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Cryptocurrencies Market Update ➡️ Solid ECN
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[QUOTE="Solid ECN, post: 206548, member: 83167"] [HEADING=1][JUSTIFY][B]Cryptocurrency market review[/B][/JUSTIFY][/HEADING] [HR][/HR] [JUSTIFY] The cryptocurrency market started the week with an attempt to grow but then moved to a decline and lost all the gained positions. BTC is currently trading around 44500.00 (–3.4%), ETH is at 3200.00 (+0.9%), USDT is around 1.0003 (–0.01%), BNB is at 420.00 (–2.5%), while USDC is around 0.9998 (+0.02%). The total capitalization has decreased to 2.066T dollars, and the share of BTC has fallen to 41.3%. The struggle between two trends continues in the market: hopes for an influx of investments in the sector due to global financial instability and fears of the introduction of tougher regulation of the cryptocurrency market by the US and the EU. The sector's growth at the beginning of the week is associated with the withdrawal of investors into digital assets amid a significant increase in inflation and the depreciation of fiat currencies. Also, the market was hoping for significant investments after hints from the Russian authorities that goods produced in Russia, including energy, could be sold for cryptocurrencies. Currently, such a mechanism is being worked out at the highest level. Turkey may become the first country with which trade will be carried out based on cryptocurrencies. Several experts believe that the Luna Foundation Guard (LFG) acquisition of BTC in the amount of 1.1B dollars to ensure the stability of the UST stablecoin also provides short-term support to the market. Despite the general enthusiasm of investors, by the middle of the week, the market began to correct, which continues to this day. The EU and the US authorities are still very wary of the continued adoption of cryptocurrencies in society and are constantly reminded of this, calling for the development of clear regulations for the digital asset market. This week, the European Systemic Risk Board (ESRB) warned that cryptocurrencies in general and stablecoins, in particular, pose a threat to European financial stability that needs to be countered with the necessary regulatory action. Earlier, US Treasury Secretary Janet Yellen spoke in a similar vein, stating that cryptocurrencies can be an instrument for illegal activities, although they occupy an increasing place in the investment activities of US citizens. Currently, the European Parliament is preparing amendments to the rules on combating money laundering (AML), which provide for the abolition of anonymity for any cryptocurrency transaction. The means to ensure this requirement has not yet been established, and the European Central Bank (ECB) has spoken out against such a decision. Previously, crypto-currency companies were only required to identify the transaction recipient of over 1,000 euros. Among other market news, it is worth highlighting the scandal in the cryptocurrency community caused by the initiatives of several environmental organizations. So, Greenpeace, together with other environmentalists, launched an information campaign called "Change the code, not the climate" to pressure the BTC community to move from the Proof-of-Work algorithm to a greener one. The campaign was supported by one of the leaders of Ripple, Chris Larsen, who allocated $5M for its implementation. The crypto community reacted negatively to this initiative and accused Larsen of hypocrisy and promoting the interests of his currency (XRP). Experts say that while he was earning his millions using environmentally harmful technologies, he was not interested in ecology. Also, the very attempt to put pressure on the fifty leading digital companies (mining, crypto-exchanges, and so on) seems to the cryptocurrency community a dangerous attempt by third parties to dictate their will to independent digital asset enthusiasts. Next week, quotes of most cryptocurrencies may continue to decline or consolidate.[/JUSTIFY] [/QUOTE]
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