Can Solana keep up the momentum?

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With the crypto winter now starting to look like an ice age, layoffs and new regulatory investigations may continue to dominate the headlines after a slew of announcements and reports in the first week of January.

Solana had a good week, with his token up almost 37%, but it’s unclear if he’ll be able to maintain his momentum.

And if you’re looking for an event to attend or follow, the Metavsummit kicks off in Dubai on January 12, while the Crypto Finance Conference takes place in St. Moritz, Switzerland from January 11-13.

Will the layoffs continue?

NFT platform SuperRare became one of the latest web3 companies to announce layoffs on Friday, when it said it would cut 30% of its workforce. While SuperRare said it grew in tandem with the market during the last bull run, the company acknowledged that it was overhiring.

Singapore-based crypto exchange Huobi also confirmed it would be cutting around 20% of its staff last week, while The Block reported that Genesis Trading had started a new round of layoffs to reduce its workforce by 30%.

Crypto-friendly bank Silvergate also said it would cut 40% of its staff amid a “crisis of confidence in the ecosystem”. According to a report, Digital Currency Group is closing HQ Digital, a wealth management-focused subsidiary it launched last year.

While it’s hard to imagine a worse week than the last, the dust doesn’t seem to have settled yet.

Companies grew far too quickly during the 2021 bull market that largely turned out to be a Ponzi scheme, Gartner Research principal analyst Avivah Litan previously said The Block.

Who is next to be investigated?

As politicians and regulators scramble to act amid the ongoing fallout from the collapse of crypto exchange FTX, there have been a number of reports of new investigations. While this is a risky time to work in the crypto industry, the regulatory front certainly looks promising in terms of job security.

The Washington Post reported on Saturday that US authorities are seeking information from investment firms about cryptocurrency exchange Binance as part of a long-running investigation into possible violations of money laundering regulations. silver.

Bloomberg News, meanwhile, reported that US authorities were investigating the flow of funds between Digital Currency Group and its Genesis lending subsidiary, while Reuters said the US Securities and Exchange Commission was asking FTX investors details of their due diligence policies and procedures.

Can Solana keep up the momentum?

Solana had a good week, after a very, very bad year. Its native token has staged a bit of a rally, rising 37% in the past seven days, according to data from TradingView.

The moves came as NFT trading volumes across the ecosystem showed signs of strength, according to The Block’s data dashboard. But most of the trading came from NFT projects DeGods and its spin-off y00ts collection, which is bridging Ethereum in a bid to dethrone other top-notch NFT projects like Bored Ape Yacht Club. It is possible that this decision will affect Solana’s trading volume in the future.

2022 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended for use as legal, tax, investment, financial or other advice.

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