Trading Desk Market Update: 3/15

March 15, 2022

BTC is currently trading around $38,800 and ETH around $2,550.  Notable gainers in the last 24 hours are XIDO, EGLD, and RUNE.  The global crypto market cap is $1.80T, down 0.4% over the last day.  DeFi Total Value Locked is ~$198b and BTC dominance is around 44%.

The EU Parliament’s Economic and Monetary Affairs Committee voted yesterday in favor of the MiCA draft legislation, which, if ultimately adopted, will usher in a landmark regulatory framework governing crypto assets in the region.  However, the committee first voted to remove the controversial provision that would have banned proof-of-work based cryptocurrencies, and instead replaced it with an alternative amendment bringing crypto assets under the same sustainability-related taxonomy as other financial products.  The MiCA draft now moves on to negotiations between the Parliament, the European Council, and the European Commission. 

In other news: The UK’s National Crime Agency has called for regulation of crypto mixing technologies; has launched the initial phase of its exchange platform launch in the US; FTX has received a license to operate in Dubai while Binance has received a license to operate in Bahrain; and, The Ethereum Foundation confirmed that the Kiln testnet is now live, an important step in the network’s transition to proof-of-stake.

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