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Crypto Weekly Roundup: Tightening Regulations, Eth’s Future, Second THORChain Attack, And More

Crypto Weekly Roundup: Tightening Regulations, Eth’s Future, Second THORChain Attack, And More

It has been a relatively slow week for Bitcoin. However, the EthCC, Paris also happened this week along with the second THORChain Attack. So let’s take a quick look at these and other noteworthy moments in the industry this week. 

Bitcoin

Despite Bitcoin losing half its value over the last few weeks and most of the rest of the crypto market faring even worse, Julius De Kempenaer, a senior technical analyst at StockCharts.com, says that the plunge is not going to stop any time soon. 

At the ‘B Word’ conference, Elon Musk, Cathie Wood, and Jack Dorsey spoke about cryptocurrency, with Musk outlining his views on Bitcoin, the position held by SpaceX, and his support for cryptocurrency in general. 

Ethereum

At the EthCC held in Paris, Ethereum founder Vitalik Buterin discussed its potential to create a decentralized social media while talking about how Ethereum could grow beyond DeFi.

Keith Bliss, the president of Capital2Market, has identified Polkadot to be Ethereum’s real competitor owing to an increasing inclination among developers to turn to Polkadot to build their platforms and projects. 

DeFi

Uniswap Labs, the software development studio behind Uniswap Protocol, recently announced that it would be limiting access to some 100+ tokens on the Uniswap interface, citing “the evolving regulatory landscape" for the crypto and blockchain space as a prime reason.

A second multi-million-dollar attack targeted the cross-chain decentralized exchange THORChain, causing a loss of $8 million worth of Ether and an 80% price drop of its RUNE token. 

Business

JPMorgan has greenlit its affiliated financial advisors to provide its wealth-management clients access to cryptocurrency funds, becoming the first major U.S. bank to connect retail wealth clients with crypto.

The asset management firm Rothschild Investment Corp. announced that it had increased its exposure to Bitcoin by at least 269% since April 2021, according to recent data it filed in a Form 13F report to the Securities and Exchange Commission (SEC).

In partnership with Mastercard, Circle will be able to facilitate crypto-to-fiat conversions to make USDC more user-friendly and increase its reach. The company is also adopting a more transparent approach to strengthen user faith in the coin. 

Regulation

In a bid to curb money laundering, the European Commission is considering legislation to improve transactional transparency, banning anonymous activity, and even the appointment of an Anti-Money Laundering Authority. 

South Korea is stepping up its regulatory scrutiny of unregistered foreign crypto exchanges by asking foreign virtual-asset service providers to register with them to avoid being shut down.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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