What happened this week around blockchain and cryptocurrencies? The most relevant local and international events as well as appealing background reports in a pointed and compact weekly review.
Selected articles of the week:
The introduction of bankable investment products and other institutional investment vehicles has increased the interconnectedness between crypto markets and traditional financial markets. By 2021, crypto assets already had a market capitalization of over $2.3 trillion. Assessing whether digital assets and related markets pose a systemic risk to the financial system has been under regular scrutiny by regulators and central banks since 2018. Authorities still have gaps in identifying and quantifying the financial stability risks posed by crypto markets and are responding by increasing data collection and cross-border cooperation.
The crypto markets have grown considerably and numerous regulatory authorities are seeing increased systemic risks connected to the sector.
The European Union has been working for two years on a comprehensive foundation for regulating digital assets. Part of the framework, called Markets in Crypto Assets (MiCA), included a ban on “environmentally harmful” blockchain practices such as proof-of-work mining, which is used with the largest cryptocurrency, Bitcoin. To the relief of many in the industry, that amendment was rejected by the Economic Policy Commission (ECON) this week and removed from the MiCA draft.
The Commission for Economic Policy (ECON) of the European Parliament just voted against a Proof-of-Work (PoW) ban on cryptocurrency mining.
With his social media activities, Tesla founder Elon Musk repeatedly influenced the prices of Tesla shares and specific cryptocurrencies such as Bitcoin and Dogecoin.In a detailed study, Lennart Ante examines the correlation between short-term price movements of the affected cryptocurrencies and tweets of the entrepreneur and draws conclusions about the long-term effect.
An in-depth study on the impact of Elon Musk’s social media activities on the prices of the cryptocurrencies Bitcoin and Dogecoin.
Yuga Labs, the development team behind the most popular NFT collection Bored Ape Yacht Club (BAYC), has acquired the intellectual rights of rival collections Meebits and CryptoPunks. The deal opens new doors for owners of those NFTs in connection with the commercial use of their images.
The acquisition of the CryptoPunks collection by Yuga Labs opens doors for the owners that remained closed by the creators.
In addition: The Bored Ape Yacht Club (BAYC) solidified its place as the highest-volume NFT community this week with the launch of a fungible “Apecoin.” The token was distributed to existing NFT holders through an airdrop program and is expected to drive future decision making across the Bored Ape ecosystem.
The NFT collection Bored Ape Yacht Club (BAYC) has launched their own governance token ApeCoin (APE) with an airdrop to all NFT holders.
