NAGAX Weekly Recap | 22 August – 26 August
The last week was full of interesting crypto developments, and we have equally exciting news to share this time around ⚡
This week we're covering about the upcoming Ethereum Merge, Singapore's new requirements for crypto companies, and more!
Follow our news digest for more ⬇️
Bitcoin little changed as traders await Powell speech
Bitcoin’s price changed little on this week, hovering around $21,500 as traders remain focused on Federal Reserve Chair Jerome Powell’s speech at the U.S. central bank’s Economic Symposium, scheduled for August 26.
Because Friday should bring some action...
Singapore's Central Bank asks crypto firms to submit business data
The move comes as the central bank is looking to bring in more safeguards for retail customers and a stablecoin regulation.
So, the Monetary Authority of Singapore (MAS), the country's central bank, has asked some digital asset firm to submit data about their business activity.
The central bank is set to make changes to its crypto regulation policies following the collapse of Singapore-based crypto hedge fund Three Arrows Capital and Singapore-registered Terraforms Labs and Vauld.
Last month, MAS had asked some digital asset companies for their business related data, including top tokens owned, top lending and borrowing counterparties, amount loaned, and top tokens staked via decentralized finance protocols, according to the report.
Ether leads crypto recovery on Merge confirmation, but traders remain cautious
Ether (ETH) rose some 5% in the past 24 hours to lead a recovery among major cryptocurrencies, as Ethereum developers confirmed The Merge’s dates on Wednesday.
The Bellatrix upgrade will activate on the Beacon Chain on Sept. 6, as reported. The upgrade is responsible for setting the rest of the Merge process in motion, with developers hinting that they're aiming for it to happen on Sept. 15-16.
Ether holds the lead of the recovery, but some believe that the Merge could lead to a temporary decline in the price of the coin.
NFT and Metaverse-related cryptocurrencies underperform as floor prices sink
Cryptocurrencies related to non-fungible tokens (NFT) and the metaverse underperformed over the past week as sentiment about the NFT market remained sour.
The general crypto market has stalled amid recent investor concerns about inflation, the economy, and the pace of U.S. Federal Reserve interest rate hikes. But NFT- and metaverse-related token declines reflect price and profit declines for NFTs that have occurred in recent months.
Nevertheless, many crypto-enthusiasts see it as a great opportunity to make good buys during a bearish trend. Because they are sure that a bullish rally will start soon.
Thanks for reading! Have a great weekend — more news next week! 😉
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