Cryptocurrencies Fall Amid Rumors Of Regulation
-The global crypto market plunged by 2.20% on Wednesday, following rumors of regulation by G7 regulators
-Amundi’s deputy CIO, Vincent Mortier reported that G7 regulators are determined to regulate cryptocurrencies
-At the time of this report, Bitcoin is below its $1 trillion market cap, and the market value of crypto is tagged at $1.64 trillion
The crypto market is currently facing a huge amount of selling pressure, following reports about the effect of G7 regulations by the Asset Manager, Amundi.
Most of the gains recorded in the crypto market have been lost, following significant selling pressure from crypto investors.
In the last 24 hours, about 256,032 crypto traders were liquidated, with a liquidation order of $35.59 million on Binance-DOT.
In a recent report, Amundi’s Head of global views, Didier Borowski, and Deputy CIO, Vincent Mortier stated that G7 regulators were intent on regulating cryptocurrencies.
They also added that such regulation was going to lead to a huge adjustment in the crypto market.
In addition, the Bank of Boston and Massachusetts Institute of Technology have been reported to be working on a Digital Currency prototype for the Central bank.
The news of the regulation has caused a huge loss in the price of cryptocurrencies.
Read also: Tesla to start accepting payment in Bitcoin
At the time of this report, Bitcoin has lost 6.8% in the last 24 hours and is trading at $52,411.
Other currencies to have dropped sharply include ETH down to $1591, BNB down to $243.19, and Cardano down to $1.08.
Follow Naija.fm on our social media handles Facebook, Instagram, and Twitter to keep up with trending news, breaking news, entertainment news, and hot gist.
