What’s happening in the Cryptocurrency Markets and Bitcoin (BTC) – An Overview
The Federal Reserve tightening approach to combat inflation has increased price and selling pressure on the crypto industry.
Exchange Market liquidations totalled $200 million in the past weeks.
Since the Fed is likely to discover that reaching the previously proclaimed objective of 2% is unattainable, the economist thinks the Reserve may be pressured to adjust the inflation target from 2-3%.
On Monday, when equities and gold trade began, Bitcoin, following the market’s big selloff, dropped to a record low of $38,500. As gold is now priced at $1,990 and up $15, it means Bitcoin’s adverse association with gold has continued steadily.
Bitcoin (BTC) price has recovered to $40.715,06, with a plus 4.36 in 24h of trade, according to Coinmarketcap.com.
The European Union, like other countries across the globe, aims to impose strict rules on the cryptocurrency industry, which has lately grown rapidly.
Currently, the EU falls behind the UK and the US in developing legislation for the $2.1 trillion crypto economy. In March, EU legislators approved new laws allowing for the tracking of Bitcoin and other cryptocurrency transactions. If enacted, these laws will oblige digital currencies exchanges and other organisations to gather and store information about users in crypto transactions, including personal data.
40 cryptocurrency organisations wrote to the EU finance ministers asking that restrictions not exceed those currently implemented by the Financial Action Task Force (FATF) to combat money laundering.
The EU’s digital asset regulations are more stringent than other nations’, limiting crypto firms’ expansion in the European Union.
If the cryptocurrency industry manages to expand even further across the E.U. without big limitations, then there will be no limits to the benefits that investors around the world could get.
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Cardano, the renowned high-performance blockchain (ADA) created by Charles Hoskinson has been gaining incredible traction lately.
As per his official Twitter post, Charles offered his optimistic outlook for the Cardano ecosystem, which has received over 100,000 brand new addresses this month alone.
The ecosystem is set to flourish even more, particularly following the introduction of smart contracts technology, which has already drawn more than $300 million in user cash.
While Hoskinson’s statement may be deemed bold, he has reason to firmly believe in the growth of its network, given that Cardano is still in its early stages of acceptance and has yet to witness the sprouting of numerous decentralised solutions, like lending and borrowing platforms and NFT markets.
Cardano (ADA), like Ethereum, may see a significant boost in valuation once the demand for DeFi, NFTs, and decentralisation rebounds and returns to 2021 levels.
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