OTC’s Weekly Retrospect 14/11–18/11/2022

Each week we bring you a round-up of the most important Bitcoin and virtual asset-related stories making waves in the cryptosphere.­­­­

Major news stories this week;

1. U.S. Regulators May Face Scrutiny Over FTX Links
2. President Bukele Says El Salvador To Buy One Bitcoin Daily
3. Businesses Can Now Accept USDC With Apple Pay
4. Crypto Cold Wallets in Ledger, Trezor Sales Moon After FTX Collapse
5. Binance CEO announces Industry Recovery Fund

Story Summaries;

1. FTX’s collapse has raised suspicions about why regulators could not see the fraud coming. FTX filled key positions with former regulators with ties to both the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).
2. Bitcoin advocate and president of El Salvador Nayib Bukele has declared that his government will start adding one bitcoin (BTC) to its holdings every day, starting from November 18, underlining the El Salvadoran president’s confidence in the firstborn crypto amid market turbulence.
3. Circle, the issuer of the dollar-pegged USDC stablecoin, has unveiled an integration with Apple Pay, the payment service with over half a billion users around the globe. Merchants that process cards through Circle will be able to accept USDC as payment using this new feature.
4. Decentralized exchanges (DEXs) are not the only businesses doing well after the seismic collapse of crypto exchange FTX last week.
   Hardware wallet manufacturers Ledger and Trezor both reported a huge spike in sales last week as consumers rushed to self-custody solutions to safeguard their digital assets.
5. The Binance CEO, Changpeng Zhao, on Monday announced that Binance is forming a bailout initiative for projects that are “otherwise strong.” According to CZ, the initiative would be an Industry Recovery Fund, to remediate the negative effects of FTX, a cryptocurrency exchange platform that went bankrupt a few days earlier.

And that’s all for this weeks news! Wishing you a great weekend and as always, Happy Friday!