The cryptocurrency market has experienced a relatively calm week, although it is impossible to say that any week passes without any incidents. This week, significant developments in the crypto sector, especially those related to social media, include XRP, increased KYC requirements by exchanges, and Circle’s plans.
Seychelles-based Exchanges Demand KYC
Chinese blockchain analyst and journalist Colin Wu made headlines with a development he shared, particularly on Monday. Wu emphasized that Seychelles-based cryptocurrency exchange Bybit now requires KYC, stating that there has been no change in Seychelles regarding this matter. The “regulatory freedom” enjoyed by offshore exchanges is no longer preferred by those who want to be present in the international market.
XRP Loses its Gains
The second significant development revolved around XRP. XRP officially lost all the gains made as a result of the preliminary decision in the SEC case, which led to its rise to $0.91. Renowned BTC investor Kaleo described XRP’s loss of the gains from the SEC news in one month as madness.
Changes for Grayscale
The third important news focused on Bitcoin ETF. Grayscale’s recent move could work, according to some experts. Bloomberg ETF analyst James Seyffert stated that Grayscale’s plan to convert its Bitcoin Trust product into an ETF could be successful.
Seyffert emphasized that the likelihood of this happening in the next 6 months has increased significantly.
Approval of a Bitcoin-focused spot ETF could bring about a significant change in the cryptocurrency sector.
NFT Market Declines!
The latest development was shared by NFTstats.eth. It is stated that more than 75% of leading NFT collections were not bought or sold in any way in 2023, during the bear market. This indicates that many NFTs have remained without any buyers or sellers. NFTs have experienced a significant loss of value and reputation in 2023.