Quote of the week: “The projects that consist of hot air and hype will fail, but out of the dust will rise great projects and companies for the future economy. So, it is a healthy shake-out that will focus investors on tech and science quality much more in the coming years.” – Lars Seier Christensen, Founder of investment banking firm Saxo Bank.
What You Need to Know About Crypto Winter…Bundle Up: Crypto winter occurs when cryptocurrency prices decrease and remain at a low for an extended period of time. Analysts believe that crypto winter begins when there is a steep sell-off of major cryptocurrencies from an all-time high. In the latest series, What You Need to Know About Crypto Winter, you’ll learn about past crypto winters, factors that influenced that latest crypto winter, and what’s next.
Ethereum Update: This week, news of the Ethereum network merger date was announced. Core Ethereum developer Tim Beiko proposed September 19 as the tentative target date for the transition from proof-of-work mining consensus to proof-of-stake. Following this news, the price of ETH rose 45% this week.
Bitcoin Update: Bitcoin has recovered this week after Tesla sold 75% of its Bitcoin holdings for liquidity purposes. Tesla sold $936 million worth of Bitcoin in the second quarter of this year.
International Regulation Featuring Russia: This week, Vladimir Putin signed a bill into law that will ban digital assets as payments. It is now illegal for people to use cryptocurrencies to pay for goods and services in the country. Russia’s Parliament is also considering two other bills relating to digital assets and miner activity and digital assets and firms conducting cryptocurrency transactions. Source:
Crypto.com and Coinbase Win Regulatory Ok in Italy: Cryptocurrency Service Coinbase Global secured approval from Italian regulators, after meeting all requirements, to provide cryptocurrency services to Italian customers. Additionally, Crypto.com won regulatory approval from Italian regulators this week. Crypto.com can, now, provide its products and services to customers in Italy. Sources:
Christie’s Launches its Venture Fund: This week, despite continuing market turmoil, Christie’s launched a venture fund targeting Web3 and blockchain investments. According to the company, its first investment will be in LayerZero Labs. An employee at the company stated, “We will focus on products and services, which can solve real business challenges, improve client experiences and expand growth opportunities, both across the art market directly and for interactions with it.” Source: https://cointelegraph.com/