Category: Cryptocurrency News

The worsening condition of the crypto market has seeped through Ethereum. The market cap of Ethereum was purged by more than $100 billion last month. Ethereum was trading at $1,809.49, down -6.9% Wednesday, chart by Coingecko shows. The bearish market stance is getting more consistent as Ethereum appears to settle at its comfort zone and trade below $4,000 this year. Being second in line to the top crypto Bitcoin, Ethereum remains unassailable, with it maintaining its ranking as the second-biggest cryptocurrency in terms of market cap. ETH closed May with a market cap of more than $235 billion. The price action revealed a staggering 31% plunge compared to its market value on an opening day. May 1 gave ETH that hint of hope when its trading volume hovered over $15.33 billion with a whopping market cap of $341.05 billion. Suggested Reading | Axie Infinity Revenue Continues To Collapse – Here’s Why ETH Price On A Downward Trend Investor confidence waned in 2022, which propelled a massive sell-off of crypto assets. The panic worsened from May 9 to 13 because of Ethereum’s market cap drop. The negative market sentiment was brought about by the dwindling economic situation, inflation, Russia’s invasion of Ukraine, and increase in interest rates. ETH transactions in May reached over 16,950 at $1,947. This was followed by a humongous transaction amounting to 12.25 million ETH or equivalent to roughly $23.86 billion. ETH opened at a price action of $2,072 and had a $1,748 intraday low. Trading volume registered at $42.46 billion, which signifies a market cap of $236.88 billion. ETH total market cap at $218 billion on the daily chart | Source: TradingView.com The figures show a collapse of 30% in ETH’s opening day market value. And experts say the lowest point of ETH can extend to July 2021. What Triggered ETH’s Price Drop? Ether has been down for the past few weeks. The following are the factors that could have attributed to its price drop: Ethereum is getting ready for its Merge upgrade, wherein it will transform from PoW to PoS. However, developers see a security risk on its launch. Its PoS chain could get involved in a reorg issue in which the PoS Chain could split two transactions into two versions as well. Ethereum also suffered a reduction in user activity and demand, which could have aggravated its downward movement. A lowered NFT interest and DeFi profitability resulted in a drop in trading volumes. Suggested Reading | Bitcoin Market Cap Shed Over $120-B Last Month – How Much More Can It Lose? Ethereum advocates still continuously devour this digital asset despite the market remaining bearish. ETH’s opening day on May 1 had its trading values at $2,730, which maneuvered to a monthly high of $2,957 come May 5. It tested on May 27 at a monthly low of $1,721 and then closed the month of May at $1,942. The values ultimately show a reduction of 28% when comparing the values from the opening to the closing price of Ethereum in May. Featured image from Daily Express, chart from TradingView.com

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Crypto regulations in South Korea require exchanges to enforce strict KYC and AML guidelines and major crypto exchanges have delisted privacy coins in the past as well.

In addition to eco-friendly components, the IMF recommended central banks to include other features in the CBDCs, such as compliance, higher resilience and offline capabilities.

We're all aware that the Ethereum blockchain has struggled with scalability, decentralization, and a high gas charge. This was the first chain to use smart contracts, and it is still the most popular open-source platform for decentralized apps. Ethereum is utilized in every transaction, whether we are directly paying with it or acquiring some of…
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The decentralized nature of crypto assets ensures that transactions and activities involving the assets have no third parties interference. This has remained a leveraging feature that decentralized finance uses against its centralized counterpart. Yet, most criminal activities relating to cryptocurrency are scaling through based on its decentralized characteristics. One of such prevalent crimes is money laundering. Such loopholes have prompted some jurisdictions to propose laws for crypto and its related activities. The action is to control some of the excesses within the crypto industry and protect citizens investing in cryptocurrencies. Some of the laws center on stolen assets and illegal activities with them.   Related Reading | Bitcoin Market Cap Shed Over $120-B Last Month – How Much More Can It Lose? Among the cryptocurrency laws is the new one from Japan that could seize crypto assets obtained illegally. According to the report, the country’s Justice Ministry plans on revising the law on crypto seizures for organized crime-related cases. There’ll be a forceful take-off of any crime-related cryptocurrency with the amended law. A few days ago, the Japanese parliament passed a bill banning non-banking firms from stablecoin issuance. Their motive was to maintain and enhance consumers’ protection by cutting down potential system risks. Also, the bill listed the authorized groups that could participate in stable development or issuance. These include local trust firms, licensed banks, and registered agents on money transfers. Japanese Law Seizes Illegally Obtained Crypto Assets New reports from local media outlet Yomiuri Shimbun stated some processes that could birth the proposed law. The initial step would be a meeting between the Justice Ministry and the Legislative Council. Another included agenda would be discussions officials could retrieve the private keys of criminals. With the acceptance of the proposal, the legislature would revise the Act on Punishment of Organized Crimes and Control of Proceeds of Crime (1999). Hence, both courts and law enforcement officials would have legal backing to seize crime-related cryptocurrencies. These include proceeds from money laundering and others. According to Jiji Press, there’s an expectation that the discussion with the Legislative Council could commence by next month. The law concentrates on confiscating virtual assets from organized crime. However, it creates no detailed explanation of the procedures for cryptocurrencies acquired illegally. This poses the concern about continuous criminal indulgence in illegal practices using their free assets holdings. If all the necessary details are kept in the right order, there’ll be no further delay with the law amendment. The cabinet would approve it, followed by the parliament’s signing off. With such moves and the proposal’s nature, the implementation would have no resistance.   Related Reading | Polygon (MATIC) Price Falls Short Of Reaching Full Potential Despite Recent Developments Also, the law has listed some of the categories of assets that the officials could seize. However, it’s still confusing to find that cryptocurrency doesn’t match any type. The list includes monetary claims, physical property, and mobile assets like vehicles, supplies, tools, machinery, etc. Featured image from Pexels, chart from TradingView.com