Weekly Newsletter - Crypto Daily™ - Issue #12

The crypto space has had a difficult week, with the UST crumbling and LUNA’s value dropping to zero, resulting in possibly the worst week the crypto space has endured since the March 2020 crash, drawing comparisons with the lull experienced when the Dot Com bubble burst back in 2000. Let’s take a brief look at some of the most significant developments from the previous week.

President Nayib Bukkele has announced that financial authorities from 44 countries are meeting this Monday in El Salvador to discuss Bitcoin and other related matters.

Bitcoin (BTC/USD) attempted to add to marginal gains early in the Asian session as the pair glided higher to the 30437 area after recently trading as low as the 25338.53 area, its weakest print since 2020.

KyotoProtocol.io is the world’s first decentralised multilayer carbon credit finance protocol. The project’s technology improves the slow and outdated carbon credit industry by implementing a host of solutions that utilise smart contracts on a secure, fully transparent blockchain ledger, creating the ultimate standard for the carbon credit industry.

Major exchanges such as Binance, eToro, Bybit, BitMex, and others have decided to delist LUNA in an effort to protect traders after recent events surrounding Luna and the UST. Prior to recent events, LUNA was one of the hottest tokens in the crypto space. 

Elwood Technologies announced the closure of its $70 million Series A funding, round led by Goldman Sachs and Europe’s largest BtoB investor Dawn Capital. In the current awful climate for markets, such institutional support is perhaps a sign of more future adoption for crypto.

The Supreme Court order revoking the cryptocurrency ban has been the cause of concern for the central bank of India. However, the latter has not taken any action protesting the order yet.

El Salvador’s president announced on Twitter three days ago that his country had “bought the dip”, and had purchased a further 500 BTC at an average price of just over $30,000. However, this purchase added to the others still puts the country around $37 million down overall.

One of the leading blockchain games, League of Kingdoms (LoK) is introducing play-to-earn mechanisms on its platform to boost gamer engagement and bootstrap its in-game economy for the benefit of the users. Announced Thursday, the massively multiplayer online (MMO) game will introduce non-fungible tokens (NFTS), allowing gamers to invest in them and utilize them within the gaming metaverse.