Crypto
So What’s The Deal With Bitcoin, Cryptocurrency Prices?
![So What’s The Deal With Bitcoin, Cryptocurrency Prices?](https://www.thestreet.com/.image/t_share/MTg3MTM0MDE1NjQ2NDc1NDA1/bitcoin-1.jpg)
It does not appear that way back.
On Nov. 10, 2021, bitcoin reached its all-time excessive of $69,044.77. On that very same day, the Dow Jones Industrial Common completed down 112.24%, or 0.3%
However issues modified quickly and as of Monday, Might 9, bitcoin was down almost 5% to $33,001 finally examine. The value is off 14.4% from 7 days in the past and down a surprising 52.4% from that day in November.
Ethereum was down 6.4% to $2,407.97 and off 15% for the week. The cryptocurrency is down 38.5% from a yr in the past.
And dogecoin was off about 7% to $0.117367. The meme coin is off 11.7% from every week in the past, and down almost 82% from a yr in the past.
Decentralized finance or DeFi crypto, solana, was down 7.4% to $71.65, and off 20.4% from a yr in the past. Avalanche was falling 4.5% to $49.66, however up 29.3% from a yr in the past.
In the meantime, the Dow Jones Industrial Common was down 563 factors or 1.63% by late morning.
You Need Fries With That?
Billionaire Michael Saylor, has been a bitcoin evangelist, and his firm MicroStrategy (MSTR) – Get MicroStrategy Integrated Class A Report , which has had bitcoin on its stability sheet since 2020, was ( down almost 9% to $268 finally examine.) – Get Roblox Corp. Class A Report
Saylor tweeted a doctored image of himself as a McDonald’s (MCD) – Get McDonald’s Company Report cashier holding a serving of french fries.
“Monday morning is time to get again to work. #Bitcoin,” the caption learn.
Gaming platform Roblox (RBLX) – Get Roblox Corp. Class A Report was off 3.4% to $26.87 and different metaverse shares like Fb guardian Meta Platforms (FB) – Get Meta Platforms Inc. Class A Report and Nvidia (NVDA) – Get NVIDIA Company Report had been within the purple.
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The crypto value drop lit up social media, with one individual posting an image of a man clutching his chest. The caption learn “If you purchase the dip, but it surely retains dipping.”
One other person posted a variant of the Nike “Simply Do It” slogan captioned “How one can survive a #Cryptocrash” and the road “Simply Hodl It,” the crypto-speak model of “maintain.”
NFT, non-fungible token costs, have additionally been falling, prompting one individual to tweet a video clip of divers tumbling right into a swimming pool with a caption studying reside take a look at NFT costs.
“That is shut,” one individual responded. “Take away the water and it’s a greater analogy.”
The Wall Avenue Connection
“The crypto market is displaying the very best optimistic correlation with inventory indexes ever in historical past,” mentioned Winston Ma, managing associate of CloudTree Ventures, Creator of “The Digital Struggle – How China’s Tech Energy Shapes the Way forward for AI, Blockchain and Our on-line world.” “Bitcoin, ETH and different cryptocurrencies have been carefully correlated to motion in fairness indices, and that pattern is constant.”
Ma mentioned “investor sentiment in direction of inflation and Fed financial coverage continued to hit riskier belongings this Monday.”
He mentioned that as crypto costs fall, even the “stablecoins” turned destabilized.
“Traders had been spooked by a uncommon occasion — the stablecoin TerraUSD briefly dropping its U.S. greenback peg,” he mentioned. “As a result of stablecoins are the currencies for your entire crypto market, the destabilized ‘stablecoin’ might spark worry concerning the systemic threat of the general market, albeit briefly.”
Frank Corva, cryptocurrency specialist with Finder, mentioned Terra was one of many hardest hit of the key cryptos this weekend.
“Fears of UST, the algorithmic stablecoin on the Terra blockchain that’s pegged to the US greenback, dropping its peg circulated on-line over the weekend, seemingly inflicting LUNA’s value to drop,” he mentioned.
Corva mentioned that in contrast to different stablecoins like Tether and USD Coin, which depend on reserve belongings to help their peg, the worth of UST is primarily depending on LUNA tokens, that are burned, or completely destroyed, to mint UST tokens.
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Crypto
Mexico Ranks Third in Latin America for Cryptocurrency Ownership: Blockchain Trends
![Mexico Ranks Third in Latin America for Cryptocurrency Ownership: Blockchain Trends](https://www.crypto-news-flash.com/wp-content/uploads/2024/07/mexico-ranks-third-in-latin-america-for-cryptocurrency-ownership-blockchain-trends-e1719838062380.jpg)
- Currently, 3.1 million Mexicans own cryptocurrencies such as bitcoin, ethereum, solana, dogecoin, or binance.
- Coinbase aims to enter the Mexican market with cost-effective cryptocurrency withdrawal services, aiming for a 30% reduction.
The adoption of cryptocurrencies among Mexicans has seen substantial growth, with 3.1 million individuals owning digital assets such as bitcoin, ethereum, solana, dogecoin, or binance. This accounts for 2.5% of Mexico’s population, positioning the country as the third highest in Latin America for cryptocurrency adoption, trailing behind Brazil and Argentina.
Globally, Mexico ranks 16th in cryptocurrency adoption, according to the Chainalysis Global Crypto Adoption Index.
“Facilitate the withdrawal of cryptocurrencies and offer services up to 30% cheaper than traditional cross-border payment methods.”
Luiz Eduardo Abreu Hadad, Sherlock Communications Researcher and Blockchain Advisor, wrote:
“It seems that Latin America is ready to ride the crypto wave.”
Remittances have played a pivotal role in driving this adoption. In 2023, remittances sent to Mexico totaled $63.313 billion, marking a significant increase and fueling a 60% growth in cryptocurrency exchanges to local currency transactions through platforms like Bitso Business.
Continuing with the previous Crypto News Flash report, the interest in the Mexican market among crypto exchanges continues to rise. Coinbase, for instance, aims to enter the Mexican market by offering cryptocurrency withdrawal services that are up to 30% cheaper than traditional cross-border payment methods.
Luiz Eduardo Abreu Hadad, a researcher and blockchain advisor at Sherlock Communications, noted that “it seems Latin America is ready to ride the crypto wave,” reflecting the region’s growing enthusiasm for digital assets.
Brazil leads Latin America in cryptocurrency adoption, ranking 9th globally, driven by the approval of exchange-traded funds (ETFs) for digital assets and increased acceptance of cryptocurrencies by banks.
Argentina, on the other hand, ranks second in Latin America and 15th globally for cryptocurrency adoption, with 5 million citizens owning some form of digital currency. High inflation rates and stringent capital controls have spurred this adoption among the Argentine population.
In contrast, despite El Salvador’s adoption of bitcoin as legal tender, cryptocurrency adoption has declined. The country dropped from 55th place in 2022 to 95th place in 2023 in terms of public acceptance.
In a previous Crypto News Flash report, overall, the increasing adoption of cryptocurrencies in Mexico and across Latin America underscores a growing trend influenced by economic factors like remittances, inflation concerns, and regulatory developments that shape public perception and engagement with digital assets.
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Crypto
Cryptocurrency Price Today: Bitcoin Rises Above $63,000 Over The Weekend
Crypto
Cryptocurrency after the European Union’s MiCA regulation | Opinion
![Cryptocurrency after the European Union’s MiCA regulation | Opinion](https://crypto.news/app/uploads/2024/06/crypto-news-Cryptocurrency-after-the-European-Unions-MiCA-regulation-option01.webp)
Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial.
The Markets in Crypto-Assets Regulation (MiCA) marks a significant milestone in the European Union’s journey toward regulating the rapidly evolving crypto market. Its timeline and provisions hold immense importance for both crypto businesses and investors. As we approach crucial dates, starting with the application of stablecoin provisions from June 30, 2024, and the complete application of MiCA on December 30, 2024, the crypto landscape is undergoing a transformative phase.
Over the next two years
MiCA’s staggered timelines and transitional periods, extending up to June 30, 2026, imply a period of fragmented implementation across the EU and European Economic Area (EEA). Jurisdictions such as Ireland (12 VASPs), Spain (96 VASPs), and Germany (12 VASPs) will grant a 12-month transitional period. In contrast, other jurisdictions will offer more extended periods, such as France (107 VASPs) with 18 months, while Lithuania (588 VASPs) will likely only grant five months. This transitional phase will prompt market consolidation as not all existing service providers will secure MiCA licenses. Many will look to capitalize on this interim period before winding down operations.
The race among EU/EEA jurisdictions to become the primary hub for crypto activities intensifies, with jurisdictions like France, Malta, and Ireland competing to take the top spot. However, regulator readiness and compliance for crypto-asset businesses pose significant challenges. Regulators are facing an adjustment period to upskill their staff to process MiCA applications, particularly in jurisdictions with high applicant volumes. The complexity of various business models, encompassing numerous products unfamiliar to regulators, exacerbates this challenge. The general lack of expertise to authorize and supervise this sector requires substantial training efforts.
Challenges for crypto businesses
MiCA, coupled with the vast array of related Level-2 measures (many of which still need to be finalized) and other applicable EU instruments such as the anti-money laundering laws, the Digital Operational Resilience Act (DORA), and the Electronic Money Directive (EMD), create a complex regulatory framework. Understanding what provisions apply to each entity type and what documentation needs to be implemented will be challenging for some.
The delisting of crypto-assets, particularly stablecoins, from EU exchanges due to their issuers’ failure to obtain their licenses on time will pose considerable hurdles and limit the availability of certain assets for consumers.
Adapting to MiCA will strain many entities and require substantial investments in technological infrastructure. The Travel Rule, a requirement in which information must be shared between VASPs with each crypto transaction, also comes into effect at the same time as MiCA. The Travel Rule mandates that CASPs transfer a substantial amount of information about the originator. This includes their address, personal identification number, and customer identification number. In rare cases, it may even require the disclosure of the originator’s date and place of birth. This adds another layer of complexity, further highlighting the need for harmonization within the EU and solutions to comply with the Travel Rule that are interoperable and enable secure data sharing while preserving user privacy.
Key crypto market outcomes
Despite the challenges, MiCA instils confidence in EU entities due to heightened regulatory oversight, the promotion of investor protection and attracting mainstream institutional participation. Enhanced consumer protection measures mitigate risks such as fraud and hacking, fostering trust among retail clients.
MiCA’s reporting requirements will result in regulators across the EU possessing more data, empowering them to monitor market activities effectively. The ability to freely passport activities across the EU will facilitate cross-border operations and reduce regulatory fragmentation while expanding market reach.
MiCA’s prescriptive nature and all-encompassing regime set a precedent for global regulatory frameworks. Other jurisdictions are already observing and may replicate some of MiCA’s provisions and its approach, contributing to regulatory harmonization on a worldwide scale. However, concerns remain as to whether it will stifle growth and innovation and whether businesses will look to relocate to more permissive and less restrictive jurisdictions.
Steps after MiCA
MiCA’s gaps in regulating emerging areas like true defi (the provision of financial services or issuance of financial assets without identifiable intermediaries and with no single point of failure), lending, and NFTs necessitate ongoing policy discussions and further regulatory measures. Reports on these aspects will inform future regulatory developments, potentially leading to a second iteration of MiCA in at least the next four to five years or supplementary measures.
MiCA signals a new era of regulation in the crypto market, aiming to balance innovation with investor protection and market integrity. While challenges persist, MiCA lays the groundwork for a more transparent, secure, and inclusive crypto framework in the EU and beyond. As the crypto landscape continues to evolve, regulatory regimes must adapt to emerging trends and technologies, ensuring sustainable growth and fostering investor confidence.
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