Markets looking for stability
In this newsletter:
Market Stabilizes Following Fed Rate Increase; BTC Up 0.91% XRP soar 5%
S. Korean Watchdog says $7.2 billion was primarily transferred through cryptocurrency exchanges
Report: Coinbase Completed a $100 Million Transaction to Test propreitary trading
Market Stabilizes Following Fed Rate Increase; BTC Up 0.91% XRP soar 5%
Following its most recent two-day monthly monetary policy summit, the US Federal Reserve increased interest rates by 0.75 percent to combat rising inflation on Thursday, but the global cryptocurrency market remained stable.
BTC increased by 0.91%. Its market cap jumped to $367.1 billion while it was trading at $19,116, a 0.92 percent rise, and its trading volume rose to $51.7 billion, a 51.7 percent increase. The market share of BTC increased by 0.17 percentage points to 39.56 percent.
The price of ETH dropped by 3.55% to $1,290, while its market cap declined by 3.54% to $158.1 billion. The trading volume jumped by 61.7% to $22.3 billion,
While XRP's market cap surged by 5.14 percent to $21.2 billion, its price rose by 5.14 percent to trade at $0.4253. Trading volume dropped by 12.1% to $3.5 billion.
SOL’s price rose by 1.74 per cent to $32.17. Its market cap increased by 1.8 per cent to $11.4 billion, and its trading volume increased by 75.8 per cent to $1.2 million.
S. Korean Watchdog says $7.2 billion was primarily transferred through cryptocurrency exchanges
According to the study, most of the transfers were made in U.S. dollars and were made to Hong Kong.
According to South Korea's financial watchdog, there have been $7.2 billion in abnormal foreign exchange transfers since June, the majority of which were made through cryptocurrency exchanges, according to a Thursday report by Bloomberg.
Last month, South Korea had arrested 16 people for their involvement in illegal foreign exchange transactions worth $2 billion. Bloomberg had previously reported that South Korea was investigating Woori and Shinhan for transferring $3.4 billion worth of funds overseas
The Financial Services Commission also intends to swiftly implement new crypto regulations as South Korea intensifies its crackdown on illicit cryptocurrency activity. There are currently 13 proposals linked to digital assets in the works.