According to cryptocurrency analysts, the market is showing signs of stability, which indicates that it has entered a mature phase. Just a month ago, there was a high degree of hesitance among investors regarding risky asset classes, which include virtual currencies. Global cryptocurrency market capitalization pushed up 2% yesterday, whereas daily trade volume jumped up by 31% to over the $50 billion mark. BTC has been continuing its march towards the $20,000 region. In the last week, it has steadily been rising from $19,100 to its present price of $19,600.
Crypto-Highlights of the week
Mastercard, the global leader in digital payments, has launched a new initiative called Crypto Source that enables financial institutions to provide consumers with cryptocurrency trading and other associated services. To support this project, Mastercard and Paxos Trust Company have teamed up. The news signals a potential breakthrough for crypto-normalization in conventional markets.
India’s finance minister, Nirmala Sitharaman has stated that the government intends to discuss cryptocurrency legislation with G20 members while it holds the presidency of the summit. She further states India’s plans to establish a working framework, and standard operating procedures (SOPs) so that nations worldwide can benefit from a tech-driven regulatory and legal framework for cryptocurrencies.
The Japanese National Police Agency (NPA) has recently stated that Lazarus Group hackers from North Korea have been attacking digital asset firms in Japan. According to sources from within Japan, the NPA has linked cybercrime of this nature to the North Korean crime body at least five times now.
Infamous finance guru and shark tank investor, Kevin O’Leary recently remarked that he is of the view that the rise of BTC is an inevitability. He stated that this rise will likely be accelerated after the passing of the Stablecoin Transparency Act after mid-term elections in the US. This is another positive comment about crypto-sustainability by a high-profile figure in the global financial markets, which has been a trend as of late.
The Chinese central monetary authority recently reported the overwhelming success of its official digital currency which is still operating within a pilot phase. The report further states that the digital currency transactions amount to more than 100 billion yuan, or almost $14 billion. As Beijing keeps expanding the pilot locations, more than 5 million businesses in 15 provinces of China currently accept the digital yuan.