The total crypto market capitalization has fluctuated in a 17% range in the $840 billion to $980 billion zone for the past 28 days. The price movement is relatively tight considering the extreme uncertainties surrounding the recent market sell-off catalysts and the controversy surrounding Three Arrows Capital. From July 4 to 11, Bitcoin (BTC) gained a modest 1.8% while Ether (ETH) price stood flat. More importantly, the total crypto market is down 50% in just three months, which means traders are giving higher odds of the descending triangle formation breaking below its $840 billion support. #Bitcoin Bottom scenario : Since …

Jon Cunliffe, deputy governor for financial stability at the Bank of England, has called for a clear regulatory framework for crypto to address risks amid the recent market downturn. In a written speech at the British High Commissioner's Residence in Singapore on Tuesday, Cunliffe said regulators needed to “get on with the job” of incorporating crypto and blockchain into existing frameworks. He cited certain events leading up to what some have called the next crypto winter, including the price of Bitcoin (BTC) losing “70% of its value since November,” the collapse of Terra (LUNA) — now called Terra Classic (LUNC), …

Ashley Alder, the CEO of Hong Kong’s Securities and Futures Commission, will become the next chair of the United Kingdom’s Financial Conduct Authority. In a Friday announcement, the U.K. Treasury said it had appointed Alder to chair the country’s financial watchdog starting in January 2023. He will succeed interim FCA chair Richard Lloyd, who took office following Charles Randell’s departure in May. Alder has led the Hong Kong securities regulator since 2011 and also chaired the International Organization of Securities Commissions, or IOSCO. In a March report from the IOSCO, Adler said decentralized finance was “a novel and fast-growing area …

The Wall Street Journal Editorial Board has come out swinging against Gary Gensler’s “legendary” resistance to approving a spot Bitcoin (BTC) exchange-traded fund (ETF). The hard-hitting opinion piece, published on Wednesday, called out the Gensler-led Securities and Exchange Commission (SEC) for overt inconsistencies in how the commission handles applications for Bitcoin-related exchange-traded products (ETPs) compared to more traditional assets and other commodities. So far, Gensler’s SEC has rejected every proposal for a spot Bitcoin ETP, including two in the last week from Grayscale and Bitwise, which resulted in Grayscale launching legal action against the SEC. The editorial board said the …

US government officials who privately own cryptocurrencies are now banned from working on regulations and policies that could affect the value of digital assets. A new advisory notice released by the US Office of Government Ethics (OGE) on Tuesday stated that the de minimis exemption — which allows for the owners of securities who hold an amount below a certain threshold to work on policy related to that security — is universally inapplicable when it comes to cryptocurrencies and stablecoins. “As a result, an employee who holds any amount of a cryptocurrency or stablecoin may not participate in a particular …

The leadership of the crypto-friendly charter city of Próspera in Honduras has hit back at reports it is facing a backlash from residents of the neighboring community of Crawfish Rock over its expansion plans. A Tuesday article from The Guardian reported the special economic zone, touted as an island paradise with low taxes/fiscal responsibility, luxury homes and crypto-friendly regulation, has seen pushback from some residents of the Crawfish Rock community. Some residents are reportedly concerned about being displaced from their homes due to Próspera’s potential expansion plans, with the article describing the project’s headquarters as sitting “amid a landscape scarred …

The Central African Republic (CAR) has launched its new government-backed Sango crypto hub initiative to foster the development of the local digital asset sector. The Sango project follows the CAR’s adoption of Bitcoin (BTC) as legal tender in April. The initiative aims to attract businesses and global crypto talent/enthusiasts, ramp up local BTC adoption and oversee the rollout of crypto regulatory frameworks and infrastructure. A metaverse platform dubbed The Crypto Island and Sango Coin is also in the works. Speaking at the launch event on Sunday, President Faustin-Archange Touadéra outlined the vision for Sango is to have a “common cryptocurrency …

Discussion of the state of the crypto market has been a dominant headline over the past few weeks as non-crypto native media excoriate Bitcoin (BTC) and DeFi investors for investing in assets with no fundamental value. At the same time, crypto-savvy analysts and traders have been pouring over charts, looking for clues that signal when the market will bottom and reverse course. Novice investors are clearly nervous and a few have predicted the demise of the burgeoning asset class, but for those that have been around for multiple cycles, this new bear market is just another forest clearing fire that …

Crypto exchange Binance has signed a memorandum of understanding with the Securities and Exchange Regulator of Cambodia (SERC), according to a June 30 announcement. Binance and SERC will work together to develop digital assets regulations in the country. SERC is looking to leverage Binance’s technical expertise and experience in the field to develop its own legal framework for the digital asset market. Cryptocurrencies are not regulated in Cambodia, and any unlicensed activity involving these digital assets is highly prohibited. The partnership could prove pivotal for the South Asian country, where any crypto-linked activity has been deemed illegal since 2018. Gleb …

A mild sense of hope emerged among Bitcoin (BTC) investors after the June 18 drop to $17,600 becomes more distant and an early ascending pattern points toward $21,000 in the short-term. Recent negative remarks from lawmakers continued to curb investor optimism. In an interview with Cointelegraph, Swiss National Bank (SNB) deputy head Thomas Muser said that the decentralized finance (DeFi) ecosystem would cease to exist if current financial regulations are implemented in the crypto industry. An article published in The People's Daily on June 26 mentioned the Terra (LUNA), now renamed Terra Classic (LUNC), network's collapse and local blockchain expert …

Cointelegraph's managing editor Alex Cohen interviewed Figment's staking marketing director Robert Ellison at the European Blockchain Convention (EBC) 2022. The duo discussed topics like educating regulators on blockchain and crypto, how businesses navigate uncertain regulatory landscapes and regulating staking. According to Ellison, it's crucial to educate regulators in the space to mitigate the risks of their going overboard without understanding the basics. The Figment executive mentioned that clear understanding is important because of the complicated nature of the space. He explained that: “This is the battle we're fighting, and it's interesting to see that balance geopolitically to some countries versus …

Singapore’s financial regulator and the central bank have pledged to be “brutal and unrelentingly hard” on any “bad behavior” from the cryptocurrency industry. The comments come from the Monetary Authority of Singapore (MAS)’s chief fintech officer Sopnendu Mohanty, explaining in an interview that “if somebody has done a bad thing, we are brutal and unrelentingly hard.” He also hit back at the rhetoric of certain crypto market participants who have criticized the regulator for not being friendly enough to crypto, and instead questioned the legitimacy of the market, saying: “We have been called out by many cryptocurrencies for not being …