators and regulators have a say on FTX
Legislators around the world continue to watch and engage with the industry. Especially after the two biggest disasters of this year: Terra and FTX. On Monday, Brazil’s Congress went a step further than most and passed legislation that would legally allow cryptocurrencies to be used to pay for goods and services in cryptocurrencies.
The bill, which still needs to be approved by the president, includes cryptocurrencies and air travel rewards in the definition of “payment arrangements,” which are overseen by the country’s central bank.
The next day, the European Central Bank issued a damning paper. In it, she argues that the long stabilization of bitcoin’s price around $20,000 before FTX’s collapse could be “an artificially induced last gasp on the road to irrelevance.”
In the blog post, the ECB’s Director General for Market Infrastructure and Payments, Ulrich Bindseil, and his advisor Jürgen Schaff also argue that “Bitcoin’s conceptual design and technological imperfections make it questionable as a means of payment.”
Congress wants to learn “more” about crypto
Bitcoin-friendly US Senator Cynthia Lummis (R-WY), who co-authored a bipartisan House bill called the Responsible Financial Innovation Act, which would see the Commodity Futures Trading Commission (CFTC) as the industry’s primary regulator, said Monday in a pre-taped speech at the Financial Times Crypto and Digital Assets Summit that the fall of FTX shows the need for Congress to learn “more” about cryptocurrencies.
Lummis, known as the “Bitcoin Senator” for her cryptocurrency campaign on Capitol Hill, presented her bill as a “framework” for understanding how the FTX disaster could have been prevented.
She also noted that FTX was heavily involved in the drafting of the Digital Commodities Consumer Protection Act (DCCPA). He is joined by Senate Agriculture Committee Chairwoman Sen. Debbie Stabenow (D-Mich.) and Sen. John Boozman (R-Ark.). It’s a bill she says “needs to be rewritten in a way that is more efficient and neutral in terms of business models, but very focused on consumer protection.”
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