South Carolina home sold as NFT. Fidelity introduces ETH trading

Last week, cryptocurrencies moved in a narrow range as investors watched market updates and macroeconomic developments. Expectation is growing among cryptocurrency observers, and this is because prices have been at a similar level for several weeks.

Bitcoin started the week at around $ 19 and saw an early jump above $ 000. The price dropped below $ 19 on Friday as new pressure on an interest rate hike from the Fed emerged, but then rebounded sharply to reach above $ 400 over the weekend. BTC is at around 19 this morning dollars.

Meanwhile, ETH moves in a similarly narrow range. The cryptocurrency started the week below 1, dropping to below $ 300 on Friday, before jumping above 1 over the weekend. It is now in the region of $ 250. Crypto advocate Rishi Sunak seems to be going to be the minister because the government

UK is expanding its cryptocurrency offering

Finance and Treasury Minister Andrew Griffith amended the Financial Services and Markets Act extend the scope of regulation to cryptocurrencies in the UK. The decision was probably due to the fact that cryptocurrency-friendly Rishi Sunak seems ready to become prime minister.

Rishi Sunak was moderately open to the market when he was chancellor, which ultimately brought us to where we are now in terms of regulatory progress with an emphasis on stablecoin regulation. If Sunak wins the launch contest now, it could be a day of good news for the UK cryptocurrency sector. Despite the instability at the British government summit, work on pieces of legislation that could have a key impact on the UK cryptocurrency industry continues to develop well.

The addition of an excerpt on financial services and markets to the law could extend its powers to cover a much broader scope on digital assets more than its current focus on stablecoins. This is a positive change. In the EU, cryptocurrency companies have been given much-needed clarity on the way forward in regulatory oversight through the EU's MiCa Cryptocurrency Markets Regulation.

Fidelity introduces ETH trading

Fidelity's main asset manager limits ETH's investment opportunities for its institutional clients. The Merge has just over a month with - at the moment - quite disappointing results. This is largely due to tough macroeconomic conditions, despite some clear successes to date. Fidelity, with asset management worth around $ 4,5 trillion, is already offering bitcoin to institutional clients. In 2022, we could see major cryptocurrencies correlate much better with stocks. This is largely due to increased institutional commitment to cryptocurrencies. These institutions are making similar risk decisions with regard to BTC and ETH on a large scale as with Apple. A or Amazon.

While Fidelity's offer to institutions is unlikely to result in an immediate referral to ETH, it is another domino dice in the cause-and-effect chain. More than ever, major financial providers are ready to offer cryptocurrencies to institutional investors as an alternative asset class. Fidelity is arguably one of the leaders in this space, but more companies like it will follow this path in the near future.

South Carolina home sold as NFT

Notable developments in the ever-evolving NFT field: the house in South Carolina, USA, was sold as the NFT. This episode highlights one of the key aspects of the technology's potential, far beyond the digital art for which it is so caricatured.

The property was sold for $ 175 and was organized on behalf of Roofstock's real estate firm Web000. Selling reflects a potentially powerful and revolutionary change in the way we grant ownership of tangible goods.

Property rights are one of the most fundamental foundations of our - and most others - democracy. The process of buying and selling huge assets like houses is slow due to the legal process of granting property from one person to another. If the process can be digitized and ownership potentially verified with a blockchain, then it has great potential to reorganize the way we buy, sell, and own basically anything worth paying attention to.