On this lazy Sunday, there’s only a slight pullback on the crypto markets. Rather than that, the market is pretty static and the market cap is still a little over $200 billion as a few days ago.
Yesterday, Bitcoin lost a little bit of its friction and it’s now trading at $6,484.72. The resistance point is still at $6,600 although a bullish momentum seems to have passed over the crypto market for the weekend. On the other hand, Ethereum gained another percent and is now at $216 at the time of writing.
All the cryptocurrencies are in the red zone more than the green one while Litecoin, Monero and Bitcoin Cash have gone through a 3 percent price drops in the past day. The rest of them haven’t shown any movement in the past 24 hours. Following the pump the past two days, Tezos surprisingly fell by 4 percent but Dogecoin is in the green with a 1.7 percent gain.
The total market capitalization hasn’t really moved much over the weekend. It dipped a little below $199 billion but soon recovered to $200 billion where it still is since yesterday. The trading volume decreased to about $10 billion on Saturday as well. However, the markets are in overall increase while Bitcoin is going strong dominating the market making it 55.7 % of it.
As an important note, if Bitcoin doesn’t spike its volume in the next day, it’s very unlikely for it to experience an upward movement. Ethereum is still expected to climb up the ladder if it maintains the stability point at $220.
Justin Sun Proves Crypto Is Not A Scam By Hiring A Former SEC Official
“We’re ready to fully embrace regulation here. We’ve just hired our first head of compliance, who previously worked for the SEC for almost eight years.”TRON’s founder wants to make sure that TRON is fully regulated in the United States but also Korea and Japan. He made a point that Blockchain is a like a new operating system and that the worlds need to embrace it and be more optimistic towards regulation. He continued saying:
‘’The SEC, I think also sees the blockchain as good opportunity for innovation in the United States. I’m hoping that this year the SEC will license and regulate coin-based exchanges. This year will be the year of full regulation.’’One of the ways that Sun can make blockchain mainstream is by launching the BitTorrent Token on the Binance Launchapd. BitTorrent is a file sharing protocol that serves 100 million users in more than 130 countries. Sun acquired BitTorrent for $126 million last year. However, former chief strategy officer Simon Morris of BitTorrent said that there is no possible way for the TRON blockchain to be able to handle the transactions conducted on BitTorrent’s network but at the end, he ended up being dismissed as an incompetent employee.
UN Thinks Bitcoin & Crypto Are “The New Frontiers” In Finance, Focusing On Ripple And IOTa
“Cryptocurrencies represent a new frontier in digital finance and their popularity is growing. The decentralized networks for cryptocurrencies, bitcoin being a well-known example, can keep track of digital transactions. They enable value to be exchanged and can give rise to new business models which would otherwise require significant regulatory and institutional commitments." the report states.According to the UN, blockchain and crypto have many use cases. As it is explained in the document:
"For example, a value token called ClimateCoin is being considered as a basis for creating a global market for carbon emissions, allowing peer-to-peer exchange of carbon credits and a direct connection with the Internet of Things. It would then be possible for devices to calculate their own carbon emissions and purchase carbon credits to offset those emissions."The document also focuses on innovation and how it comes from inherent trust, citing that "the innovativeness of this system lies in the way in which the various parts combine to create the trust and guarantees that the traditional financial system derives from institutions and regulation."
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