As we are about to finish a challenging and sleepless year for cryptocurrencies, only a few days remain. The last week of the year for cryptocurrencies is quite calm on the macro front. Movements of 1000-1500 dollars in BTC price due to liquidity hunting in futures did not make much noise. So, what significant events did we experience this year?
Significant Developments in Cryptocurrencies
This year, we shared approximately 169 developments that affected the price with you. We shared many of them as breaking news, and readers followed the developments in real-time through COINTURK. Let’s now take a look at the most talked-about events of the year.
Ron DeSantis and CBDC
We saw statements from U.S. Presidential Candidates throughout the year regarding cryptocurrencies. DeSantis stated that he would block central bank digital currencies (CBDC) due to their risks if he became President. We also witnessed his moderate statements against cryptocurrencies.
“On the first day, we will cancel the central bank digital currency. It’s over. It’s dead. It will not happen in this country.”
XRP Coin Victory
On July 13th, the United States District Court for the Southern District of New York granted a significant victory to Ripple. Judge Analisa Torres ruled that while corporate sales could be recognized as securities, activities on exchanges would not be included in this scope.
This was the most important development in the ongoing case since December 2020. Then the SEC went for an intermediate appeal, which was denied. The third major XRP Coin event was the SEC dropping its lawsuits against Ripple executives. However, there is a collective appeal process next year.
186 Banks Could Go Bankrupt
In the midst of the crisis in March, the Fed did what it could and saved the banks once again. However, according to the SVB report, 186 banks are on the brink of bankruptcy. It would be enough for just half of their customers to attempt to withdraw their money because they did not make the necessary risk adjustments. This is the so-called traditional wisdom of the banks that instills confidence.
68 Cryptocurrencies Now Considered Securities
As a result of numerous lawsuits, the SEC stamped a total of 68 cryptocurrencies as securities. Along with lawsuits against Binance and Coinbase, 23 cryptocurrencies with a total market value exceeding 100 billion dollars entered the SEC’s list this year. BNB, SOL, ADA, MATIC, and MANA were among the most well-known.
BlackRock ETF Application
At the beginning of June, while the SEC storm was shaking cryptocurrencies (Binance, Coinbase case), BlackRock emerged in the middle of the month and made an application for a spot Bitcoin ETF. No one could make sense of this courage amidst the chaos.
Now, multiple applications are expected to be approved by the SEC by January 10th.
