Global Crypto Market Cap:
Cryptocurrencies Bitcoin has been on the scene for 14 years, but much like a moody teenager, it’s still volatile, prone to outbursts, and unpredictable.
A collaboration by the West Australian and Grapher The total global crypto market cap for cryptos was almost 3 trillion US dollars two years ago; now it’s worth just a third of that at just over one trillion dollars, so why the sudden Plunge in a word, regulation: the U.S. regulator, the SEC, is filing lawsuits all over the place, which is Raising some pretty big questions about the future of cryptocurrencies on the SEC sites are two of the biggest crypto exchanges, Binance and Coinbase.
The SEC is accusing both of breaking the law by operating securities exchanges without registering their businesses with the regulator. The big whale leading the crackdown by the SEC is a guy called Gary Gensler, who used to be a partner at U.S. banking behemoth Goldman Sachs.
This week, big Gazs said we don’t need more digital currency; we already have digital currency, which is called the US dollar. Finance’s Australian arm is also in a world of pain. Westpac has banned payments to Binance.
Australia’s CBA is restricting payments. Finance customers in Australia need to either set up a US dollar account or sell their assets, and they’ve been selling Bitcoin at a 20 percent discount just to recruit some of their money.
While there’s all this trouble in the West, the East is making a play for crypto.Hong Kong has legalised cryptotrading for retail investors, and it has invited Coinbase and others to come and set up shop in the region.
Thank you on the back of the new Hong Kong open door policy for crypto. Someone made a Kong meme coin. It was made purely for entertainment purposes, but it has a market cap of just over 2 million USD. very amusing.
