ECB President Suggests European Union Move Quickly to Approve Crypto Regulation

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Rakuten Inc., a Japanese e-commerce behemoth, has announced the creation of a marketplace, and the price of Bitcoin has increased by 0.16% in the last 24 hours, while Ethereum has increased by 2.18%.

According to Bloomberg, European Central Bank President Christine Lagarde believes the European Union should rapidly implement cryptocurrency regulation to prevent Russia from avoiding sanctions after invading Ukraine.

When asked if Russia may use cryptocurrency to avoid sanctions, Lagarde said, “There are always criminal ways to try to evade a prohibition, which is why it’s so critically necessary that MiCA gets pushed through as swiftly as possible, so we have a regulatory framework.”

Bitcoin (BTC) was up 0.16% in the last 24 hours on the cryptocurrency market, and it was trading at $38,928.42 at 6:00 p.m. IST. 

Coinmarketcap.com presently holds 41.74% of the crypto market, down 0.7% in the previous 24 hours.

Ethereum (ETH) was trading at $2,754.23, up 2.18% in the past 24 hours, while Binance Coin(BNB) was trading at $372.21, up 2.34% in the same time frame. 

Cardano (ADA) was up 3.3% to $0.8897, and Solana (SOL) was up 1.23% to $90.63.

Meme coins

Dogecoin, the most popular meme coin, was up 1.9% at $0.1265 at 6:00 p.m. 

Shiba Inu, a competitor, was up 0.96% in the last 24 hours, trading at $0.0000244. 

Dogelon Mars was up 4.76% and was trading at $0.0000007914, while Samoyedcoin was up 1.74% and was trading at $0.01982.

Scenario Overview

The entire crypto market volume was $91.43 billion, down by 21.69%, while the global crypto market value was $1.77 trillion, up 1.89% in the last 24 hours.

The largest gainer was SHIBA TRON (SHIBT), which increased by 1097.24%. 

According to Coinmarketcap data, it was trading at $0.006084 at 6:00 p.m. 

The Luxury Coin (TLB), on the other hand, suffered the most loss, plummeting 98.38% to $0.8004, according to CoinMarket Cap data.

According to Coindesk, the Ministry of Finance’s draught bill on regulating cryptocurrencies will require Russian residents to make digital currency transactions through licenced operators, thereby making peer-to-peer exchanges illegal. 

Only cryptocurrency wallets that have been verified will be accepted.

According to numerous media sources, Japanese e-commerce giant Rakuten Inc. is developing a marketplace where consumers can buy nonfungible tokens called Rakuten NFT.

Shambhavi Soni
Shambhavi Soni

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