DeFi News Today TheBitTimes.com

MiCA, which comes into effect by the end of 2024, aims to create a consistent regulatory framework for crypto assets among European Union member states. Publication of the European Union’s crypto law MiCA in its official journal signals the start of the official process of bringing licencing, stablecoin and anti-money laundering regulations into effect by the end of 2024. The European Union’s Markets in Crypto Assets (MiCA) legislation was published June 9 in the Official Journal of the European Union (OJEU). This move triggers the countdown for the law to come into effect from December 30, 2024. The Bill was signed into law on May 31, after having first been introduced in 2020, with the aim of creating a consistent regulatory framework for crypto assets among European Union member states. While the rules officially come into force within 20 days, the rules will begin to apply on December 30, 2024, with some parts of the legislation coming effect six months earlier, on June 30, 2...

The total crypto market cap has been ranging sideways, but Bitcoin derivatives markets indicate pro traders don't expect any major price corrections. For the past 14 days, cryptocurrency markets have been trading within an unusually tight 7.1% range. In other words, investors are unwilling to place new bets until there’s additional regulatory clarity, especially in the United States. The total crypto market capitalization fell by 1% to $1.2 trillion over the seven days ending May 4, primarily as a result of Bitcoin's (BTC) 1.1% price decline, Ether's (BTC) 0.2% loss, and BNB trading down 1.4%. Total crypto market cap in USD, 12-hour. Source: TradingView Notice that the exact same $1.16 trillion to $1.22 trillion total market cap range previously stood for twelve days between March 29 and April 10. The conflicting forces: regulatory uncertainty weighing it down and the banking crisis pushing prices upward are likely the reason for the lack of risk-appetite on both sides. SE...

BTC has struggled to overcome the $25,000 level, but on-chain analysis suggests that the pushback at the key price level is part of the transition out of the bear market. The hopeful optimism of Bitcoin (BTC) traders seemed to dissipate in the first week of March as key on-chain metrics provided resistance. Now Bitcoin price is threatening a retest of the $22,000 level and a wave of short sellers would stand to profit if that occurred. If the short sellers’ strike price hit, some analysts believe Bitcoin price could drop as low as $19,000. Bitcoin options by strike price. Source: Coinglass A handful of analysts still project BTC price to hit $25,000 in the short-term, on -chain data highlighting a few reasons for price resistance at higher levels. Realized price metric highlights profit-taking Market participants’ concern over the Federal Reserve’s interest rate hikes and high inflation are heavy macro headwinds facing Bitcoin price and this has investors weighing the time value of...