As the crypto market gains momentum from the drop, markets show signs of people accumulating Etherum as the valuations look attractive. As you go through this article, let’s check the latest news and what’s happening in the crypto market.
#1 Bitcoin stays steady, while Ether rises significantly
As recorded on Wednesday, the value of Bitcoin was around $50,000. The overall value was observed when the CEOs of major crypto companies were sharing their views around the US regulation. In those instances, Bitcoin rose up to $50,676 across a period of 24 hours. However, the trading volumes went down once again on Wednesday.
Bitcoin continued to attain stability post a sell-off which was nearly 20%. Currently, the buyers need to break a resistance that’s equivalent to $55,000 to lead themselves to the upside targets.
Momentum signals further indicate the buyers staying active at the current support levels. It’s also expected that the trading volume may rise with a move of 100-period on the four-hour chart. Despite the present condition, stocks rose on Wednesday. The eagerness for risk assets also increased when BioNTech and Pfizer announced the potential of the third dose of the COVID-19 vaccine. Owing to the scenario, it can be beneficial to the crypto market. Visit cryptoclass.com to know more about the happenings in the crypto market.
#2 Australia lays down new laws for the regulation of crypto
Australia will soon create a framework for cryptocurrency exchanges in the coming days. It will also consider launching a retail central bank digital currency with the payments industry taken into account. It will further extend the payment laws so that individuals can move with online transactions through providers such as Apple Inc., Google, and Afterpay Ltd. Meanwhile, the conservative government of Australia is trying to position itself to reign in large-scale IT companies. The officials will follow an inclusive approach than China and India, which has considered cryptocurrency unethical.
According to the Treasurer, Josh Frydenberg, there is a need to reform the existing framework. If the action is not taken ahead, then the future of the payment system will lie in the hands of those working in Silicon Valley. The treasurer further spoke that the government would regulate businesses that hold digital assets on behalf of consumers.
There are many ways in which regulation of crypto exchanges and Buy Now Pay Later (BNPL) companies can serve to be beneficial. In the former case, it will enable recognizing entities holding a considerable sum of money and investments. But, once the BNPL companies are regulated, it can help reduce financial stress and the risk of debt.
At a global level, it seems that proposing new laws is the sensible move of Australia. It will help customers own crypto assets through banks as Australia is trying to establish a regulatory framework. On the other side, the regulators in Britain need assistance for governing the promotion of crypto assets online. With this being considered, it can help combat the issue of ‘problematic content.’ If you wish to stay updated with what’s going on in the crypto market, you can check out our website cryptoclass.com.
#3 Visa Inc. launches a global crypto advisory service for merchants and banks
As entities adopt digital currencies, Visa Inc. has launched a crypto advisory service for banks and merchants. The payment processor took this decision owing to the increasing demand for crypto services. It also aims to retain or attract customers through a crypto offering. On the whole, the services include educating institutions about cryptocurrency. The move will enable individuals to use the payment processor’s network and make it easy to manage the backend operations. Presently, Visa uses the network to help people buy, sell or take great care of cryptocurrency.
The overall experience was good when Uma Wilson, a professional at the UMB Bank, approached Visa Inc. She said that when she learned about cryptocurrency, the use cases were valuable for managing retail or a commercial business.
Apart from everything else, Visa offers a credit card that can help earn bitcoins when something is bought. The individuals can use the US coins whose value is equivalent to one US dollar. They can use the coins when making a transaction through the payment network. However, the CFO of Visa stated that there should be stability in the price if the cryptocurrency has to be used as a mode of exchange. If the price is about to drop significantly within a span of a few hours, then the merchant should not consider accepting bitcoin. But, regarding stablecoins, people might accept it as a mode of exchange. The company must later make it easy to make transactions at a suitable time. Feel free to go through cryptoclass.com if you wish to stay ahead in the crypto market.