Discover the top news in crypto for the week!
More consumers worldwide are investing in crypto as an inflation hedge, while businesses are accepting it to gain more customers. Meanwhile, crypto regulations are a global trend, with countries like the US, UK, and Singapore moving forward with new rules. Find out the top 5 crypto news of this week.
Sygnum House View
Crypto markets have been challenging for investors recently, but the Sygnum Asset Management team is here to clarify all the new trends in the new House View report. The recent shifts in the market posed risks for centralised lending entities like Celsius, leading to further price declines. Despite the general downtrend, bitcoin outperformed other digital assets. Meanwhile, experts are arguing that the scenario of increasing interest rates and inflation will prove key for Bitcoin’s definition as an asset. Read more
Argentines seek hedging in crypto after economy minister resigns
Argentines turned to crypto as the country faces hyperinflation and turmoil in the government. On Saturday, the price of USDT spiked in Argentine pesos amid the economy minister’s resignation. According to a study by Wunderman Thompson, Argentines are facing annual inflation of 60 percent, investing in crypto to protect their savings. The rising flow of people into crypto is making Argentina one of the countries with the highest crypto adoption, according to Chainalysis. Read more
Singapore’s finance regulator mulls ‘limits on retail participation’ in crypto
The Monetary Authority of Singapore (MAS) may introduce more rules for crypto amid the EU agreeing on a new set of rules set to change the crypto frameworks in the Eurozone. The Singaporean regulator hinted that it could introduce more ‘limits on retail participation,’ including the use of leverage in crypto trading. In January, the same regulator placed restrictions on the way crypto providers can advertise to a retail audience, contributing to the global trend of new crypto regulations. Read more
Central African Republic launches national cryptocurrency called ‘Sango Coin’
The Central African Republic’s president announced the launch of the Sango project, including a new cryptocurrency called Sango Coin. CAR’s president said that the Sango Coin would be a ‘gateway to the natural resources of the Central African Republic’ amid the country’s plans to tokenize its precious resources. The Sango project includes many measures to boost crypto adoption in the country, attract crypto businesses and enthusiasts, a Metaverse hub, and more. Read more
ECB officials prepare for ‘harmonisation’ of crypto regulations: Report
The European Central Bank is urging countries to start preparing to harmonise the new crypto regulations put in place last week by the European Union. The EU parliament and council agreed on more oversight for crypto transactions to prevent illicit activity and money laundering while improving the clarity and frameworks among Eurozone countries. There will be meetings in July to work on making the integration easier, while some parties are trying to expand the scope of the new laws to incorporate DeFi regulations. Read more
This document is purely for educational purposes and has been issued by Sygnum Group. It is not intended for distribution, publication, or use in any jurisdiction where such distribution, publication, or use would be unlawful, nor is it aimed at any person or entity to whom it would be unlawful to address such a marketing communication. It does not constitute an offer or a recommendation to subscribe, purchase, sell or hold any security or financial instrument. It contains the opinions of Sygnum Group, as at the date of issue. These opinions and the information contained herein do not take into account an individual‘s specific circumstances, objectives, or needs. No representation is made that any investment or strategy is suitable or appropriate to individual circumstances or that any investment or strategy constitutes personalized investment advice to any investor. Therefore, you must verify the above and all other information provided in the document or otherwise review it with your external advisors. Some investment products and services, including custody, may be subject to legal restrictions or may not be available worldwide on an unrestricted basis. The information and analysis contained herein are based on sources considered as reliable. Sygnum Group uses its best efforts to ensure the timeliness, accuracy, and comprehensiveness of the information contained in this document. Nevertheless, all information indicated herein may change without notice.