GB Market Commentary 15/11/2022
by Adrian Kenny
The Cryptocurrency markets remain choppy, with BTC currently trading at $16,806.50 up 1.3% in the last 24hrs. Ethereum also continues to remain volatile, currently at a price of $1,266.74 and up by 1.6% in the last 24hrs.
This price action is accompanied by a move in the Bitcoin, and wider crypto communities, to move to a form of "self custody". Glassnode analytics' is reporting circa 1.75b outflows from exchanges, around 106k BTC a month.
This is a level not seen since July this year, in what at first indication seems to be a direct result of a lack of confidence in the markets major players and their ability to manage customer risk.
Much of the last few days/weeks in the crypto market have been, and still are hugely overshadowed by this uncertainly, all produced via the contagion effects of the current FTX situation.... Understandably many are looking for some good news. Despite the shock to the crypto system it seems some form of relief may have come from a well established Web2 brand, Nike.
Nike has had a fantastic entrance to the Web3 world with its incredibly successful acquisition of RTFKT last year and has now launched its very own NFT marketplace, Swoosh! The US Sportswear giant plans to launch its first collection in early 2023 which is hotly anticipated.
Also this week; Ripple, the firm behind the currently SEC sanctioned XRP, has leveraged its now established UK position to produce a set of guidelines for the UK regulators on its upcoming crypto policies.
This "regulatory" whitepaper contains recommendations for the UK regulator in relation to its newly proposed crypto policies and stablecoin regulations, anticipated in the very near future.
"In order to be able to operate most effectively here, in order to continue to grow our business, it matters what the regulatory framework looks like, and so we are invested in trying to ensure the best outcomes." Susan Friedman, head of public policy at Ripple, stated in a recent interview.
The proposal draws on a global framework for crypto regulation and aims to incorporate existing legislation in place around the world, to establish a standard set of regulatory practices across jurisdictions.