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The weekly report from the industry has more negatives than positives

The week report from the industry has a diverse range of news but all raising alarm bells in either local or international crypto markets

  • Bitcoin and Ethereum’s price suffer
  • CoinSwitch Kuber under scrutiny by ED for money laundering
  • NFT and crypto crimes rising at a consistent pace, worrying their markets respectively
  • Celsius in the headlines again

 

Bitcoin and Ethereum’s price suffer

Bitcoin and Ethereum suffer

Credits: Investopedia

The week has gone by, by giving a lot of news, mostly not in favor of the digital asset market. To start off with, the merge which is happening in Ethereum, which is creating a lot of euphoria, it seems as if the bearish market continues to drag the prices and values of the top cryptocurrencies down. Bitcoin was observed trading at around $20k while Ethereum was observed to be trading at around $1.5k. The values seriously worried the international crypto market.

 

CoinSwitch Kuber in probe by ED

The Enforcement Directorate [ED] allegedly searched the Indian cryptocurrency exchange CoinSwitch Kuber after learning that it had purchased shares worth more than 20 billion, valued at almost $1.9 billion last year. Additionally, it was alleged that the business did not follow certain Know-Your-Customer [KYC] guidelines.

According to a corporate representative, CoinSwitch Kuber places a strong emphasis on interaction and transparency. Andreessen Horowitz and Coinbase Ventures are a couple of prominent investors in CoinSwitch Kuber.

 

NFT crime and Crypto crimes rising rapidly

The one thing that has never bothered to let the crypto market breathe freely is the safety and security factors of the market. As the day passes by, the instances of crimes are also rising at a consistent pace. Recently one of the reports stated that in the past 12 months around 100 million dollars were stolen from the market, leaving the investors clueless and in disdain.

The growing instance of the NFT and cryptocurrency crime in the market, is ringing alarm bells for the respective regulatory bodies to step up their game and control the occurrences before it’s too late.

Celsius in headlines again

From the market crash’s impact, Celsius has consistently been a part of the news, doing rounds in the market about its position, about its lay off of the work force, about stopping the service to the customer or about filing for bankruptcy. The court cases are happening back and forth in the company letting the company stay in the headlines for the longest period of time.

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What do you think about the weekly report generated? Do you think the industry is moving in the wrong direction? Share your thoughts in the comment section below and in case you found the content to be informative, then please share it with your friends and family.

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