Although the world continues to be in disarray, it’s been a good week for the cryptocurrency market as a whole. The biggest success story of the week was ETC, which enjoyed a sudden surge of 43.4% after continually dipping after it hit an all-time high in May 2021.
The founder of the Ukrainian crypto exchange KUNA, Michael Chobanian, has alleged that Binance is working with the Russian government and has failed to make the $10 million donation it promised his company.
Founder of the capital market company Kynikos Associates Jim Chanos has caused havoc by revealing that he’s shorting Coinbase in an interview with CNBC. Why? Chanos explained that the increasing competition between different exchanges could lead to fee compression and less profitability, and that the leading exchange is due a major correction.
El Salvador had been planning to launch its bitcoin bonds to fund the building of its upcoming “Bitcoin City” last week, but the move seems to be delayed. The lack of progress seems to be partly due to the conflict in Ukraine, with the country’s Finance Minister saying they almost have the tools but are waiting for a better context for the launch.
A US resident has been found guilty of committing fraud as part of a crypto scam. Asa Saint Clair pretended to be a United Nations affiliate for a non-existent organization that was launching a digital coin offering “guaranteed returns.”