It’s a bear market and there is hardly a day now that something big doesn’t happen in the industry.
Ripple Labs announced that it is exploring the partial buyout of Celsius Network assets, with the company hoping to consolidate its own footprint in the space.
The beleaguered cryptocurrency lender has been propositioned by numerous companies, not least FTX, which is also trying to buy it on the cheap.
Bitfinex is also in trouble with authorities in the US where the company may be facing a criminal investigation. While still a rumor, this could impact the company’s ability to position itself in one of the biggest markets in the world as crypto regulation is being hammered out.
Meanwhile, Nigeria has shown an appetite for cryptocurrencies despite the slowdown. The country’s investors are still as confident about the future of the industry as they have ever been.
Google Trend data revealed no slow down in searches for how to buy crypto and how to invest in crypto. Ether was the preferred currency among investors.
Speaking of cryptocurrency exchanges in trouble, Coinbase reported $1bn loss because of the falling volume of crypto transactions. Coinbase though is optimistic that the bear market will come to an end and transaction volumes will begin picking up again.
Meanwhile, regulatory challenges remain, not just for the companies who wish to operate in the sector, but also for the governing bodies that are supposed to understand the industry and issue consumer-focused rules.
Thailand is empowering its central bank in a bid to create clearer rules for how these digital assets should be regulated.
China is stepping up its game against cryptocurrencies as well, even though crypto was banned a year ago. Still, some accounts are targeting Chinese citizens and the regime in Beijing will have none of it.
Crypto.com has been able to garner a regulated status in South Korea by making for several high-profile acquisitions.
The fight against suspicious transactions in the crypto space continues as well. The US Treasury Department has targeted Tornado Cash, a mixer service, that the department fears may have been used to obfuscate illicit gambling transactions.