1. Ethereum rally and Bitcoin puzzle: market analysis
The cryptocurrency market is full of life, and Ethereum (ETH) takes the main role. The price of Ethereum exceeds USD 3000, which puts investors into excitement. The current struggle to maintain this level is over 2% in the last 24 hours, which indicates a significant increase in 13% over the last week. The index of fear and greed Ethereum reaches 81, signaling the huge greed of investors. In contrast, the Bitcoin price is 51,900 USD, reflecting a 4% decrease compared to the previous week. There is a growing expectation on the market as to the possible approval by the Securities and Stock Exchange Commission (SEC) ETFs ETFEUM, which indicates potential price increases in March, April and May. The transition of Ethereum to the Proof of Stake algorithm and changes in its emission method can contribute to an increase in value, making it a deflating currency with decreasing supply and potential increase in demand. The potential introduction of ETFs can increase the actual Ethereum value by driving prices. Also, the increase in Bitcoin price may be under the influence of purchases of ETFs, upcoming events in the context of halving and a federal reserve decision to reduce interest rates.
2. Polish new regulations regarding cryptocurrencies: a bill on 63 pages
In a surprising movement, the Polish government revealed a comprehensive bill regarding cryptographic assets, introducing various provisions and unexpected solutions. The focal point of the project is the supervision of the Polish Financial Supervision Authority over the digital assets. In accordance with the regulation of MICA, the Act is aimed at ensuring effective supervision and protection of investors. The Polish Financial Supervision Authority receives special rights to regulate cryptographic assets, including imposing sanctions on issuers and people associated with cryptocurrency markets. Criminal liability is introduced for the supervisory entities to improve trade safety. Polish providers of virtual asset services (VASP) may continue to operate in accordance with current regulations by the end of 2025. The bill provides discussions in the Polish cryptographic community, with experts expressing concerns about more sanctions than the provisions and the approach of the Polish Financial Supervision Authority to cryptographic assets. The Act is to enter into force on June 30, 2024, and some provisions will be enforced later, in December 2024.
The cryptocurrency market and regulatory landscape are quickly evolving, and we will inform you about the latest events. Listen to Bitcoin Radio Podcast for more relevance! 🎙️🌐💡
