The cryptocurrency market had a strong start to the week following the White House’s announcement of a deal to avert the debt ceiling crisis (although it still needs approval from Congress). As a result, bitcoin and ether recorded increases of 5.0 and 4.9 percent, respectively, leading to a correction in the one percent range this morning.
In addition to this news, China’s state agency published a document outlining suggestions for the government’s Web3 policy. This represents progress for the country’s aim to create the next generation of technology standards, which also influenced the global rise in digital asset prices.
The highest value of bitcoin in the previous 24 hours was at $28,411, marking the best result since May 8. As of now, it is trading at $27,917 per unit.
According to data from CoinDesk, the global crypto market index rose by four percent on the day, hitting $1.2T.
Joe DiPasquale, CEO of crypto fund manager BitBull Capital, noted in his report that Bitcoin solidified above $25,000 and remained stagnant for a few weeks before rising today.
DiPasquale mentioned that it remains to be seen whether this current rally will continue to $30,000, but the market-leading cryptocurrency is expected to test that threshold again in the short term.
The EU Cryptocurrency Regulation Has Completed the Procedure
The Council of the European Union has adopted the Regulation on Crypto Asset Markets (MiCA), which establishes the legal framework for the sector for the first time.
The European Parliament (EP) accepted the final text of this regulation last month, and now the MiCA regulation has cleared the final hurdle. The ministers of the member states within the Council agreed upon it at the meeting, and it is now ready for enforcement.
The Crypto Asset Markets Regulation aims to protect investors by increasing transparency and establishing a comprehensive framework for issuers and service providers, including compliance with anti-money laundering rules.
The new rules cover issuers of user tokens, asset-backed tokens, and stablecoins.
Service providers, such as trading venues and “wallets,” are also part of the regulation.