Our financial market analyst Chung Yee says: The crypto market has a few underlying weaknesses. Security and reliability top the list.
The crypto ecosystem continues to be plagued by critical threats that threaten its survival, giving more credence to the call for regulation and the need for a certain degree of control and centralization. BNB Chain became the latest victim of an exploit that resulted in the minting of 2 million $BNB (valued at $590 million).
Bitcoin ($BTC) continues its downward slide and now hovers just above the $19,000 mark. Ethereum ($ETH) did not fare any better and is currently trading below $1,300. The market will unlikely show any sign of recovery unless there is fresh liquidity in the market.
Currencies around the world are starting to show weakness and if one more domino falls, a global recession can happen. The ball is now in the U.S. Federal Reserve’s court. If the Fed pivots, inflation will accelerate but a global financial meltdown could be averted. If the Fed continues to raise interest rates, a meltdown will ensue. Assets will collapse and the falls start with volatile assets such as cryptos.
Bailouts will start taking place when the meltdown happens. If bailouts fail, the global economy will sink into a deep recession. Inflation will no longer be a concern.
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Scallop integrates with Binance Custody for cold storage support.
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Chirpley teams up with Baby Doge in the latest partnership.
BNB Chain pauses activity after exploit.
Wombat DEX stands tall one month after launch.
Rareboard launches birthday mega contest with NFT giveaways.
BNB Chain responds to the 2 million BNB bridge exploit.
Crypto Snack is the first crypto token in FIFA 23.
ShopCek initiates an e-commerce service with cryptocurrencies.
Thetan Arena developers launch a new game.
Abu Dhabi to host Middle East Blockchain Awards.
EU Council endorsed and published landmark crypto regulation text.
Binance to delist multiple Helium token pairs.
The crypto market is still unable to lift itself from “Extreme Fear” as the world awaits the next Fed move.
The U.S. dollar appears to be on the final leg of its dominance in a parabolic trend. However, this trend may drag on as other major currencies are still facing instability as a result of rising inflation.
The failure of monetary policies is one major boost for Bitcoin’s narrative. But the road ahead for Bitcoin and other crypto assets will be bumpy. This is because institutions are invested in cryptos and the market behavior will mimic that of other asset classes.
The market is now ripe for a global reset. The Ukraine-Russia conflict has accelerated the rot and exposed the world’s failure to deal with its overreliance on fossil fuels. It has also exposed weak monetary policies and bad governance.
The immediate future does not look promising. A pivot from the Fed will not be a long-term solution. A great reset appears to be on the cards.
Coins to Watch
XRP ($XRP) -This crypto asset is still one of the largest capped assets in the space despite facing a suit by the U.S. Securities and Exchange Commission (SEC).
XRP fills the gap as a global payment solution provider with its Ripple Network.
The ongoing legal battle appears to be in favor of Ripple Labs and $XRP is the native crypto that powers the Ripple Network. The case could be concluded soon and if decided in favor of Ripple could send $XRP soaring.
Solana ($SOL) – Solana is actively building its community and infrastructure. It is one of the major platforms that focuses its resources on Web3 development.
Solana has a different value proposition than Ethereum. It does not rely on layer-two solutions but still delivers low transaction costs and scalability.
Solana Mobile could be the next innovation that bridges crypto, Web3, lifestyle, and communication in a seamless interaction.
Decentraland ($MANA) – Decentraland is one of the oldest metaverse platforms in the crypto space.
Virtual plots of land in Decentraland were selling at a floor price of slightly below $13,000 in early 2022.
The metaverse theme is likely to make another run in the next market cycle. Web3’s development will create a more immersive and interactive metaverse experience. This will likely draw the crowd to metaverse platforms.
Source : bsc.news
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