Almost every nation has reframed its digital assets for supporting or opposing crypto. El Salvador is the only nation that legalized Bitcoin by introducing Bitcoin Law all across the country.
Most recently, the Financial Conduct Authority (FCA) of the United Kingdom has announced that it is planning to introduce a market abuse regime for crypto assets in 2024.
The FCA’s Business Plan 2024/2025 aims to safeguard consumers, ensure market integrity, and promote effective competition. As per the available information, the market abuse regulations were already implemented in the European Union in 2016.
This regulation in the European Union will address issues such as insider trading, market manipulation, and reporting of suspicious transactions. The law applies to all citizens who can temper or manipulate the market.
As per the proposed regime, the cryptocurrency exchanges working in the nation must identify and disrupt market manipulation and insider trading activities.
The Business Plan 2024/2025 further notes that FCA aims to “recover £6.2m of costs for the new regulation of stablecoins and wider regime and £0.2m for extending the financial promotions perimeter.”
“We will continue supervising crypto asset firms’ financial promotions, increase our technological capability to detect harmful financial promotions, develop our InvestSmart and Consumer Awareness (currently ScamSmart) campaigns and our work with social media platforms and search engines,” the FCA said.
Other News
Following the sudden growth of crypto prices, the fear and greed index of the market has crossed the red line in the extreme greed region. However, the index tumbled in the past few hours and reached below 75, termed greed, not extreme greed.
Fidelity recently filed its updated Ethereum spot ETF application, including a staking feature. It presents the potential of staking actions for the ETF, a fundamental feature of Ethereum once the platform switched to a Proof of Stake (PoS) paradigm.
The SEC has up to ninety days to respond to the modification. The SEC postponed the due date for its decision on the funds over two weeks ago, so May 23 is the formal date for BlackRock and Fidelity to submit their spot Ether ETF applications.
Market Price Update
Since the beginning of 2024, the entire cryptocurrency market has outperformed; Bitcoin, the market leader, traded at its all-time high. At a point in time, the market capitalization reached above $2.50 Trillion.
Memecoins has performed significantly over the past few weeks; Pepe (PEPE) grew more than 19%, which makes it the topper of the intraday gainers list. Optimism(OP) price flourished by 14.66% and Arbitrum(ARB) by 12.87%.
However, the 24-hour loser list is led by Avalanche(AVAX) as its price slips 2.74%, Dogwifhat (WIF) 1.88%, OKB(OKB) 1.76%, Ronin(RON) and Akash Network (AKT) 0.40%.
Tether (USDT) remains the most traded crypto in the market, followed by Bitcoin, Ethereum, First Digital USD, USDC, BNB, Dogecoin, XRP, Avalanche, and Shiba Inu.
Ethereum grew above $3,800 in March 2024. However, its price fell more than 6% in the past 48 hours.
