OTC’s Weekly Retrospect 13/06–17/06/2022

Every Friday we take a look back over the week’s biggest Bitcoin and Digital Asset stories making waves in the cryptosphere.

Major news stories this week;

1. Brazilian Bill to Legalize Crypto as a Payment Method and Ban Judiciary from Accessing Users’ Private Keys
2. DEX Trading Volume is About to Drop Below CEX Volume for the First Time in Over a Year
3. Coinbase lays off 18% of workforce as executives prepare for recession and ‘crypto winter’
4. Elon Musk advances support for an integrated payment system on Twitter that supports cryptocurrencies
5. UK Minister Wants Nation to Be a Crypto Hub, Minus the Criminals

Story Summaries;

1. South American country of Brazil has unveiled a legislative bill that would allow cryptocurrency to be used as a payment method and prevent users’ private keys to be used by the country’s judiciary. The proposed bill was introduced by Brazil’s Federal Deputy Paulo Martins.
2. The market share of decentralized exchanges (DEXs) has plunged to 55% from a record 80% in June 2021. That’s just marginally higher than trading volume on CEXs, according to a chart put out by Chainalysis. DEX trading volume climbed to as high as $240B at its peak.
3. Coinbase is laying off almost a fifth of its workforce amid a collapse in its stock and crypto prices. The cryptocurrency exchange will cut 18% of full-time jobs, according to an email sent to employees Tuesday morning. Coinbase has roughly 5,000 full-time workers.
4. With Elon Musk at the helm of Twitter affairs, we might see the possibility of the social media giant integrating crypto payments. Details of his first meeting with Twitter employees seem to suggest such speculations. As per the reports, the billionaire suggested a more direct payment system.
5. The UK’s digital minister reiterated the government’s ambition to make Britain a global crypto hub while sounding a cautious note about the potential criminal uses of digital assets.The UK Treasury in April announced plans to make the country a global crypto hub.

Wishing you a happy and relaxed weekend ahead from all of us here at OTC Supply… as always, Happy Friday!