After the SEC decided to label 68 different cryptocurrencies as securities in their bid to take down Binance and Coinbase, the crypto market took a massive downturn, and levels of fear have never been higher for many crypto-fanatics.
For those not completely aware of the crypto movement, it’s often cast as a form of the black market, which is not the case by any means.
Bitcoin and Ethereum regain lost ground
After the SEC announced their lawsuits against Binance and Coinbase, the crypto market suffered greatly, with many cryptocurrencies dropping around 30% over the space of a mere few days. Despite ETH and BTC being left out of the list of non-declared securities, both chains also suffered but have since regained momentum, returning to pre-announcement levels.
Among the named cryptocurrencies, some of the largest to be hit are Cardano, Solana, Avalanche, Polygon, Axie Infinity, COTI, and many more, and all face incredible challenges going forward to remain as top runners.
The bear market will begin claiming victims
What the ongoing case will mean for many cryptocurrencies is that they will cease to exist and face a tough test moving forward. Current political and financial climates have held back the crypto market, and things seem many miles away from the highs at the back end of 2021.
The crypto community is one to be feared, and with all the uncertainty, this strong community may begin to crumble in many areas. Both BTC and ETH are two that will remain strong until there is some form of conclusion for Ripple Labs and their case with the SEC.
Where is the real-life use of crypto?
What many fail to see is that cryptocurrencies have been installed through native wallet integration. Crypto is being adopted in the gambling industry and has become immensely popular, thanks to innovative casino games on digital platforms, which only show signs of becoming even more popular over time. With the possibility of newer casino games being created on blockchain technology, crypto-friendly casino games successfully tapped into the vast potential of DeFi, as well as blockchain tech.
There are now many casinos that offer a crypto-only platform, giving users more control over their deposits and withdrawals and accepting various coins as deposits. You’ll find that the most common deposit options include Bitcoin, Ethereum, Litecoin, Dogecoin, and the list goes on and on.
Non-fungible Tokens (NFTs): A Wild Ride
During the all-time highs at the end of 2021, the NFT community and market were thriving, with dedicated individuals committed to building on blockchain technology. Unfortunately, the bear market has reduced interest in NFTs to incredibly low levels.
Twitter was once rampant and filled with NFT content and hype across many chains, and some of the largest projects during the highs have completely died down. Bored Ape Yacht Club was one of the most talked-about subjects on Twitter for months on end, and interactions with their content are only a fraction of what they once were.
What about the real-life potential for NFTs?
What can’t be denied is the fact that NFTs could still take a spot in everyday life, and these tokens can be used as deeds to houses, cars, art, and essentially anything else. Owning an NFT gives you complete ownership, which can be verified.
The rise and fall of NFTs can display how powerful communities can be, and the NFT market has shown how people from all over the world can come together and support a common goal. At times, the community could come across as cultish, but in reality, it’s committed to the cause.
The Central Bank of Digital Currency looms
Upon the announcement of central authorities releasing a centralised digital currency, many of the public needed to be made aware of how this could be adopted and how there would be actual use or unhappy with the fact that the decentralised nature of crypto was under threat.
Since the initial announcements, hundreds of countries around the world have begun planning to launch their own. It is currently available in the Caribbean, which was the first tester. It’s a relatively simple process; you use your national ID and go through an application process to gain access to your own wallet of CBDC.
Russia seeks mass crypto adoption
Among the many countries to start the process of rolling out CBDCs, Russia was one of the first to get ahead of the trend and start working on its own. Currently, the country is in its testing phase and will begin rolling this out to all citizens in the coming months.
This is not the only way that Russia has begun adopting crypto, as they have begun offering crypto solutions across national banks, and any resident can acquire crypto via their central bank, which is quite a feat and needs to be spoken about more.
This alone is a huge positive for the crypto community, as this is a clear display of the acceptance of crypto within mainstream society, although, Russia is one of the largest in terms of crypto miners and the country would always benefit financially from adopting this centrally.