Crypto Weekly Roundup, 4th - 10th July!
Weekly Summary
Legislation announcements from the EU, US and UK, appear to have restored some investor confidence in Crypto. These announcements coupled with general market gains, have led to growth of just under 10% in the overall crypto market cap this week. Bitcoin finished the week above $20,000.
Market Recap
It was a good week for crypto. In line with a general market upturn, the overall crypto market cap recovered by 9.7% to just over $950 million.
BTC is back above $20,000. How long will it stay there? In this market, probably not long. The top 10 had a good week, as all non-stablecoins were in the green.
In the News
Two weeks ago, EU lead negotiators agreed in principle on key legislation for Crypto assets through the MiCA bill. The bill still needs to be voted on in parliament. The UK and US have also announced plans for similar legislation to be brought in.
The MiCA bill:
The bill would force all crypto assets to be registered with EU authorities, to create a “white paper” document, and to keep bank style reserves for stablecoin.
Measures protecting against market manipulation and money laundering were also included.
Although not yet agreed, some parties are attempting to ensure NFT are required to follow the same laws.
The U.K.:
The U.K. are seeking views from investors, professionals, and companies on taxation in DeFi, as they start to press on with legislation. They aim to bring in stablecoin legislation by August.
The Bank of England’s Financial Policy Committee called for “enhanced regulation” on the whole market.
The Financial Conduct Authority has announced a crypto and payments unit, to help create new legislation and tackle crimes within the crypto sphere.
The US:
The US treasury department has created a Fact Sheet with a framework for international crypto regulation.
The framework works to ensure that America’s core democratic values are respected within the crypto sphere.
Singapore:
The Monetary Authority of Singapore is looking into increased crypto regulation that would place limits on retail participation in the crypto space.
Last weekend, as Martin Guzman, the Argentine Finance Minister, resigned, Argentinians sought to hedge the devaluing Peso using stablecoin.
The peso dropped 12% in value compared to stablecoins, as Argentinian purchasing tripled in comparison to normal weekends.
Singapore based crypto lender Vauld is the latest in a long line to suspend withdrawals.
Sources
https://coinmarketcap.com/charts/
https://coinmarketcap.com/historical/20220710/
https://blockworks.co/eu-members-reach-agreement-on-mica/
https://www.coindesk.com/policy/2022/07/05/uk-government-seek-views-on-defi-taxation/
https://www.coindesk.com/policy/2022/06/30/eu-agrees-on-landmark-crypto-authorization-law-mica/
