- Despite weakness in tech giants Apple and Tesla, cryptocurrencies do not react to downturns
- The ratio of Bitcoin to Ethereum on the NASDAQ index is still maintained
Better sentiment in global stock markets is helping the cryptocurrency market to some extent. Almost all major projects are being negotiated today. Ethereum is trading near $1,250 and Bitcoin is struggling to break above $16,900. The best performing altcoins are Cardano, Filecoin, Waves. The rally between sandbox-related cryptocurrencies and Decentraland Metaverse follows Meta Platforms’ acquisition of a company that prints 3D glasses for use in smart glasses and AR/VR technology.
Today’s most active cryptocurrencies. Source: xStation5
The “Fear and Greed” chart shows the persistent “fear” of the market, which mainly stems from uncertainty about what will happen in the cryptocurrency sector in the new year. Source: alternative.me
According to reports from Reuters, laid-off employees of the tech giants are starting new companies en masse, mainly in artificial intelligence and games. While VC funding fell 33% year-over-year in 2022 amid a shift in monetary policy and higher funding costs, the number of new VC funds for startups is still at a record high and hasn’t dipped below 2021 levels. Some industry analysts say: have already begun speculating about the potential migration of laid-off tech workers to the blockchain sector and the momentum of the so-called Web 3.0 revolution. source: layoffs.fyi
While there is still interest in blockchain startups, we see the trend in this market still clearly declining in 2022. Source: crunchbase.com
news
- Cryptopotato reports that Binance is completing the acquisition of a 41.2% stake in South Korea’s Gopax exchange, one of the most prominent in the region.
- Meta Platforms has acquired Luxexcel, a company that makes lenses used in augmented reality glasses. This is another giant step into the Metaverse;
- The Federal Reserve, the FDIC and the Office of the Comptroller of the Currency (OCC) issued a joint statement on Tuesday warning of “significant” risks that cryptocurrency assets could pose to the broader banking system;
- Bankman-Fried himself faces up to 115 years in prison for his alleged role in one of the biggest cryptocurrency scandals in history to date. The former billionaire pleads not guilty.
US authorities have once again warned against cryptocurrencies, and this time the statement was aimed mainly at banks. The Federal Reserve, the FDIC and the Office of the Comptroller of the Currency (OCC) warned in a joint statement Tuesday of the “significant” risks that cryptocurrency assets could pose to the broader banking system. Regulators have warned banks, pointing to fraud, volatility, poor risk management and proliferation in the cryptocurrency industry. They also pointed to legal uncertainty when it comes to cryptocurrency redemptions, property rights and asset management practices.
Bitcoin (red-green), Ethereum (blue-white) and US100 (yellow-white) chart in M15 range. We can see that cryptocurrencies, despite relatively low volatility and reduced liquidity, are lagging behind the US index, which is known for its large holdings of technology companies. Source: xStation5
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