Choppy Week for the Crypto Market
In today's newsletter:
Price Point: Bitcoin has dropped below the critical level of $20,000, ETH Fall Over 1.5%
Centre may regulate cryptocurrency over terror funding fears: Sources
Telecom Network Helium Developers Propose Shifting Network to Solana Blockchain Months After $200M Raise
Bitcoin has dropped below the critical level of $20,000, ETH Fall Over 1.5%
BTC fell 1.52 per cent to $19,962. Its intraday low was $19,862 at 2:04 pm. Its market cap decreased by 1.51 per cent to $382.05 billion, and its trading volume decreased by 14.64 per cent to $30.9 billion. BTC’s dominance over the crypto market slipped 0.01 per cent to 39.22 per cent.
ETH fell by 1.73 per cent to $1,551 and its market cap decreased by 1.73 per cent to $189.5 billion. Its trading volume dropped 26.44 per cent to $17.4 billion.
Centre may regulate cryptocurrency over terror funding fears: Sources
In view of the risks posed by the digital currency, the finance ministry is mulling imposing regulations on cryptocurrency, sources said.
As the most countries cryptocurrency as a source of funding the terrorism. On the sidelines of G20 meeting, India held discussions with other bilateral partners and international organisations on global regulation of private cryptocurrencies, sources said.
The dialogue over regulation on cryptocurrency is likely to intensify in the coming months.
“Cryptocurrencies are, by definition, borderless and require international collaboration to prevent regulatory arbitrage. Therefore, any legislation for regulation or for banning can be effective only after significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards,” Finance Minister Nirmala Sitharaman had said earlier.
Telecom Network Helium Developers Propose Shifting Network to Solana Blockchain Months After $200M Raise
The developers behind decentralized telecommunications network Helium have proposed shifting the entirety of the protocol to the Solana blockchain because of its faster transaction speeds, high uptimes and more interoperability with other blockchains.
Helium developers proposed shifting all Helium-based tokens, governance and economics around the network’s native HNT, DC, IOT and MOBILE tokens onto the Solana blockchain. The move would help scale the Helium network, which has grown to over 1 million “hotspots” in recent months, developers said.
Helium would also be utilized with ongoing Solana projects, such as the Solana Saga smartphone, thus increasing its use case, developers said.
The proposal comes months after Helium raised $200 million in a Series D funding round at a $1.2 billion valuation in February in a round led by Tiger Global and FTX Ventures.