The cryptocurrency market is hitting the mainstream harder than it has before. Even though the market is not doing too hot right now, any of it was really the fault of the market itself. Instead, the major factors that were contributing to its downfall were the macroeconomic factors and the bankruptcies.
As the waters in the crypto market start to become rocky, most of the investors who started out with the market were starting to move out. Not only did the rising inflation rate affect their tolerance to handle risk, but it also affected how much they were willing to spend.
And if the investors leaving the market wasn’t a big enough problem, then various major cryptocurrencies and crypto firms started to face bankruptcies. Three major crypto business shut down in the course of a single year, which caused serious damage to the crypto market.
One of the biggest examples of cryptocurrencies managing to break into the mainstream was the Metaverse, Facebook’s latest effort to take advantage of the crypto market. And as the market grows, they are looking to make a completely decentralized community, which will allow individuals to properly take advantage of the entire cryptocurrencies.
Interpol Looking to Start Regulating the Metaverse
The Metaverse is one of the biggest virtual spaces online, allowing people to interact in a number of ways. it is a fully realized space that takes advantage of all the little developments that have come through the internet over the years.
However, one thing that the Metaverse desperately needs right now is better regulation and oversight. As one of the first virtual spaces of this scale, it is very possible that people could commit virtual crimes. Therefore, Interpol is setting up a Metaverse taskforce.
As the number of users throughout the platform continues to grow, it is very likely that the number of virtual crimes will only increase. The Metaverse taskforce is already set up, and people can even go an interact with officers there.
Core Scientific Moves Forward with Lawsuit
The Celsius network bankruptcy remains one of the messiest ones to happen in a long time. The company wiped off close to five billion dollars in assets when it filed for bankruptcy. Unfortunately, none of the investors were able to withdraw their funds. Core scientific, a mining company is moving forward with its lawsuit and is trying to retrieve over six million dollars.
The Market Could Get Better Soon
As the market continues to struggle under the weight of the responsibility that is coming with Web3, many believe that the market could see some impressive growth. However, that growth is still a long way from coming, which is why companies will need to hold on.