The price of Bitcoin has recently recovered lost ground amid confusion over whether the US is in a new recession. The Law Commission of England and Wales recognizes crypto asset users and proposes accommodating that growing space.
Reality Labs, the virtual reality (VR) and Metaverse division of Meta, suffered its seventh consecutive quarter of loss. However, Mark Zuckerberg wants to continue investing in that technology, which he calls a massive opportunity.
During the call for the earnings report from Reality Labs for the second quarter of 2022, the CEO of Meta expressed his opinion. He said that those losses might continue for several more years until VR apps and his Metaverse platform become more mature. According to the developer, that would allow taking advantage of the massive multi-million-dollar opportunity.
The Reality Labs second-quarter earnings report revealed extended operating loss. It is relevant to mention that these losses usually occur in divisions in the research and development phase.
Bitcoin Struggles to Reach the USD 23,000 Level amid Probable Technical Recession
The price of Bitcoin has recently recovered lost ground at the Wall Street open. That has happened amid confusion over whether the US had entered a new recession.
The momentum benefited from US gross domestic product (GDP) data, falling for the second quarter in a row. It thus fulfills the requirements for an economic recession in the country.
Bitcoin is trading at USD 23,978 and has accumulated a 4.1% gain over the last 24 hours. Its daily trading volume is above USD 50.19 billion, while its market capitalization is about USD 458.15 billion, according to CoinGecko.
The IMF Director Says that Algorithmic Non-Cash-Backed Stablecoins Will Fail
According to the director of capital markets of the International Monetary Fund (IMF), currency offerings might have more flaws. Amid the current crypto winter, Tobias Adrian considers that algorithmic stablecoins will drop.
He also noted that some fiat-backed stablecoins had suffered vulnerabilities, referring to US dollar-pegged Tether (USDT).
In that regard, Adrian also mentioned that stablecoins need a global regulatory approach to protect investors better.
England and Wales Propose Reforms to Recognize Cryptocurrency Users
The Law Commission of England and Wales proposes some legal reforms to provide greater recognition and legal protection to crypto asset users.
The officials are reviewing the current legislation on digital assets at the request of the British government to accommodate the growing space. They recently announced the call for public consultation of legal experts, technologists, and users.
Relevance of Cryptocurrencies in the Current World Economy
The world of cryptocurrencies is increasingly relevant, which the above events have made evident. While many crypto companies have suffered losses, regulators make efforts to control their use by citizens.
It is relevant to remember that various factors affect crypto assets, which have dropped considerably over the last few months. That situation has caused cryptocurrency-related businesses to file for bankruptcy, as they cannot respond to their uses.
By Alexander Salazar
