Crypto Market Highlights June 13, 2022

Crypto Market Highlights: General News

  • Ethereum breaks promise 6th time, “The Merge” will be delayed again. The Ethereum core development team had a meeting last Friday regarding the “difficulty bomb,” a key catalyst in the long-anticipated “The Merge.” After discussing some bugs arising from the testnet, they proposed EIP-5133 delay the difficulty bomb to August. This is the 6th time this bomb has been delayed since 2017.
  • Binance stops supporting Litecoin using MimbleWimble upgrade. Binance asserts that any LTC deposits made to Binance through MWEB will not be received or returned as the exchange is unable to verify the sender’s address, resulting in direct loss of funds. At the same time, Binance also issued a warning to ensure the safety of its LTC funds, users should not send LTC using the MWEB function.
  • Cryptocurrency market lost more than $100 billion after Treasury Secretary Janet Yellen delivered a solemn crypto warning. Bitcoin has now fallen to $27,000, its lowest level since late 2020. Fears of a recession are weighing on the cryptocurrency market, potentially driving investors away from riskier bets. Dogecoin, TRON, and Avalanche have all dropped by double digits in the last 24 hours. At the time of publication, Ethereum was trading at $1,400, down 70% from its all-time high of near $4,900 in November 2021.
  • Fujian Provincial Financial Supervisory and Regulatory Authority have sent out a warning to ‘clean up’ NFT exchanges. The financial regulator and supervisory agency will clean up and rectify the NFT transaction venues. The reason defended for tough legal action is because “NFT is easily involved in illegal activities such as fraud, speculation, money laundering after financialization and causes multi-layered risks”. At the same time, the Fujian regulator will not participate in, endorse or approve any local NFT exchanges.
  • Grayscale CEO Michael Sonnenshein says that many pension fund companies are looking to add crypto to their client’s portfolios. Michael Sonnenshein says that he is still interested in bringing crypto into people’s pension portfolios. This view has not changed despite the recent market volatility. The statement is coming when some 401(k) managers have announced their willingness to offer crypto investment options.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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