Crypto value investors and governments doubling down on the sector

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The Turkish central bank has finished the initial round of tests for the digital currency (lira). In a statement, the Central Bank of the Republic of Turkey (CBRT) said that they will carry on with the closed-circuit pilot test with technology stakeholders in the first quarter of 2023. The announcement stated that future phases would examine “the application of distributed ledger technologies in payment systems and the integration of these technologies with immediate payment systems.” CBRT has been building its Central Bank Digital Currency (CBDC) for several years as it is centralized. The central bank of Japan was rumored to be planning a CBDC trial with the nation’s megabanks last month. In the meantime, a phased pilot of the Reserve Bank of India’s proposed digital rupee has been proposed. Comparing the major economies, China is by far the most advanced because its people can already use the digital yuan. 

Kunji research market update

An investment of $5 million in Coinbase was made by Cathie Wood’s technology and fintech firm, Ark Invest. This is the investment fund’s fourth recent purchase, increasing the balance of its ARK Fintech Innovation ETF (ARKF) by 158,000 shares. The price of Coinbase’s stock rose about 7% to $34.78 in New York on Thursday. The exchange’s shares have dropped 86% this year as a result of the severe bear market in cryptocurrencies. Investors’ concerns about high inflation and a potential recession reducing demand for pricey electric vehicles have led to a 69% decline in TSLA this year.

As of Nov. 12, FTX deposits held in custody by the Bahamas Securities Commission were worth more than $3.5 billion. About $372 million worth of tokens were taken from the exchange by an unknown/unidentified person not long after FTX declared bankruptcy. The Commission will hold assets until the Bahamas Supreme Court orders it to return them to clients and creditors who own them.

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