This Thursday, the market of the main cryptocurrencies operates with the majority of increases. The rise of Cardano (+10.2%) stands out, among the ten cryptos with the highest market capitalization. Solana, meanwhile, grows almost 9%. Terra, on the other hand, falls 1%.
In terms of news, the Bank of England began this Thursday to outline the Britain’s first regulatory framework for crypto assets, arguing that although the sector remains small, its rapid growth could pose risks to financial stability in the future if left unregulated.
Crypto assets have come under the regulatory spotlight amid concerns that they could be used to circumvent financial sanctions imposed on Russia after it decided to invade Ukraine.
“While crypto assets are unlikely to provide a feasible way to circumvent large-scale sanctions, the possibility of such a practice underscores the importance of ensuring that innovation is accompanied by effective public policy to (…) maintain trust and integrity.” of the financial system”the BoE’s Financial Policy Committee said in a statement on Thursday.
Crypto assets, such as bitcoin and ethereum, They are largely unregulated as they fall outside the so-called supervisory perimeter and would require a change in laws to bring them into the full scope of UK securities rules, a step the UK’s Chancellor of the Exchequer is considering.
The sector increased tenfold globally between early 2020 and November 2021, and now rise to $1.7 trillion or 0.4% of global financial assets, with more than 17,000 different crypto asset tokens in circulation.
A decision that can change the spirits
From the fundamental point of view, investors are waiting for the decision of the US Securities and Exchange Commission (SEC) to approve its first spot bitcoin ETF. Yesterday, the agency said it would extend its window to make a decision on WisdomTree’s Bitcoin investment vehicle. Having the Bitcoin Spot ETF approved will really be a game changer for bitcoin, and the fact that the SEC did not overturn the decision this time has increased the odds that the news will be more positive.
In the last few hours, it has also been noted that the balances of bitcoins and ethereums on cryptocurrency trading platforms have fallen to new lows, according to data from the BeInCrypto analysis platform. The exodus of bitcoins from crypto brokers is often seen as a bullish indicator of the market as it usually means that the tokens are being sent to cold storage locations, therefore it is seen as a sign of conviction by holders.
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Source: Ambito
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