Local relief march benthic or hopeless?

Written by Marcos Sotero, Analyst In the digital asset broker listed on the stock exchange GlobalBlock

Despite last week’s news regarding the latest inflation data, the cryptocurrency market has seen a comfortable rally since then. The headline US CPI for June was 9.1% on an annual basis, well above the average forecast of 8.8% and the highest since 1981. The result was another blow to economic and social welfare, such as federalism. The reserve is forced to be more aggressive. However, the price of Bitcoin has gained more than 10% since the news and Ethereum is up nearly 40%. When the market begins to respond positively to negative news, it is a sign that a local bottom may be in place at the moment, as fear may have triggered the pricing of the news.

After the disastrous events that unfolded in the cryptocurrency market over the past few weeks, strict regulations may arrive soon. The collapse of CeFi lenders may be the reason why regulators have been looking to implement strict controls on cryptocurrencies.

In a recent interview, SEC Chairman Gary Gensler said, “More broadly, the public will now benefit from investor protection around multiple service providers, exchanges, lending platforms, brokers and dealers. So, we at SEC, we work in every From these three areas — exchanges, lending, brokers — dealers — and we are talking to industry participants about how to comply or modify some of that compliance.”

The Chief Executive of the UK’s Financial Conduct Authority, Nikhil Rathi, outlined the regulatory objectives of the Financial Conduct Authority (FCA) on Wednesday at the Peterson Institute for International Economics. “The US and UK will deepen their relationship on crypto-asset regulation and market developments – including in relation to stablecoins and the exploration of central bank digital currencies,” Rathi said. However, so far, not much is being done to support the growth of the crypto ecosystem from regulators in the US and UK, whose delay is driving crypto-related businesses away from their economies.

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