Crypto Market Collapses, US SEC Stresses Crypto Regulation, Visa Launches Crypto Advisory Service

The global crypto market has experienced some of the worst days in recent days.

The global crypto market capitalization is currently around $2.51 trillion, which is a decrease of 0.53% in the last 24 hours.

Bitcoin, the largest cryptocurrency by market capitalization, and Ethereum, the second largest cryptocurrency by market capitalization, recorded sharp falls on Monday and Tuesday, nullifying the small gains they both made over the weekend.

Over the past week, both Ethereum (ETH) and Bitcoin (BTC) have been on a roller coaster, but well below all the highs set by the two coins over the past month.

Bitcoin has fallen below $47,000, while Ethereum is struggling below $38,000, continuing a slump that began on Sunday evening.

The current market slump has affected the majority of cryptocurrencies, including altcoins, with meme coins being the most affected. The three biggest losers are ShibYield Inu (SHIBYIELD), Next Token (NXT) and GigaChad (CHAD), which have all declined by over 96%.

Omrickn COVID-Variant and Crypto Regulation

The slump follows the new economic turmoil triggered by the COVID-19 variant of Omrikon, which threatens to strangle the world’s economies once again.

There is also the ongoing stifling of crypto regulation in the US, with the SEC emphasizing crypto regulation to keep the crypto world at bay. The US president already signed the $ 1.2 trillion infrastructure bill last month, which contains provisions on the crypto tax.

US SEC chairman Gensler reiterated in an interview with the Wall Street Journal on Sunday that the US needs more crypto regulation.

During the interview, Gensler said:

“Cryptocurrency fits into the broad remit… I’ve said publicly, ‘Come in, work with the SEC, get registered.’It’s really important to get that investor protection.“

Visa’s Crypto Advisory Services

In a press conference last week, Visa said that the crypto advisory services will be aimed at financial institutions, retailers and other firms to help them better understand the crypto space.

Although Visa’s move does not directly affect individual crypto traders and investors, it shows that cryptocurrencies are gaining popularity in the corporate world in the United States.

Stay in the Loop

Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

Latest stories

You might also like...