Prices slump as the European Parliament advances vote to regulate crypto wallet transfers.
The total cryptocurrency market is flat on the day. BTC fell nearly 2.5%, however, as ETH dropped about 1%. Despite major assets in the red, AAVE continues to rise — now up over 12%.
Yesterday, European policymakers drafted new amendments to its Transfer of Funds Regulation to limit transfers from crypto-service providers to unhosted digital wallets, such as MetaMask or hardware wallets. These changes would require service providers, such as exchanges, to obtain information about the owners of addresses before users withdraw or deposit funds from their sites.
Citing money laundering and the potential for the criminal use of cryptocurrencies, policymakers say the amendments were made to “ensure crypto-assets from potentially dodgy sources do not enter the regulated financial system.” The final vote on the bill will be held today.
DeFi Digest: BNY Mellon to become primary custodian for USDC
American investment banking services company (and one of the largest custodian banks in the world) BNY Mellon was selected as the primary custodian for USDC by Circle. The partnership aims to bridge the gap between traditional and digital currencies by focusing on digital-asset custody, investment and cash management, and digital cash settlement.
Roman Regelman, CEO of Asset Servicing and Head of Digital at BNY Mellon, says its “role as a custodian for USDC reserves supports the broader marketplace and brings value to clients, founded on our role at the intersection of trust and innovation.”
With exponential growth in stablecoin USDC, Circle cofounder and CEO Jeremy Allaire agrees that the two companies have a shared interest in not just advancing cryptocurrencies in an ever-growing digital economy but also in delivering trust and security for clients and end-users.
NFT Snapshot: StockX responds to Nike lawsuit
StockX, an online sneaker and fashion marketplace, said in a court filing yesterday that the company’s move to use Nike shoe images as nonfungible tokens is a “fundamental misunderstanding.” This comes after Nike sued StockX for trademark infringement for selling unauthorized product images in February. The sportswear giant also stated that this interfered with its own nonfungible token plans.
According to StockX, the company used Nike photos as nonfungible tokens in a similar way to large retailers who sell its products. To StockX, the tokens are claim tickets that provide proof of ownership for customers when trading and receiving their items before and after payment — stating tokens are “absolutely not virtual products or digital sneakers.” As of today, the case is still ongoing.
Top altcoin gainers and losers: Past winners soar
- GMT/USDT +40.30%
- AAVE/USDT +12.05%
- ZIL/USDT +8.92%
- COMP/USDT +6.14%
- RON/USDT -3.86%
- THETA/USDT -4.98%
- WOO/USDT -6.47%
In the current market, buying strength has been a profitable strategy for traders, as prior gainers AAVE and ZIL add to their gains.
Meanwhile, RON is struggling following the more-than $600 million Ronin bridge hack reported earlier this week.
BTC technical analysis: Back to where we started
After a monstrous opening to the week, BTC has given up most of its gains. The market leader fell to as low as 44,200 USDT today before bouncing back above 45,000 USDT. This area had proven to be strong support in the last week. Buyers will need to hold on here, or else this week’s move up would be nothing but a mean deviation.
ETH technical analysis: Finding some support
ETH dropped alongside the rest of the market before bottoming around 3,200 USDT. The downward wick reached halfway between the 100-day and 200-day moving averages. Sellers are in control for the time being, but buyers should quickly show up if past performance is any indication. Bulls hope that this was just a cool-off before higher prices.
Altcoin technical analysis: SNX crosses major level
Despite dropping to near all-time lows in March, SNX made massive upward moves along with other popular decentralized finance assets. The token broke above its 200-day moving average yesterday and continues to trade there — something it has not done since last year.
Sustained buying pressure is needed to hold above the 200-day MA — otherwise, the usual downward trajectory could be in store.
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Source: https://www.okx.com/academy/en/markets-fall-after-european-parliament-self-custody-crypto-ruling-crypto-market-daily/