Market Buzz
The crypto market is green
On June 28, the global cryptocurrency market was in green. The total market cap stands at $1.37 trillion. This is a 3.46 percent rise over the previous day. The crypto market volume for the last 24 hours was $74.43 billion. This is a 13.33% decrease.
All stable coins now account for $58.69 trillion, or 78.85% of the 24-hour cryptocurrency market volume. Bitcoin’s current price is $34,351.88, and its dominance is 47.06%, an increase by 0.34 percent over the previous day.
Big Story
Financial watchdog orders Binance crypto exchange to cease UK-regulated activities
The Financial Conduct Authority (FCA), Britain’s Financial Conduct Authority, ordered Binance cryptocurrency exchange to cease all regulated activities in the country. Binance was not authorized. The FCA had previously written permission for the exchange to engage in regulated activities.
According to the FCA statement, “No other entity within the Binance Group has any form of UK authorization, registration or license to conduct regulated activities in the UK.” The UK’s decision comes as Binance, the largest cryptocurrency exchange in the world, is being scrutinized by regulators from other countries such as the United States and Germany.
In Focus
Athena promises to install 1,500 cryptocurrency ATMs throughout El Salvador
Athena Bitcoin will invest more than $1 million in cryptocurrency ATMs to be installed in El Salvador, particularly where residents receive remittances abroad.
Athena Bitcoin’s website states that you can use their ATMs for bitcoin purchases or to sell them for cash. The company plans to install approximately 1,500 ATMs and hire staff to open an office in El Salvador. El Salvador became the first country in June to accept bitcoin as legal currency.
This change will take effect in September. Nayib Bukele, El Salvador’s president, “posed us with the difficult challenge of 1,500 ATMs. We will pursue that, but in stages.” Matias Goldenhorn, the director of Latin America at the firm, stated that they are a private business and want to see sustainable development in El Salvador. (Reuters)
Analyse
El Salvador’s Bitcoin experiment may not be as disruptive as it seems at first glance
The key question is what the implications of simultaneous circulation of two “assets” – Bitcoin and the dollar – are as a medium for exchange and legal tender. These are just a few examples of situations that have been part of the history and evolution of money.