Daily news update: April 5th, 2022

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Crypto market update

The bullish momentum on the crypto market has weakened in the past several days. Cryptocurrencies are mostly consolidating and with a few exceptions are trading mostly horizontally. Bitcoin is moving in a narrowing price range, slightly above $46,000. According to analytical company Glassnode, institutional investors have been allocating funds to bitcoin, ethereum, and other altcoins despite the fragile macro environment, which might have been the reason of the latest bull run.

Bitcoin (BTC) is now trading at 46,536 USD up by 0,7% in 24h

Ethereum (ETH) is now for 3,484 USD no change in 24h

PlatonCoin (PLTC) is now for 0,671 USD up by 3.5% in 24h

Total marketcap is currently at 2.263 trillion USD up by 0.7% in 24h

(all data valid at the time of publishing, from Coingecko.com)

Daily news update

MicroStrategy and bitcoins: MicroStrategy, the bitcoin-accumulating business-intelligence software company, said it bought another 4,167 BTC for around $190.5 million. MicroStrategy now holds a total of 129,218 bitcoins, valued at around $6 billion at the current price of about $46,742. CEO Michael Saylor has said on several occasions that the company plans to hold the bitcoins long term and has no plans to sell it.

JPMorgan Chase and DeFi: On Monday (April 4), JPMorgan Chase Chairman and CEO Jamie Dimon talked about blockchain technology and decentralized finance (DeFi) in his company’s latest annual Letter to Shareholders. He said among other things: “Decentralized finance and blockchain are real, new technologies that can be deployed in both public and private fashion, permissioned or not”.

U.S and El Salvador: U.S. Representative for California’s 35th District, Congresswoman Norma J. Torres, announced on April 4 that she, alongside Congressman Rick Crawford introduced the Accountability for Cryptocurrency in El Salvador (ACES) Act to mitigate the risks to the United States of El Salvador’s adoption of Bitcoin as legal tender.

SEC and CFTC on cryptocurrencies: The Chairman of the US Securities and Exchange Commission (SEC) – Gary Gensler – reiterated the agency’s plans to exercise greater regulatory oversight on the cryptocurrency market to protect investors from fraud. Additionally, he revealed that the SEC and the Commodity Futures Trading Commission (CFTC) will work together to supervise the operations of digital asset trading venues. The two entities are America’s top financial watchdogs.

Singapore and crypto regulations: Singapore-based virtual asset service providers (VASPs) will need to be licensed even if they only carry out business overseas. These entities will now be regulated under anti-money laundering (AML) and counter-terrorism financing guidelines (CFT). Additionally, the bill ensures that the AML/CFT requirements imposed on digital payment token service providers, under the Payment Services Act, are in line with those of digital token (DT) service providers. It also gives more power to the Monetary Authority of Singapore (MAS) over the virtual asset sector.

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