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Crypto Daily Roundup: In recent years, cryptocurrencies have gained significant popularity and traction in the financial sector, revolutionizing how people conduct financial transactions. Looking at the current cryptocurrency market, experts perceive that regulatory measures need to be rolled out in India. Use cases such as implementing the Prevention of Money Laundering Act (PMLA) and expanding the provisions applicable to traditional financial companies to virtual digital assets have already been initiated in other countries.
This article is a daily crypto roundup with the latest updates on market trends and price movements of various cryptocurrencies like Bitcoin, Ethereum, Dogecoin, and more.
In an interview with Benzinga on the sidelines of the Oxford Blockchain conference, Breitman also discussed the prospects and challenges of integrating blockchain technology into government systems.
Although Breitman said he does not see corruption as a significant issue in the US, he acknowledged that blockchain could still offer benefits in terms of transparency.
He said the relative advantage of blockchain in markets with well-established financial systems is lesser than in emerging markets that need robust economic infrastructure.
Bitcoin gained more than 2 percent and was shy of the US$27,000 mark, while Ethereum jumped about half a percent but remained below US$ 1,750. A key bullish trend line is forming with support near US$26,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could rise further if it clears the US$27,200 and US$27,500 resistance levels.
Other popular altcoins like Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL) saw minor movements across the board. While KuCoin Token (KCS) remained the biggest loser for the second consecutive day, Stacks (STX) emerged as the biggest gainer of the lot.
Alibaba said on Tuesday that Joseph Tsai, one of its founders, will step into the role of Chairman come September. This leadership shuffle, which saw the company name Eddie Yongming Wu as its new CEO, comes as it reorganizes itself into multiple units, separating its technology services from retail divisions.
But crypto stakeholders bullish on the China narrative – the idea that Beijing is slowly warming up to crypto – might be closely reading the tea leaves as Tsai is a vocal proponent of crypto and an active Web3 investor.
Binance, the troubled cryptocurrency exchange, has withdrawn from key regions in response to mounting regulatory pressure. The UK-based subsidiary, Binance Markets Limited (BML), recently terminated its registration with the Financial Conduct Authority (FCA). This prompted the FCA to clarify that no Binance company can provide services in the UK.
A UK bill that proposes stablecoin and crypto regulation and provides crypto promotion supervision has been approved by the second chamber of the Houses of Parliament, the House of Lords.
The House of Commons has approved the Financial Services and Markets Bill (FSMB). It will now enter the final stages: Consideration of Amendments and Royal Assent.
