Start up your day with our morning update, which will provide you with all the main information and events on the crypto markets for the previous day.
Crypto market update
During yesterdady afternoon and today, crypto markets turned to red numbers again. All main cryptocurrencies, except stablecoins, took a hit.
Bitcoin (BTC) still continues to trade inside the range of $31,300 and $40,550. Currently, it’s price is only slightly above the $32,600. (all data from Coingecko.com).
Ethereum (ETH), has recovered a bit, but is still below the psychological level of 2,000 USD, at 1,970 USD.
Top 100 cryptocurrencies are seeing multiple percentage losses in the past 24 hours, except for stablecoins.
Total marketcap also dropped by 4.5% to $1.35 trillion for the first time since June 26, which is close to breaking from the range low of $1.32 trillion.
In case you missed yesterday’s article: Visa approves new crypto debit card
Bitcoin: Popular on-chain analyst and market commentator Willy Woo has predicted the price of bitcoin could surge to $157,000 once the current pullback the cryptocurrency market has been seeing is over.
Tesla: Tesla is not in the red numbers when it comes to Bitcoin. However it is very close, because if Bitcoin’s price loses the $30K level, the question is if Tesla’s board would pressure Elon Musk into selling? And if Tesla sells, would that cause another market crash? Tesla currently owns approximately 38,406 BTC, worth more than 1 billion USD.
Regulation: Cryptocurrencies are not a threat to financial stability yet, said BoE Deputy Governor. According to him despite the cryptocurrency boom, the sector does not pose a risk to the financial sector’s stability. He said the current size of cryptocurrencies does not match the traditional financial industry. BoE’s view on cryptocurrencies is very different than the ones of other jurisdictions like China launched a crackdown on Bitcoin, citing a threat to financial stability.
During his Wednesday appearance on CNBC’s “Squawk Box,” former U.S. Treasury Secretary Steven Mnuchin said that buying Bitcoin was “perfectly fine.” With that being said, he states that the largest cryptocurrency should be in “a regulated world”.
According to a recent blog post, today the Governing Council of the ECB opened an investigation phase before launching a digital euro. This phase will be a two-year study of the main issues that can arise with the design and distribution of the European CBDC. According to Lagarde, the CBDC must meet the needs of EU citizens but, at the same time, avoid making a negative impact on local financial stability and the ECB’s monetary policy. She reminded readers that the CBDC will not push out cash but will be used alongside it. The ECB has also stated that the digital euro will be greener than Bitcoin
NFTs: French NFT-based soccer trading card game developer Sorare is closing in on a $532 million funding round with a valuation of at least $3.8 billion.