OTC’s Weekly Retrospect 30/05–03/06/2022

Every week 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. MBC GROUP and the region’s leading crypto exchange, BitOasis, announce strategic partnership to launch crypto educational drive across MEN
2. JPMorgan places BTC fair price at $38K, declares crypto a preferred alternative asset
3. The Winklevoss twins’ Gemini crypto exchange is cutting 10% of staff amid wider market downturn
4. DEX protocol Uniswap hits $1 trillion cumulative trading volume milestone
5. Russian Central Bank Prepared to Make Some Concessions on Crypto Regulation

Short Summaries;

1. Under the partnership, BitOasis will launch region-wide crypto education initiatives on MBC GROUP’s diverse media platforms and channels. The strategic partnership will support BitOasis and drive customer awareness and adoption as it expands its regional footprint while solidifying its presence in existing markets.
2. JPMorgan has placed Bitcoin’s fair price at $38,000, which is 28% higher than current levels. A note from the bank’s leading strategist, Nikolaos Panigirtzogloualso stated that crypto has surpassed real estate as JPMorgan’s preferred “alternative asset” alongside hedge funds. VC funding would be critical to avoiding that crypto winter, Panigirtzogloualso added.
3. Cryptocurrency business Gemini, run by billionaire twins Cameron and Tyler Winklevoss announced it is cutting 10% of its staff in response to a downturn in trading activity across the industry. This marks the first job cuts at Gemini Trust Co., which as a privately held company doesn’t disclose its number of employees.
4. Since its first iteration went live in 2018, Uniswap has seen over $1 trillion in crypto be traded on its decentralized exchange (DEX) protocol. The decentralized exchange hit this lifetime cumulative trading volume mark. Uniswap has dominated the decentralized exchange market since last 2021, in terms of trade volume.
5. Russia’s staunchly crypto-skeptic Central Bank has indicated that it is prepared to soften its stance on crypto somewhat in order to allow a key piece of legislation to pass but still favors a block on all domestic crypto-related activity. The bank had previously called for a China-style crypto crackdown.

And that’s you up to date with another busy week of Bitcoin and virtual asset news! As always… Happy Friday!