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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Weekly Crypto Market Recap 7

Yayın RAIN EDITORIAL TEAM - May 16, 7:00 PM

Last week was all about treating the bruises and trying to draw the right conclusions from the negative price developments triggered by Luna’s and UST’s unexpected landslide. Fortunately, the market seems to have got a grip, and it could be ready for a rebound in the near future—see what other, notable events happened during the past seven days that can contribute to positive times to come.

General Market Performance

The market was shaken by Terra’s shocking fall that resulted in not only UST being practically wiped out of existence, but also Luna losing most of its market cap in the process. With that, most large and small cap tokens closed the week in the red, albeit not nearly as significantly as the above-mentioned assets. There were a couple exemptions, however, who managed to seriously outperform every other token. One of them was Maker (MKR), registering a staggering 32% gain last week only. While many consider these times negative, some argue that buying is more efficient nowadays as prices in general are lower than they were a month before.

Crypto Fear and Greed Index hits historically low levels

The infamous Crypto Fear and Greed Index sank all the way to 8 out of 100, which is among the lowest values ever recorded. This indicates that investors in general are awaiting a major positive event of turn to bring back their confidence and venture appetite. The real message, however, can be summarized with a quote from Warren Buffett, one of the most successful investors and richest persons of all time: “Be fearful when others are greedy, and be greedy when others are fearful”.

Nigeria’s markets regulator issues crypto-asset guidance

In an attempt to find a middle ground between an outright ban and the unregulated use of crypto assets, Nigeria’s Securities Exchange Commission (SEC) has issued a set of regulations for digital assets, in a move that is expected to increase their adoption. According to the new rules published, no digital assets exchange would be allowed to facilitate the trading of assets unless it had received a "no objection" ruling from the commission. This is undoubtedly a sign of progress, and of the influential African countrys to integrate crypto assets into its economy in the long run.

Japanese Investment Bank launches Bitcoin derivatives trading

Nomura, a Japanese Investment Bank, has announced that it will offer over-the-counter (OTC) Bitcoin (BTC) derivatives contracts to its clients in Asia out of Singapore. This move could accelerate crypto investment among the more wealthy, but conservative magnates of the continent, and thus support BTC long-term.

South Korea to integrate cryptos to its institutions by 2024

South Korea’s administration announced its plan to institutionalize crypto by establishing a new regulatory framework that will go into effect by 2024. The body intends on developing a bill for the “Digital Asset Basic Act” starting this year, which is great news for domestic and international traders alike thanks to yet another significant country showing positive signs in the area. 

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