This Week in Parts: Bitcoin, Ethereum Escape Broader Market Slide

This week in parts. Illustration by Mitchell Preffer for Decrypt.

On Tuesday, the crypto fleetingly regained a trillion dollar market capitalization. The modest gains were wiped out the next day by a brief accidentand heading into the weekend, Bitcoin (BTC) and Ethereum (ETH) are both nearly flat for the past seven days.

It’s better than some of the other notable names from last week. XRP is down 5% in the past week, even after a progressive victory in the Ripple vs. SEC case that will allow Ripple’s attorneys to see emails regarding the former SEC official Speech by Bill Hinman in 2018 in which he labeled ETH not a security; Cardano (ADA) is down 7.5% even after withdrawing its Vasil hard fork; Solana (SOL) is down 5% after the network had a three hour outage Friday night; Dogecoin (DOGE) is down 7%; Avalanche (AVAX) is down 5%.

Did coins win?

Uniswap (UNI) has been rallying this week, up 9% in the past seven days after reports that Uniswap Labs, the development team behind the main DEX, is currently in funding talks with one of Singapore’s sovereign wealth funds, alongside blockchain investment firm Polychain, to strike a deal that could give Uniswap a $1 billion valuation.

Rules, rules, rules

Calls to regulate the crypto market are increasingly heard around the world.

On Monday, Australia’s central banksaid in a white paper that the country CBDC Pilot should be completed by mid-2023. The pilot, which began in July, uses a blockchain currency called eAUD which uses JPMorgan’s private enterprise-level variant of Ethereum, Quorumand at this point will not necessarily lead to a CBDC.

The next day, Christine Lagarde of the European Central Bank, Jerome Powell of the Federal Reserve and Bank for International Settlements Managing Director Agustin Carstens all called for greater Challenge regulations during a online panel hosted by the Banque de France.

During a fireside chat at NYU School of Law that day, Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam said that Bitcoin could “price doubled” if it was trading on a CFTC-regulated market. The president added that the crypto industry has “a huge opportunity for institutional inflows that will only happen if there is a regulatory structure.”

And on Wednesday, 33 Paraguayan senators voted to overturn President Mario Abdo Benitez’s veto of a bill to regulate Bitcoin mining in the South American country. In July, the legislature of Paraguay approved the bill to create a clear tax and regulatory framework that would allow miners to know where they stand when operating in the country.

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