It’s no secret that the cryptocurrency market is in a terrible state right now. What most people don’t realize is that all the bad news has drowned out a host of positive developments whirring away quietly in the background…
Waking up to bad news has become the new normal for crypto investors of late. Since reaching stratospheric highs across the board in late-November last year, crypto investors have watched on in horror as the prices of digital assets toppled day after day, for months on end.
Just two weeks ago, the 7th largest cryptocurrency by market cap, Terra (LUNA) was wiped from the face of the earth, and as of today – Tuesday the 24th of March – the crypto industry has seen just over 57% of its total value, roughly $1.7 trillion ($2.4 trillion AUD) erased completely.
While the news cycle may be dominated by financial horror stories and charts drowning in red lines, there’s actually been huge positive developments in the world of crypto – happening quietly in the background while everyone seems to be caught up in the doom and gloom of falling prices…
Bitcoin Steals The Show In El Salvador
Over in El Salvador, the first country to adopt Bitcoin as an official currency back in 2021, 44 central bankers and financial delegates from emerging markets around the world attended a conference that focused largely on utilizing Bitcoin (BTC) to aid developing economies.
There’s even a video of all the delegates from countries including Paraguay, Ghana and Egypt, unanimously shouting “Bitcoin!” while hanging out at El Zonte or “Bitcoin Beach” on the coast of El Salvador.
In an interview with Cointelegraph, Nicolas Burtey, the co-founder of Galoy Money (the company that created the Bitcoin Beach wallet), said the sentiment towards Bitcoin was “super good,” and that “nothing beats the experience of using lightning to discover the potential of Bitcoin.”
Adding even more fuel to the adoption fire, Burtey said:
“Multiple central bankers said I should meet their team in their country.”
Goldman Sachs & Barclays Throw $70 Million Into Crypto
While some are fearing the worst of the crypto bear market, some big institutional players are jumping on board the crypto train to potentially buy up some digital assets at a major discount.
US-based mega-bank Goldman Sachs and the United Kingdom’s Barclays Bank, recently joined a US$70 million Series A funding round for a crypto trading platform called Elwood Technologies.
Elwood was founded by British billionaire and hedge fund manager Alan Howard.
According to the Financial Times, German bank Commerzbank and crypto investment fund Galaxy Digital alongside Dawn Capital also took part in the funding round, showing even more positive signs of institutional adoption.
Major Crypto ETFs Are Popping Up Everywhere
In more good news, cryptocurrency ETFs are popping up around the world, including 3 brand new ones being launched down under. Three major financial firms including 3iQ Digital Asset Management, 21Shares & Cosmos Asset Management all launched their own crypto ETFs in Australia over the past 2 weeks.
Just days after these ETFs went live, crypto investment fund Grayscale announced that it too will be launching a new crypto ETF of its own in Europe.
According to a Cointelegraph, Grayscale’s “Future of Finance” investment fund is set to be listed on the London Stock Exchange, Borsa Italiana, and the Deutsche trading platform Xetra, as well as being offered for sale throughout Europe.
DMARGE Wrap Up
Now, don’t just take all the good news from us — in an interview with DMARGE, eToro Market Analyst Josh Gilbert said the following:
“Not only have many investors been shifting away from risk assets, the ‘good’ news including the pending launch of two bitcoin spot ETFs in Australia and Fidelity offering Bitcoin to retirement accounts in the US, has been overshadowed.”
When asked what it would take to see crypto return some gains, Gilbert replied:
“If we see inflation start to ease and stabilize, we could potentially see a relief rally with inflation ‘peaking’ and the Federal Reserve’s tightening expectations fully priced in.”