Cryptocurrency Market Review

The crypto market, led by Bitcoin, continues its upward trend, following the quotes of gold and stock indices. Now, the first cryptocurrency is around 10,920.00 (+5.12%), ETH is at 384.00 (+3.82%), and USDT is around 1.0015 (–0.01%). XRP quotes are trading at 0.2525 (+2.89%). The fifth line is occupied by the DOT asset, which gained more than 16% over the week and is now trading around 5.275. The total market capitalization has grown to $352 billion. The share of Bitcoin on it is 57.3%.

On Tuesday, the Bakkt crypto platform recorded another record for the volume of trading in deliverable Bitcoin futures. So, during the session, this figure rose to 15,955 BTC, renewing its August maximum (an increase of 36%). The positive dynamics demonstrates interest from institutional investors, which is starting to gradually recover from the recession recorded during the coronavirus pandemic. PowerTrade raised $4.7 million in a pre-token sale to launch a crypto options trading platform. The project was supported by such industry giants as Pantera Capital, CMS Holdings, Acheron Trading, and AGE Crypto.

From the news of the regulators, the European Commission will present the regulatory rules for working with digital instruments for the EU countries. The draft law on markets for crypto assets (MiCA) will contain measures to control cryptocurrencies, security tokens, and stablecoins, which will bring the legal framework of states into a unified form and regulate such instruments on a par with ordinary finance. In particular, the authorities intend to establish the supervision of token issuers by the European Banking Organization and oblige to register service providers as legal entities.

India's Council of Ministers is considering a draft law banning crypto trading in the country, which will then be sent to parliament. Last year, the authorities said that digital money has "no value", and only coins issued by the Central Bank can be considered legal. Meanwhile, the Kraken crypto exchange is preparing to open the first crypto bank in the United States (the corresponding license has already been obtained in Wyoming). Clients will have access to comprehensive services for accepting deposits, forming investment profiles from tokens, as well as transferring between digital assets and national currencies. At first, the institution's services will be available only to US residents.

Next week, cryptocurrency quotes are likely to continue to grow moderately.