Crypto Market Recovery: Industry Calls for Clearer Regulation
The crypto space is still in a bear market, but there are some signs of recovery. Bitcoin is trading above $20,000, and other cryptocurrencies are also showing some green.
Here are some of the key headlines in the crypto space right now:
- FTX customers could get $9B shortfall claim payout by mid-2024. Customers of bankrupt crypto exchange FTX and FTX US could see over 90% of assets returned to them by mid-2024 after a proposed settlement was reached between FTX creditors and debtors.
- Crypto industry calls for clearer regulation after FTX collapse. The collapse of FTX has shaken the crypto industry and raised concerns about the need for clearer regulation. Binance CEO Changpeng Zhao has called for regulators to work with the industry to develop “sound regulations” that will protect consumers and promote innovation.
- US Securities and Exchange Commission (SEC) to decide on spot Bitcoin ETF by end of October. The SEC is expected to decide on whether to approve a spot Bitcoin ETF by the end of October. A spot Bitcoin ETF would allow investors to invest directly in Bitcoin without having to buy it on a crypto exchange.
- Ethereum developers prepare for Merge. Ethereum developers are preparing for the Merge, which is a major upgrade that will merge the Ethereum mainnet with the Beacon Chain. The Merge is expected to make Ethereum more scalable and secure.
In addition to these headlines, there are a number of other developments happening in the crypto space. For example, non-fungible tokens (NFTs) are still popular, and decentralized finance (DeFi) protocols are continuing to grow.
Overall, the crypto space is still in its early stages of development, and it is volatile and unpredictable. However, there are a number of positive developments happening (a typical example is the Blockchain SIM card), and the industry is continuing to mature.
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