Bitcoin managed to continue its gains in a moderate manner during last week’s trading, to be able to exceed the $4,000 level and maintain it, to end March’s trading with gains of 8% for the second month in a row, with the continued control of the positive atmosphere on the crypto market and the high rate of investment demand on Buying cryptocurrencies, Bitcoin is still struggling to maintain its levels above $4,000 despite the absence of a strong and clear motive, as investors focus on regulatory developments in the crypto industry.
By the end of last week, the total market value of digital currencies rose to 143.5 billion dollars, amid the entry of new cash flow into the market.
Recently, we notice that the number of companies that are undertaking projects related to digital currencies and blockchain technology is increasing, in addition to trading platforms such as Q8 Trade , in a good sign that cryptocurrencies are starting to gain legitimacy.
Among the news that affected cryptocurrency price movements:
- Reports said that the US Commodity Futures Trading Commission (CFTC) It will monitor cryptocurrency-related applications in the form of Bitcoin futures offered by the delayed Bakkt trading platform, which was supposed to launch in mid-December.
Intercontinental is still awaiting full regulatory approval for the Bakkt platform that will offer the ability to trade bitcoin-denominated futures.
Finland has issued new rules regarding the legal status of crypto assets, and the proposed law includes that anyone who gives digital currencies in the country must be registered with the Financial Supervisory Authority in Finland, and thus will be subject to the rules related to protecting customer funds. This law is scheduled to be implemented in November. next November.
The Finnish Parliament has also approved an amendment to the Law on Detecting and Preventing Money Laundering and Terrorist Financing to include all crypto-related services in the money protection and anti-money laundering laws.
The Swiss Federal Council held talks on a proposal to develop blockchain technology and digital currencies, in order to keep pace with the country on the regulatory issue of the crypto industry.
Swiss President Uli Maurer said that blockchain technology and digital currencies must be put into a regulatory framework, and we must be faster and clearer than that, in a strong signal of support for the crypto industry.
Staying in Switzerland, Swiss-based cryptocurrency miner Envion AG has attracted some attention, with the Swiss Financial Market Supervisory Authority saying the company has raised about $90.5 million in initial coin offerings from nearly 37,000 investors without a license. Regulators say initial coin offerings are illegal under Swiss banking law.
Digitec Galaxus, the so-called "Amazon of Switzerland", has announced that it has accepted Bitcoin and other digital currencies as online payments.
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