The crypto market has evolved so much over the recent years. One of the most recent developments included a bull market phase which was really notable for the entire crypto community and generated a lot of headlines from the world.
Today, there are over 20,000 cryptocurrencies available on the market, with many more to come and a great number of blockchain-based solutions. Hence, it’s safe to say that the crypto market is always changing and the best way to stay on top of the changes is to keep up with the latest news. Here, we will provide you with a rundown of the latest changes in the crypto market and relevant news that might help you make better decisions.
The previous Bitcoin’s bull run and a subsequent crash made headlines around the world, and it also had huge impacts on the crypto market. First, Bitcoin’s price increased significantly during the first bull market phase by 170% in 2020. It continued to rise during 2021, peaking at around $60,000.
But, during the rest of 2021 and the beginning of 2022, Bitcoin’s price continued to decline, which resulted in a new low of around $20,000 in July 2022. The crash also had an impact on the entire crypto market and resulted in a price decline of many other cryptocurrencies. Although it should be noted, it’s expected for Bitcoin’s value to rise in the future and enter a bull market phase.
Rise of NFTS
NFT is another innovation that comes came from Ethereum’s network in 2015. One could have predicted that it would become one of the greatest innovations in the crypto market in 2021. NFTs, compared to cryptocurrencies, are fungible assets which means they are unique and they are designed to be irreplaceable, which is why they are mainly used as a way to prove the ownership of certain assets.
NFTs revolutionized the fine art collection market, but they can also be used in other sectors as well including real estate and finance. But, currently enough, they are associated with digital artwork, music, articles, videos, and even tweets.
Some of the most expensive NFTs are Beeple’s Crossroad was sold for $6.6 million, one of Elon Musk’s tweets which reached a value of around $1 million, among many other valuable NFTs. The NFT market is decentralized, which is why it also attracted the attention of many business owners.
For example, brands like Budweiser included NFTs as part of their loyalty program. Other brands like crypto casinos have also introduced their own NFT collection. Speaking of online casinos, many brands, including casinos, accept crypto transactions following Bitcoin’s bull cycle. So, you can easily find nowadays a reputable BTC Casino site that accepts BTC payments and lets you play your favorite casino games with your Bitcoin funds.
Ethereum has become a well-known cryptocurrency in the crypto market. Also, it is the second one by market capitalization after Bitcoin. Ethereum’s blockchain became the basis for many different blockchain-based innovations, including NFTS, decentralized financial applications, and other projects. But, one of the most recent changes in the crypto market is associated with the proposed Ethereum upgrade, the Merge.
It marks the full transition from a proof-of-work system to a proof-of-stake consensus system, the Beacon Chain. It will make mining unnecessary, and the energy consumption will be reduced by 95%. It’s a significant change for the entire platform, but it will also provide faster transactions and introduce validators to the network that will be responsible for maintaining the security of Ethereum’s blockchain.
It’s also expected for this change to improve Ethereum’s scalability, but we’ll get to see what will happen after the Merge is completed in September 2022. It’s also worth noting that ahead of this significant event, Ethereum’s price has increased by 50%
In order to further regulate the booming crypto market, the European Union proposed new regulations that would implement the same regulations to prevent money laundering for transfers of every crypto asset.
In the US, the Commodity Futures Trading Commission (CFTC) would be in charge of the regulation of Bitcoin and Ethereum and their online trading platforms based on a new bill from Senators John Boozman and Debbie Stabenow. When it comes to the rest of the cryptocurrencies and the new ones that are yet to come, they would most likely be regulated by the CFTC and the US Securities and Exchange Commission (SEC).
In conclusion, the crypto market is based on the market demand and supply, and as it is completely decentralized, therefore, it quickly changes and develops under these two forces. There are actually other factors as well that impact its development, including proposed upgrades, Elon Musk’s tweets, new legislations, and support by online businesses and governments, which is why it’s important for every investor to keep up with the latest trends in the market.