Crypto market update
The entire crypto market is in green numbers today with Bitcoin challenging $42K while altcoins reported similarily impressive gains, thus the total market cap is up by $130 billion overnight. The latest growth seems to be driven by leaked text of United States executive order on cryptocurrencies and cointinuing fall of the asset markets. Interestingly the largest gainers were privacy coins Monero and ZCash.
Bitcoin (BTC) is now trading at 41,786 USD up by 7.2% in 24h
Ethereum (ETH) is now for 2,721 USD up by 4.9% in 24h
PlatonCoin (PLTC) is now for 0,569 USD up by 0.1% in 24h
Total marketcap is currently at 1.916 trillion USD up by 6.1% in 24h
(all data valid at the time of publishing, from Coingecko.com)
Daily news update
Sanctions against Russia and crypto: The European Commission confirmed on Wednesday it would extend the remit of its sanctions against Russia and Belarus in light of the ongoing conflict in Ukraine, adding details on the classification of cryptoassets. In a statement published on its website, the bloc said that cryptoassets fall under the scope of “transferable securities,” a classification which is not in the draft EU regulation on cryptoassets. These regulations, known as MiCA, are due for a key committee vote next week following delays last week.
Bitcoin price and old bitcoin wallets: According to MacroMicro on-chain data about the number of inactive Bitcoin wallets, the market may soon face a strong spike in volatility if the funds concentrated in these wallets move toward the market. Previously, a large satoshi-era wallet was activated by its owner, and 407 BTC could have potentially hit the market right before the spike to $42,000. The large wallet initially purchased the same amount of coins for approximately $355,000, a sum that is now worth more than $17 million.
Yellen and executive order on cryptocurrencies: Yellen’s leaked text of the order, which is supposed to be signed by Biden today, reveals the Biden Administration intends to take a “coordinated and comprehensive approach to digital asset policy.” It continued by saying the policy will “support responsible innovation,” resulting in significant benefits for all. However, it also mentioned “preventing threats” to the financial system, which leaves readers wondering what the Biden Administration deems a threat. Furthermore it also mentiones United States CBDC, which the U.S. is to “explore”.