• U.S. Treasury Secretary Janet Yellen discussed crypto regulation on the sidelines of the G20 meeting for finance ministers and central bank governors.
• She emphasized the importance of establishing a strong regulatory framework for cryptocurrencies while clarifying that the U.S. has not proposed an outright ban.
• Indian Finance Minister Nirmala Sitharaman has been pushing for international cooperation on crypto regulation, and the SEC has recently stepped up its enforcement efforts against crypto firms.
U.S Treasury Secretary’s View on Crypto Regulation
U.S. Treasury Secretary Janet Yellen talked about crypto regulation in an interview with Reuters Saturday on the sidelines of the G20 meeting for finance ministers and central bank governors under India’s presidency in Bengaluru. Yellen emphasized the importance of establishing a robust regulatory framework for cryptocurrencies while clarifying that the U.S. has not proposed an outright ban: „We haven’t suggested outright banning of crypto activities, but it is critical to put in place a strong regulatory framework.“
India’s Push For International Cooperation On Crypto Regulation
Crypto regulation was among the key topics discussed by the G20 finance ministers and central bankers under India’s presidency this weekend, with Indian Finance Minister Nirmala Sitharaman pushing for international cooperation on crypto regulation to establish a technology-driven regulator framework or standard operating procedure (SOP) on crypto.
SEC Steps Up Enforcement Efforts Against Crypto Firms
In the U.S., The Securities and Exchange Commission (SEC) has recently stepped up its enforcement efforts against crypto firms, recently charging Kraken over its staking program, Nexo over its Binance USD (BUSD) stablecoin issuance, Terraform Labs, and CEO Do Kwon for defrauding investors.
IMF Managing Director Calls For More Regulation
International Monetary Fund (IMF) Managing Director Kristalina Georgieva also said during this weekend’s G20 meeting that cryptocurrency needs “more regulation” saying: “If regulation fails, if you’re slow to do it, then we should not take off the table banning those assets, because they may create financial stability risk.“
The discussion between international policy makers at this year’s G20 meeting highlighted how important it is to establish a strong regulatory framework when dealing with cryptocurrencies in order to protect consumers from fraud while still allowing innovation in this space to flourish without creating financial instability risks .
• Polkadot (DOT) remained close to a multi-month high on Saturday, following a breakout above a $7.15 resistance level.
• Chainlink (LINK) also moved higher to start the weekend, with prices climbing to a nine-day high.
• Both tokens rose significantly higher as the day progressed, with Polkadot hitting a six-month peak of $7.42 and Chainlink reaching an intraday high of $7.71.
Polkadot (DOT) remained close to its highest level since September on Saturday, after breaking out above a $7.15 resistance level earlier in the session. Prices hit an intraday peak of $7.39 and a six-month peak of $7.42 during the session, indicating that bullish sentiment is still strong for this token. The 10-day (red) moving average is now nearing an upwards cross with its 25-day (blue) counterpart, suggesting that momentum may have shifted in favour of bulls again after last week’s downward cross.
Chainlink (LINK) also registered gains on Saturday, with prices climbing to a nine-day high at one point during the session. LINK/USD surged from an intraday low of $7.26 to reach an intraday high of $7.71 as it broke out of a resistance level at $7.60 earlier in today’s session. Although gains have since diminished slightly, the relative strength index (RSI) remains relatively close to its long-term floor at 59 levels, suggesting that there may be more upside potential in store for LINK holders in the near future if bulls are able to maintain their current trajectory over coming days and weeks ahead..
Polkadot and Chainlink were among some of the biggest movers in crypto markets over Saturday’s trading session as both tokens rise significantly higher from where they opened late Friday evening local time in Asia Pacific region exchanges such as Binance & Huobi Global respectively . This comes less than a week after DOT/USD dropped below its ten day moving average but now looks set for further upside should buyers be able to maintain their current momentum over coming days ahead while LINK/USD has already broken out past its seven sixty dollar resistance level which could mean further upside potential if buyers can stay consistent going forward as well..
Impact on Markets
The bullish sentiment displayed by both tokens was reflected across much of crypto markets during Saturday’s trading session too with most major coins registering gains against their US Dollar counterparts throughout Asia Pacific exchanges like Binance & Huobi Global amongst others . As such , this could be indicative that overall investor confidence is beginning return towards crypto assets once more , especially considering how positive sentiment appears surrounding both DOT & LINK currently m making this latest rally particularly noteworthy since it stands well above other altcoins present within crypto markets right now .
To conclude , Polkadot & Chainlink saw significant price increases across Saturday’s trading sessions respectively , signalling renewed investor confidence towards these two projects specifically which seem poised for further upside should buyers continue pushing them higher going forward . On top of this , their respective rallies were also reflective across much wider crypto markets too highlighting how robustly bullish sentiment seems at present within cryptocurrency space overall – making this latest rally one worth noting given all factors considered thus far .
• Regulators in Argentina are mulling the inclusion of stringent requirements in their next cryptocurrency regulatory framework.
• This regulation that is currently being worked on will be focused more on the activity of exchanges and less on the classification of crypto and tokens.
• The possible inclusion of this kind of measure in the upcoming Argentine crypto law would have the objective of avoiding a situation like the demise of FTX.
Argentina Mulls Inclusion Of Proof-Of-Solvency Requirements In Crypto Regulation
Regulators in Argentina are mulling the inclusion of stringent requirements in their next cryptocurrency regulatory framework. The regulation that is currently being worked on will be focused more on the activity of exchanges and less on the classification of crypto and tokens.
What Are Proof-Of-Solvency Requirements?
Proof-of-solvency reports register whether an exchange or crypto company has the amount of cryptocurrency it claims to have, while looking directly at its funds in the blockchain, certifying that funds are sufficient to cover liabilities presented to customers.
Objective Of Introducing Requirements
The possible inclusion of this kind of measure in the upcoming Argentine crypto law would have the objective of avoiding a situation like the demise of FTX, formerly one of the biggest cryptocurrency exchanges. After this event, other cryptocurrency exchanges made preparations for carrying out similar initiatives voluntarily.
CNV’s Working Group With Industry
CNV president Sebastian Negri declared that all measures will be taken in a joint effort with crypto companies in Argentina, creating a working group with them to agree on new regulatory parameters which include companies that meet asset and solvency requirements to support risks assumed.
Voluntary Measures By Crypto Exchanges
Binance, Crypto.com, and Kucoin were preparing proof-of-reserves procedures voluntarily after FTX filed for bankruptcy protection last year leaving customers without access to their funds.
• Aptos (APT) reached an all-time high of $19.92 per unit on Jan. 26, 2023, and then lost 20% of its value over the next five days.
• Despite the decline from its all-time high, APT is still up 349% compared to last month’s exchange rate.
• Out of the thousands of cryptocurrencies in the industry, APT is ranked 28th in terms of market capitalization and has a circulating supply of 161,361,143 APT with a global trade volume of $423.74 million.
On Jan. 26, 2023, the cryptocurrency asset aptos (APT) surged to an all-time high of $19.92 per unit, a monumental rise of 400% since late December 2022. The currency has since dropped 20%, trading between $15.89 and $17.48 per coin in the 24 hours leading up to Feb. 1, 2023. Despite the decrease, APT is still up 349% compared to its last month’s exchange rate.
APT is currently ranked 28th in terms of market capitalization out of the thousands of cryptocurrencies in the industry, with a circulating supply of 161,361,143 APT and a total value of $2.55 billion in USD. The global trade volume for APT was $423.74 million in the past 24 hours, with 57.32% of it being exchanged for Tether (USDT) and 18.15% traded for the Korean won (KRW), making the Korean won APT’s largest fiat currency pair. About 1.46% of all APT trades today are exchanged against the Turkish lira.
In the decentralized finance (defi) space, APT has $61.24 million total value locked (TVL) in defi on Feb. 1, 2023. Pancakeswap dominates the APT value locked in defi with 59.76%. The Aptos team and community have been striving to increase the usage of APT in the defi space, with plans to launch a decentralized exchange and introduce more defi solutions in the near future.
Despite APT’s 20% decrease from its all-time high, it is still up significantly from its December exchange rate. With the Aptos team and community continuing to develop and expand the cryptocurrency, APT could continue to gain traction in the crypto market, making it a great investment opportunity for those interested in the blockchain technology.