Cryptocurrency prices drop after FED comments. What awaits the crypto market?

Comments by Jerome Powell z Fed triggered a fall in cryptocurrency and stock prices late last week, with prices still largely falling as investors are looking to get rid of "riskier" assets.

Bitcoin it is now $ 20 compared to last week when it was nearing $ 400 before Friday's decline. This downturn after Jackson Hole was a reflection of the stock market, with US markets shedding $ 22 trillion after comments that interest rate hikes will be sustained. At one point on Monday, BTC dropped below $ 000 to finish at $ 1,25.

Ethereum it's currently just under $ 1600 - about the same as last week. According to Santiment, this is due to news that stocks of whales have risen 78 percent in the past three months. The flow of cryptocurrencies into exchanges usually means bearish sentiment and profit taking - meaning the whales expect the price of Ethereum to fall. Whether the merger will be a 'buy rumor sell news' opportunity remains to be seen, but for now, technical analysis suggests that we may see a lot of blockchain action in the coming weeks.

Delicious news: Mars will revive the NFT Bored Ape Yacht Club with M & Ms

Mars has teamed up with record label UMG to license the rights to Bored Ape NFT's images on M & Ms.

The owners of the Bored Ape Yacht Club and the Mutant Ape Yacht Club were given early access to purchase chocolate from just 10 packages available, split between gift boxes and gift jars. However, only some owners will see their photos on the sweets. Bored Ape NFT owners may license their images to brands as they see fit. This deal between Mars and UMG (via Label 000:22) is one such example, and Bored Ape's photos have previously been used on clothing, in fast food restaurants, and more.

Is the energy crisis affecting Bitcoin mining?

Not surprisingly, with the energy crisis that has not been making headlines in the past few weeks, it is now affecting bitcoin mining.

With BTC prices down 50% and energy prices going up, it is understandable that some miners want to cover their losses for the sheer amount of energy needed to extract the resource.

As it turns out, some miners are now selling power back to the grid to offset the fall in bitcoin's price, and some actually pay for peak shutdowns, releasing power back into the grid while lowering the cost of the product.

As the cost of living crisis deepens and a possible bearish slump, this could be another potential side effect as production levels are likely to fall below previous months' levels as energy costs continue to decline.

Singapore is considering potential crypto restrictions

Singapore's monetary authority (MAS) are to conduct a public consultation on potential proposals to limit the way domestic individual investors engage in cryptocurrencies.

While the final proposals are not yet known, any new rules would likely include client suitability testing and possible leverage restrictions. MAS has revealed that it will focus on five risk areas: ML / TF, technology and cyber risk, consumer harm, stablecoins, and financial stability. MAS is joining a growing group of regulators looking to implement stronger cryptocurrency guidelines (especially for retail investors). With all investment risky, it is not surprising that more policymakers are raising their voices as cryptocurrencies, like stocks, enter a bearish market and price movements remain flat.