Weekly Crypto Recap: Crypto Market Rallies While FX Markets React to Central Bank Moves
FX and CFD markets were volatile this week as investors closely monitored the impact of global economic developments and central banks’ interest rate decisions. While the dollar was supported by strong US economic data, there was significant volatility in major currency pairs. At the same time, volatility in equities, commodities, and indices shaped investors’ risk appetite.
On the other hand, while the cryptocurrency market followed a volatile course this week, the upward trend in leading coins such as Bitcoin and Ethereum attracted attention. While the general outlook of the market was shaped by macroeconomic developments and central banks’ policies, artificial intelligence and metaverse projects stood out among altcoins. In our weekly recap, we have compiled the most notable trends in the FX and CFD markets and important crypto developments.
The Latest Need-to-Know Developments in FX and CFD Markets
IEX has unveiled plans to launch a new U.S. options exchange, aiming to provide traders with seamless access to the entire multi-listed options market. This new venture will utilize IEX’s proprietary solutions for risk management and markout optimization, enhancing the trading experience through a sophisticated electronic platform.
Meanwhile, regulatory actions have made headlines as the U.S. Securities and Exchange Commission (SEC) filed charges against two fraudulent cryptocurrency platforms, NanoBit and CoinW6. This move highlights the increasing scrutiny in the cryptocurrency sector as authorities clamp down on fraudulent activities.
On the fintech front, NAGA has achieved a significant milestone, becoming the first trading app to fully integrate with Telegram, a messaging platform with a massive 950 million user base. This integration is set to enhance accessibility and engagement for NAGA’s users.
Finally, Wintermute’s digital asset derivatives arm has expanded its offerings by making Crypto CFD trading available on its electronic OTC trading platform, Wintermute NODE, giving traders a broader range of options in the rapidly growing digital asset market.
The Latest Developments from the Crypto World
The U.S. Securities and Exchange Commission (SEC) has taken action against Flyfish Club, LLC, issuing an order for conducting an unregistered offering of crypto asset securities through the sale of NFTs. In another regulatory development, Changpeng Zhao, the founder of cryptocurrency exchange Binance, is expected to be released from custody on September 29, according to information from the U.S. Bureau of Prisons website.
Meanwhile, in the fintech world, London-based Revolut, now valued at $45 billion after securing a U.K. banking license, is reportedly working on developing its own stablecoin, signaling its continued push into the digital finance space. Regulatory challenges persist across the industry, as evidenced by Prager Metis, a New York-based auditing firm, agreeing to pay $1.95 million to settle two cases with the SEC. These cases include allegations of negligence in auditing the now-defunct cryptocurrency exchange FTX, once led by Sam Bankman-Fried.
Legal issues continue to plague former Celsius CEO Alex Mashinsky, who has requested the court allow testimony from six former employees as he faces the possibility of over 100 years in prison. On a more positive note, a group of ex-Coinbase executives has announced the launch of TrueX, a new digital asset exchange that will use PayPal’s stablecoin, PYUSD, as its primary settlement currency, further expanding the stablecoin’s use case in the digital asset ecosystem. Lastly, a U.S. bankruptcy court has approved Terraform Labs’ plan to wind down its operations as part of the firm’s Chapter 11 bankruptcy proceedings, signaling a critical step in the firm’s efforts to resolve its financial difficulties.
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