The crypto market is bleeding red with all the major cryptocurrencies like Bitcoin, Ethereum, Solana, XRP, Cardano, and Dogecoin among others dragging the global cryptocurrency market.
The recent European Union proposal requiring centralized crypto exchanges and custodial wallet providers to collect and verify personal information about self-custodial wallet holders shows the dangers of recycling traditional finance (TradFi) rules and applying them to crypto without appreciating the conceptual differences. We can expect to see more of this as countries look to implement the Financial Action Task Force (FATF) Travel Rule, initially designed for wire transfers, to transfers of crypto assets.
Investors will be focused on the U.S. central bank this Wednesday as Federal Reserve policymakers are expected to raise the benchmark interest rate aggressively. The top U.S. stock indexes saw significant losses at the end of the week, and the Nasdaq composite saw its worst four-month starting performance since 1971. Crypto markets have had a rough week as well, as the crypto economy has shed 8.99% against the U.S. dollar since April 25, dropping from $1.967 trillion to $1.79 trillion.
According to a recent CNBC Survey conducted by Spectrum Group, most millennial millionaires who have already had a massive chunk of their wealth in cryptocurrencies are thinking of investing more despite clashes in crypto prices. It is also to be noted that millionaires are more bullish about the economy, interest rates and tax rates.
There are dozens of Metaverse crypto coins on the market, and for a new trader, it may be hard to figure out which ones are the real deal and which projects have long-term potential.
The success of a network within the blockchain ecosystem is largely dependent of its ability to float successful projects. In the past few weeks, the Tron Network made a few announcements intimating investors and enthusiasts alike on the plans and projects of the network.
The finance department of the U.S. state of Idaho has warned investors of a series of cryptocurrency scams promising returns as high as 80% every 24 hours with no risks to investors.