“Well tally ho! With a bing and a bong and a buzz buzz buzz!” Because it doesn’t get any more official than this.
King Charles, old big rubbery ears himself, has rubber stamped a crypto bill over in Pomgolia, officially recognising regulation of the asset class.
Hey, it’s a slow-ish news day in crypto so far and we’ll take what we can get.
Still, the Financial Services and Markets Bill in the UK is described as a landmark piece of legislation by some, and will see Bitcoin, stablecoins and crypto more broadly come under an official regulatory framework in the Bazballing nation.
The Act “gives us control of our financial services rulebook,” said Financial Services Minister Andrew Griffith in a statement.
The British Treasury notice also, er noted that the Act:
• “is central to the Government’s vision to grow the economy and create an open, sustainable, and technologically advanced financial services sector,”
• “enables the regulation of cryptoassets to support their safe adoption in the UK,” and
With the overall crypto market cap at US$1.22 trillion, up about 1.2%since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.
Our highly targeted “campaign” to remove TRON from the top 10 (consisting of two buried mentions in previous editions of this column) has worked a treat.
The Justin Sun-founded Ethereum-whitepaper-copying smart contract blockchain has been shunted down to No 11 position again, with Solana (+13%) instead striding confidently to the crease, ready to face down a few 120km “thunderbolts” from Ollie Robinson.
Surely surplus to requirements long term, we expect to see TRON sent home from the tour indefinitely very soon.
Meanwhile, how’s the Bradman of crypto assets shaping up? Let’s check in with some reasonably well-known Twittering analysts in the space…
Dutchman Michaël van de Poppe is positive…
As is trader Roman…
Thing is, there is a rather large – huge, actually – options expiry about to hit the crypto market. The June 30 options open interest expiry is a point of interest for crypto traders right now – for Bitcoin, specifically, this comes in at about US$4.7 billion.
Which way will this send the market? Really, it’s anyone’s guess at this point, but a reasonably big move either way is anticipated. Tedtalksmacro was calling for sideways chop leading into this event, and he’s called it accurately so far.
Here’s a bearish take from US forex and crypto trader Justin Bennett, for good measure, if you like that sort of thing…
Uppers and downers
Some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)
PUMPERS (11-100 market cap position)
• Bitcoin Cash (BCH), (market cap: US$4.94 billion) +15%
• Radix (XRD), (market cap: US$675 million) +9%
• eCash (XEC), (market cap: US$468 million) +8%
• Pepe (PEPE), (market cap: US$654 million) +8%
• Curve DAO (CRV), (market cap: US$617 million) +8%
• Synthetix (SNX), (market cap: US$712 million) +7%
SLUMPERS
• BitDAO (BIT), (market cap: US$556 million) -2%
• Cosmos Hub (ATOM), (market cap: US$2.6 billion) -2%
Around the blocks
Some pertinence and randomness that stuck with us on our morning moves through the Crypto Twitterverse.
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