Crypto News.....22 Aug 2022 18:39
Bitcoin Opinions:-
The cryptocurrency market will make a recovery and investors should remain patient, says Anthony Scaramucci, founder and managing partner of Skybridge Capital.
A fundamental understanding of “sound money” is preventing Wall Street from embracing Bitcoin, says former Goldman Sachs banker John Haar. He believes the lack of support from “legacy finance” for Bitcoin stems from a poor understanding of the cryptocurrency.
Three-quarters of institutions will be using cryptocurrency in three years, says a new report from Ripple. The most common reason given by those surveyed is that crypto gives more people access to more financial services.
Many industries are exploring how blockchain technology can be used to solve existing problems.
The Cryptocurrency Crash
The crypto crash was, in part, sparked by the sudden collapse of Three Arrow Capital. Here’s a profile of the two founders of the firm, and what went wrong – including the purchase of a super-yacht called Much Wow.
CEO of Celsius, Alex Mashinsky, reportedly “took control” of the crypto lending firm’s trading strategy in January when there were rumours the US Federal Reserve planned to raise interest rates. He apparently overruled financial experts in an attempt to protect the company from anticipated crypto market falls, ordering the sale of “hundreds of millions of dollars” worth of Bitcoin (BTC) in one instance, rebuying the coins less than 24 hours later at a loss.
A bankruptcy judge has said Celsius can continue to run BTC mining and selling operations as a way to reinstate its financial stability.
Ukraine Invasion
Cryptocurrency has helped Ukrainian refugees to survive during the war. However, sanctions have prevented Russia from getting much benefit from crypto. More details
Governments and Regulations
Uzbekistan authorities are restricting access to cryptocurrency trading platforms based outside the country, that are not registered under its laws. This means citizens can only use digital exchanges licensed by the government. More details
The US government has passed its wide-ranging Inflation Reduction Act, and while it doesn’t appear to involve crypto assets, there’s plenty in there that will affect cryptocurrency.
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