A selection of news you may have missed in the week of the 9th to 13th of January 2023.
a collection of 3-5 news in the market per week and a 2-3 line summary of each article
- Article: Bitcoin digs in for a bumpy year
Its been almost two weeks into the new year, and investors are getting a taste on the current Bitcoin market. Although Bitcoin has seen some steady growth since the start of the year, Bitcoin remain down 57% from this time one year ago. 2022 was a destructive year for crypto by all parameters, as around 2 trillion evaporated from the market.
- Just in time for WEF: This is what the future hold for cryptocurrencies
Last year wasn’t just a crypto winter, but an Ice age, as the market was plagued by colossal market failures. The silver lining, as the World Economic Forum states, is that the crypto market is in better shape than ever to mature, as better business models and further market regulation will inevitably come in 2023. One has to remember that growth will also feel like loss.
- Russia close to legalizing international trade in Bitcoin: Head of Finance committee
Anatoly Aksakov, Russia’s Congressional finance committee chairman stated last December that the country will move to allow international trade for cryptocurrencies this January. Although cryptocurrency will not be allowed for domestic trade, Russia is willing to use it for foreign transactions. These developments may affect the course of global politics, as this move would weaken the SWIFT sanctions imposed on Russia.
- Bitcoin on the rise: Bitcoin advances for 9 straight days, trades above 18’000. Check crypto prices.
Finally, Bitcoin has shown some surprising developments for the beginning of this year. As of the 12th of January, Bitcoin has managed to break above 18’000, showing an astonishing advancement of nine straight days, the first of it’s kind since 2020, according to Bloomberg. Maybe the consensus of a maturing market for 2023 is starting to realize itself?
- Article: Crypto firms Genesis and Gemini charged by SEC with selling unregistered securities
As of this Friday, on the 13th of January, the Securities and Exchange Commission (SEC) charged the well known crypto firms Gemini and Genesis with the selling of unregistered assets. According to the SEC, Genesis should have registered a product which involved Genesis loaning crypto to Gemini users, and then sent a portion of the profits right back to Gemini, while still deducting an agent fee. Currently, the SEC is seeking permanent injunctive relief, disgorgement, and civil penalties against both Genesis and Gemini.
- Article: Samsung investment arm to launch Bitcoin Futures ETF amid rising crypto interest
On the 13th of January, Samsung Asset Management Hong Kong (SAMHK), which is a branch of Samsungs investment arm, will be launching a novel Bitcoin ETF. The ETF will consist of CME listed Bitcoin futures, and CME Micro-Bitcoin Futures.