CryptoWatch is bringing back last week's biggest headlines on the cryptocurrency industry, and one of the most significant news was Bored Ape's NFT lawsuit.
It also included Singapore's significant regulatory framework that aims to bolster the stability of single-currency stablecoins and the latest prices of the top coins to give you an idea of what to expect this week in the crypto industry.
Bored Ape NFT Lawsuit: Sotheby's Added as Defendant, FTX Got in the Mix
The controversy surrounding the Bored Ape Yacht Club (BAYC) NFT is not yet over. Yuga Labs, the firm behind BAYC NFTs, is facing a lawsuit for allegedly failing to disclose the alleged involvement of celebrities in promoting and selling NFTs.
The class-action lawsuit filed on behalf of several investors alleged that billions of dollars were made in sales and re-sales via misleading promotions and manufactured celebrity endorsements.
And recently, Sotheby's was caught up in this issue as the renowned auction house was added as another defendant to the case. The lawsuit claimed that Sotheby's actions had led investors to purchase BAYC tokens, as the auctioneer brought an "air of legitimacy" to the products.
According to Ars Technica, the lawsuit noted that "Sotheby's representations that the undisclosed buyer was a 'traditional' collector had misleadingly created the impression that the market for BAYC NFTs had crossed over to a mainstream audience."
This "traditional" collector was reportedly none other than the defunct crypto-exchange company FTX, which Sam Bankman-Fried then led.
Read Also: CryptoWatch: GameStop Wallet Ends, Bitcoin Bonnie and Clyde Pleads Guilty, Kenya Suspends Worldcoin
Singapore's Iconic Crypto Regulation to Bolster Stablecoins
Singapore is now making headlines for being the first country to approve its cryptocurrency regulation to bolster stablecoins.
Digital currencies, known as stablecoins, often backed by tangible assets like cash or government bonds, are designed to keep a steady value in relation to a fiat currency. Two leading firms, Tether's USDT, and Circle's USDC, dominate over 90 percent of the stablecoin industry, estimated to be worth about $125 billion.
According to the recently created Singapore policies, stablecoin issuers must maintain a minimum base capital of $1 million Singapore dollars ($740,000) and must make redemption requests within five working days.
Singapore branch of stablecoin issuer Circle recently received a license for digital payment token services from the Monetary Authority of Singapore (MAS), demonstrating the country's dedication to regulation and advancement in the cryptocurrency industry.
Top Cryptocurrency Prices Now
With all that has been happening in the cryptocurrency industry, the prices for the top-grossing cryptocurrencies in the market are dropping. According to CoinMarketCap, three of the top five coins in the list have seen a massive value drop in the past week.
Bitcoin, which was at a $29,000 valuation last August 14, is now down to $26,134, a massive 10.58 percent drop over the past week. On the other hand, Ethereum, which was at $1,840 in the same period, is now seeing a $1,600 valuation, an 8.53 percent drop over the past seven days.
Tether USDT remains at roughly the same value at varying $1 but saw a 0.10 percent increase over the past week. BNB and XRP also saw a significant drop over the past week, with as much as 9.94 percent and 14.20 percent, respectively.
Related Article: CryptoWatch: Sam Bankman-Fried Is Going to Jail, Bitcoin Price and Effects, Bybit's Elite Wealth Management
