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EU preparing special regulations for cryptocurrency market Canva

EU preparing special regulations for cryptocurrency market

Written by  Jun 05, 2022

The EU is preparing special regulations for the cryptocurrency market, Večernji list writes on Sunday, stating that the situation with cryptocurrencies is now on shaky ground.

Anyone who has been dealing with Bitcoin and the crypto market for a long time is used to periodic price fluctuations up and down, but currently cryptocurrencies are among the biggest losers in the investment market. Bitcoin was traded at $29,500 on Friday, at $64,000 back in November.

To predict the mood of investors in this market, financiers regularly calculate and monitor the so-called ‘fear and greed’ index, which, with cryptocurrencies in recent days ranged from 8 to 13 compared to the maximum and optimistic 100.

Only once in history has a lower value of the index of fear and greed been recorded, in August 2019 with a value of five, when Bitcoin struggled with the price of $10,000. Bitcoin has already set a historical negative record because for the first time in the ten-year history of that cryptocurrency, its price fell for eight weeks in a row.

One of the largest stable coins, Terra Luna UST, which had a market capitalization of about $18 billion, first collapsed in the crypto market, and investors in the project lost almost the entire amount of investment.

As the losses grow, the attempts of the states to regulate that market are intensifying, so these days even the strongest industrial states from the G7 group have declared themselves for fast and comprehensive regulation of cryptocurrencies.

Hanfa says that special regulations are being prepared at the EU level that will comprehensively regulate the cryptocurrency market, and Hanfa is actively participating in its adoption.

Hanfa emphasizes that it has limited data on cryptocurrency trading, compared to the companies that informed them that they are engaged in the exchange of virtual and fiduciary currencies.

In the first four months of 2022, the volume of turnover at domestic crypto exchange offices amounted to 461.8 million Kuna, which is a drop of 30 percent compared to the first four months of last year, writes Večernji list.

 

The Voice of Dubrovnik

THE VOICE OF DUBROVNIK


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