Rain · Buy & Sell Bitcoin, Ethereum, and more in the Middle East
Rain · Buy & Sell Bitcoin, Ethereum, and more in the Middle East

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News and updates from the leading cryptocurrency platform in the Middle East

Weekly Crypto Market Recap 11


Last week was all about a significant downturn that hit the entire crypto market in an instant. However, as every cycle has its ups and downs, this drop is a calculated part of the bigger picture, and is not as negative as many would think. In fact, some assets have already started what seems to be a reversal from the lows, which creates exciting opportunities for all investors—read on to find out all you need to know about the crypto market’s status.

General Market Performance

The market is down from last week’s values, having lost around 20% of its overall valuation. With crypto assets such a drop is not unparalleled, we’ve seen numerous recoveries after even greater dips in the past. Bitcoin (BTC) is trading around the $23,000 level, with many expecting it to be the support line bullish investors can get a hold of. If BTC fails to stop at $23,000, we could see the price decreasing more towards the $20,000 level. Ethereum (ETH) is exchanging around $1,200, which indicates that it lost its important support at $1,800. Still, ETH’s drop seems to be cooling off, as investors start to get in at lower rates. 

On another note, there are some altcoins that have already started to rebound and performed double-digit percentage gains a day after the mass sell-off. For instance Gala (GALA), the popular Play-to-Earn (P2E) blockchain gaming ecosystem, was up around 14% in a day at the time of writing, Chainlink (LINK) reached up to 15% gains the past day, and many other altcoins are around 8-10% up compared to yesterday.

Ethereum's Ropsten Proof-Of-Stake "Test Merge" Goes Live

Ethereum (ETH) just took a big step towards fully implementing Proof-of-Stake (PoS) as its consensus mechanism with Ropsten’s successful launch. The highly anticipated upgrade nears going live, which will mean ETH will stop using the costly and energy-intensive Proof-of-Work (PoW) to secure its network.

Do Kwon Accused To Have Siphoned $80M Per Month With Luna

Terra (LUNA) founder Do Kwon has been accused of draining around $80M off of Luna during its peak times. As a consequence, he has been summoned by the South Korean prosecution and, if proper grounds are found for the allegations, will face trial on the matter.

New York Will Require Stablecoins To Be Backed By Assets

The New York State Department of Financial Services (NYDFS) have issued a bill proposal that includes all stablecoins to be backed by conventional assets, such as fiat currencies, or other cash equivalents. These funds will also need to be separated from the issuer's operational funds, and solely be reserved for the valuation peg.

New Bill To Force U.S. Congress To Disclose Crypto Holdings

A new bill is set to make every congress member to publicly disclose crypto holdings. If it passes, the world will be able to have a glimpse at representatives’ crypto assets.

UFC And VeChain Announce $100M Partnership

UFC and VeChain made a significant, 5 year deal that will see VeChain securing all of UFC’s related digital and physical assets, it becoming UFC’s go-to blockchain solution provider, and it being included in numerous promotional content surrounding the globally watched fights.


Rain is licensed by the Central Bank of Bahrain as a Category 3 Crypto-Asset Services Provider. We are headquartered in the Kingdom of Bahrain





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