The cryptocurrency market seems to have made a slight recovery after the price of Bitcoin fell below $20,000 last week. Could it be that the cryptocurrency market has already bottomed? Or can we expect another sharp drop driven by the macro environment and the measures that will be taken to counter high levels of inflation? Meanwhile Cristiano Ronaldo, one of the most influential personalities in the world of sports, has signed a sponsorship agreement with a renowned cryptocurrency exchange, below we will tell you which one and what said agreement consists of.

Cristiano Ronaldo, one of the most important soccer players in history, has reached a sponsorship agreement with the Binance exchange, being the last celebrity with whom a lucrative association has been achieved by a company related to the world of sports. cryptocurrencies, despite the uncertainty that has been generated in recent months due to the crisis that has significantly affected this market.

Said agreement consists of the creation of a collection of non-fungible tokens (NFTs), which will be “minted” through the Binance Smart Chain network, which belongs to the exchange. In this way, this collection will be exclusively traded on the Binance platform.

The controversy has been unleashed, after this agreement has taken place in one of the most complicated moments in the history of cryptocurrencies, since, for example, Bitcoin has lost more than 70% of its value since its last historical maximum. In addition, Binance has been involved in controversial situations in the last year, such as the order by the Financial Conduct Authority (FCA), one of the most important financial regulators in the United Kingdom, to stop any activity in said territory. Despite everything, Cristiano says he is proud of this sponsorship, and is enthusiastic about the launch of the collection.

Meanwhile, the markets appear to have had an intermittent recovery this week, after a slight pullback to the upside is set to take place following the lows made last week by a large portion of cryptocurrency market assets such as Bitcoin and Ethereum. In spite of everything, and although it seems that the market is generating important support, we can expect more interest rate adjustments by the Federal Reserve, in order to counteract the high levels of inflation, so we cannot trust that the crypto winter is over.

Now let’s talk about Singapore, and it is that both its main financial regulatory body, as well as its central bank, have mentioned that they will take “brutal and ruthless” measures against any misbehavior by organizations related to the cryptocurrency sector.

The head of fintech at the Monetary Authority of Singapore (MAS) has strongly warned all companies related to the crypto world, as well as all enthusiasts and people who promote such products and services. Furthermore, he has made it clear that he will not be friendly with something that aims to create an “unreal” economy. That is why Singapore, once one of the most attractive places for crypto-related companies to establish due to the country’s low taxes and legal structure, now seems to doom all those seeking to develop the sector. in its territory. In other news, the popular cryptocurrency exchange, CoinBase, has announced that its CoinBase Pro platform will cease to function permanently, as they seek to migrate all trading services and tools to the CoinBase and Coinbase.com platform, seeking to unify the user accounts on a single platform. However, CoinBase users need not worry as their funds will remain in their accounts and they will not need to make any moves. Now we go with a totally opposite point of view to that of the fintech chief of Singapore, and that is that the deputy governor of the Bank of England, Jon Cunliffe, made a comparison between the crisis currently facing the cryptocurrency market and that of the “Dotcom” at the end of the year. of the 90’s and early 00’s, in which around 5 trillion dollars in assets were lost, and many companies went bankrupt, while the strongest today present themselves as technological giants. Cunliffe expects the same thing to happen, this crisis being an important filter through which the projects with the greatest projection and arguments in the crypto world will be able to survive and transcend into the future, becoming fundamental pillars for the new economy. Another hacker attacked? Last Friday a major hack and theft of assets in the crypto world was reported again, now the victim being the Harmony network, which connects with Ethereum through the Horizon bridge. The amount stolen this time was 85,867 ETH (a figure that amounts to almost 100 million dollars). The company has reported that it is investigating this situation together with the US authorities, seeking to locate the attacker and recover the funds. Bitcoin managed to pull back a bit to close the week above $20,700. However, it appears to be making the same move as it did at previous support zones, so we could see a downside break. BTC/USDT 1D (TradingView Chart). For its part, Ethereum is trading above $1,180; and makes a movement quite similar to Bitcoin. However, in this case it is a little clearer how the pullback would have ended by having reached a resistance zone. ETH/USDT 1D (TradingView Chart). It seems that we are in a moment of total uncertainty in the cryptocurrency market; pessimism on many sides in the face of a rather complicated economic environment, while on the other hand more and more influential people and organizations join this ecosystem that promises to bring a technological revolution in the future. Without further ado, we wish you an amazing week.