In a recent development, Bitcoin stabilized on its position in the lower range $6300 to $6400. The coin’s trading volume is currently around $3.8 billion as it pushes its dominance to 56.1 percent
Within the same period, tokens which has previously well performed suffered losses versus the US dollar between 5 to 10 percent. The fall was probably brought about by the ETH’s struggle to break beyond its $200 mark.
The past week has been one of the best for the crypto market in terms of its regulation and being institutionalized. Three days ago, the European Commission’s Vice president, Valdis Dombrovskis, stated that cryptos can co-exist with their financial system.
Nasdaq is also gearing up for the deployment of a cryptocurrency analytics tool for its investors. Gemini, lead by the Winklevoss twins, has launched the Gemini dollar (GUST), the market’s first stablecoin that is licensed and fully audited.
The European Commission’s recognition of the crypto sector is critical to the cryptocurrency and blockchain sector’s growth in the EU.
It has been years since the EU fell behind other countries like the US, Japan and South Korea in terms of the crypto trade volume and momentum on the growth of its market. South Korea’s daily trade volume still larger than that of all EU markets combined.
“We also had a good exchange of views on crypto-assets. We see that crypto-assets are here to stay. Despite the recent turbulence, this market continues to grow,” vice president Dombrovskis stated
The crypto community has welcomed the release of the GUSD as Tether’s dominance on the crypto market has sparked controversy among its members in regards to the Tether’s legitimacy. Experts said that Gemini’s stablecoin should be able to improve its infrastructure.
The recent surge on the price of major cryptos this week could have been brought about by any of the developments in the crypto sector.
Despite the recent bull market, the crypto market may still bottom out on a lower range and it seems that the market is unaffected but the developments in the past week.
Instead, the major cryptocurrencies’ prices have been solely driven by the market. Even as Bakkt has made an announcement to launch physically-settled Bitcoin futures, it virtually has not made an impact on the prices of BTC and ETH.