Cryptocurrency Market Jumps as Regulation Talks Slow
Top cryptocurrencies were stronger on Monday, cutting into their losses made a week earlier after the core personal consumption expenditures price index rose more than expected and as further regulatory moves were made in the space.
Bitcoin is up 0.6% in the last 24 hours, trading at $23,404, while Ethereum was up 2% at $1,637 on Monday, according to CoinMarketCap data.
Both digital coins lost value after the US Commerce Department on Friday said the core PCE measure rose 0.6% for the month and was up 5.4% from a year ago, faster than the 0.5% and 5% consensus on Investing.com.
Apart from economic data, crypto regulations are continuing to take investor attention. Last Monday, the Securities and Futures Commission of Hong Kong began consultations on “proposed requirements for operators of virtual asset trading platforms,” according to its website.
On Feb. 22, US House Majority Whip Tom Emmer introduced a bill to prevent the Federal Reserve from directly issuing a central bank digital currency to anyone and wouldn’t allow the Fed to use a CBDC to implement monetary policy, he said on Twitter.
Also last week, the Canadian Securities Administrators published a notice on “enhanced investor protection commitments” that it expects for crypto asset trading businesses seeking to remain compliant.
It also warned that trading crypto assets come with “elevated levels of risk” that may not be suitable for retail investors.
International Monetary Fund Managing Director Kristalina Georgieva said cryptocurrencies need more regulation, according to a Bloomberg report. She said the IMF, Financial Stability Board, and Bank for International Settlements are committed to developing a framework for regulating private cryptocurrencies.
This week, investors will look for market clues from the economic calendar including Monday’s durable goods orders release, consumer confidence on Tuesday and the manufacturing sector’s purchasing managers index in the middle of the week. # Cryptocurrency Market Jumps as Regulation Talks Slow
