Although recent news headlines suggested that the global regulatory crackdown on crypto is not over, Ukraine wants to legally recognize and regulate cryptocurrencies! I'm moving to Ukraine 🏃!
Speaking of adoption, Mastercard is going deep into the field of digital assets with a new acquisition of a blockchain sleuthing company. Many are asking why? One plausible answer is that the payment giant is getting ready for even greater adoption and hedging against it. So brace yourselves dear readers and buckle up for the ride!
Moreover, Cardano picks up steam with the big Alonzo hard fork that brought the Smart contracts and NFTs functionalities! Without any further ado, let's check out the charts and get started.
Cryptocurrencies are mostly trading lower today after a volatile week. Bitcoin's price crashed almost $9,000 in a day and trading $44,774 at the time of writing. Bitcoin’s dominance is at 41.13%, an increase of 0.07% over the past day.
The global crypto market cap is at $2.05 trillion, decreasing 1.42% from yesterday.
While the overall market volume over the last 24 hours is $115.14 billion, up 5.98%.
Ukraine to Recognize, Regulate Crypto
Possibly taking inspiration from El Salvador, the Ukrainian government has drafted a law that aims to legally recognize and regulate crypto in the country for the first time ever.
However, unlike El Salvador, the Ukrainian bill didn't mention anything about adopting bitcoin as a legal tender but will allow the people to own and trade cryptocurrencies that are recognized by the country. This also means that crypto firms will be welcomed to launch digital asset markets in Ukraine and enables banks to “open accounts for crypto companies, the Cointelegraph reported.
The new legislation now awaits the final approval of President Volodymyr Zelenskyy.
Cardano Rolls Out Smart Contracts, NFTs
Cardano, the open-source and decentralized public blockchain platform that has native cryptocurrency ADA, has announced the successful implementation of the Alonzo hard fork.
The Alonzo hard fork or upgrade brought a range of much-anticipated features like the creation, execution, and support of smart contracts on Cardano's blockchain for the first time as well as NFTs!
This programmability upgrade will strengthen Cardano's network position to compete with bigger platforms like Ethereum.
Mastercard Snaps Up Crypto Tracing Firm CipherTrace
Mastercard has accelerated its crypto adoption strategy to the max as it has just acquired CipherTrace, a firm that scans blockchains for illicit transactions.
The integration with the cryptocurrency intelligence firm, which provides insight into more than 900 cryptocurrencies, will guarantee greater trust, transparency, help identify and understand the risks, as well as manage the digital asset regulatory and compliance obligations.
Earlier this year, the credit, prepaid & debit cards provider announced the integration of crypto payment directly on its network this year. The payments giant also initiated a cryptocurrency program, in partnership with Wirex, which aims at helping fintech brands and start-ups access all the funding they need to grow quickly.
Podcasts Worth Listening to
- What is Hedging? Ahamd Sharkatly, Kalam Mushafar
- Is the Bitcoin Bull Market Over? Nathaniel Whittemore, The Breakdown.
- Lyn Alden: Bitcoin Has Proven Itself Over Time – Natalie Brunell, “Coin Stories.”
Disclaimer: The Cryptocurrency market is considered highly speculative, risky, and largely unregulated. Anyone mulling investing in it, should be aware there's a risk of losing their entire investment.
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