Bitcoin, First Republic Bank, and European Crypto Regulation Take Center Stage
Bitcoin’s volatility has once again come to the forefront as the leading cryptocurrency lost its grip on the crucial $30,000 level and plummeted to a low of around $27,000 on Monday. However, it rebounded on Tuesday, soaring by about 10%. First Republic Bank is currently experiencing financial difficulties and appears to be the new domino in the ailing US banking system. While Bitcoin seemed to be profiting from the turmoil, the entire price increase was wiped out in just one hour.
First Republic Bank in Trouble, BTC Rises and Falls Dramatically
Banking instability in the United States and Bitcoin’s extraordinary price action dominated the crypto news headlines over the past week. Clients of the massive US bank, which holds a total of $233 billion in assets under management, have withdrawn more than $100 billion, which is more than 40% of the total. Investors appeared to be flocking to Bitcoin as a safe haven during the current turmoil. However, the decline over the past week was quickly corrected, and the upward trend appeared to have been resumed. Nevertheless, the crypto market remains unpredictable, and BTC proved that once again yesterday. The cryptocurrency plummeted by a total of 7.5% in just over an hour.
The drop was due to rumors that wallets connected to Mt. Gox and the US government had begun moving large sums of BTC. However, this rumor was later debunked, clearing the way for the price to rise once again. After this remarkable price action, BTC is now trading at similar levels to last week.
EU Approves Historic ‘MiCA’ Law, What Does This Mean?
Over the past week, the European Union has agreed on two significant plans regarding crypto regulation in Europe. The MiCA law, which stands for ‘The Markets in Crypto Assets,’ was convincingly approved. The first plan will make the rules on crypto licenses much clearer, and the second plan will require crypto services to establish the identities of users, or the ‘know your customer’ (KYC) policy.
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Trading Bitcoin on Telegram is Now Possible
Crypto exchanges are no longer the only place where you can trade your BTC or favorite altcoins. This week, Telegram announced that it would allow its customers to trade Bitcoin, in addition to its earlier support for Tether’s USDT and Telegram’s own Toncoin (TON).
Dogecoin Dips Sharply
While Bitcoin ran into significant resistance and took a hard dive yesterday, popular meme-coin Dogecoin (DOGE) suffered the biggest drop of the week. At the time of writing, the DOGE price is more than 10% lower than it was seven days ago. While some meme-coins have experienced a lot of hype over the past week, the king of meme-coins failed to capitalize on this. This week, for example, you could read that Pepe (PEPE) had soared 21,000%, and the gas fees on the Ethereum (ETH) network had risen sharply due to some new popular meme-coins.
Polygon Drops 8% Despite Collaboration with Google Cloud
Earlier today, you could also read that Google has unveiled a program in which it will financially assist Web3 developers if they want to use Google Cloud. The program includes various Web3 companies, including Polygon, to help grow projects within Web3 and startups. However, MATIC’s price has dropped considerably over the past week and is now at $0.98, a decline of 12%.
BNB is the Only One in the Green
The native cryptocurrency of the Binance ecosystem, BNB coin (BNB), is the only crypto currently higher than it was seven days ago. With a meager increase of about 2.5%, it performs much better than other major coins in the cryptocurrency landscape. As a result of the slight increase, the current number four in terms of market capitalization is trading at $330 and can be crowned the best-performing coin among the top fifteen cryptocurrencies.
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