Cryptocurrency price action has changed today, Thursday 29 December 2022, while the price of Bitcoin has declined.
The cryptocurrency market is still impacted by the negative news that has hit it following England’s tightening up on dealing with digital currencies, at a time when the market is thirsty for any positive news that would once again entice investors to return to the digital currency market.
And the market value of cryptocurrencies continued to decline during today’s early trading, to reach $795.98 billion, compared to $797.43 billion during yesterday’s trading, amid heavy trading volume in the last 24 hours that posted $29.47 billion.
The decline of Bitcoin and its siblings comes after negative news that cryptocurrencies are being tightened after my platform dropped from trading platforms for these currencies.
Despite this negative news, there is hope that these currencies gain more legitimacy after Jair Bolsonaro, the president of Brazil who was due to leave office on Dec. 31, signed a bill aimed at legitimizing the use of digital currencies as a means of payment within the country.
Bolsonaro’s office said the president has signed into law no. 14,478 after approval by the country’s Chamber of Deputies. The lawmaker sent the bill to the president’s desk on Nov. 29 as the final step in recognizing digital currency payments.
According to the letter of the law, residents of Brazil will not be able to use cryptocurrencies such as Bitcoin BTC as legal tender in the country, as is the case in El Salvador. However, the newly passed law includes many cryptocurrencies in the definition of legal payment methods in Brazil. It also establishes a licensing system for virtual asset service providers and defines penalties for digital asset fraud.
The cryptocurrency law is expected to take effect within 180 days, most likely in June 2023. Bolsonaro will leave office within days, after which Luiz Inacio Lula da Silva, or simply “Lola”, will assume the presidency on January 1. . Lula served as president of Brazil from 2003 to 2010 and has previously made statements in favor of cryptocurrency and blockchain adoption.
The Bank of England has said it is stepping up efforts to regulate cryptocurrency trading after the collapse of FTX exchange underlined the risks the sector posed to consumers.
The Bank of England is considering new laws to regulate cryptocurrency trading in an effort to protect investors and the broader financial system from potential shocks, said John Cunliffe, deputy governor of the Bank of England.
“We should think about regulation before integrating the cryptocurrency sector into the financial system and before running into a potential systemic problem,” he added.
What is the price of bitcoin today?
On Thursday, December 29, 2022, the price of cryptographic digital currency Bitcoin (BTC) fell by 0.22% to $16,576.2.
Today, the market value of Bitcoin has reached $318.93 billion, according to data from the Investing platform.
What are the prices of cryptocurrencies today?
Meanwhile, Ethereum ETH price rebounded 0.23%, to $1,194.97.
Binance BNB coin price rose 0.95% to $245.10.
The price of Ripple XRP currency decreased by 2.67% to $0.34711.
While Cardano lost 2.52% to $0.2460.
Dogecoin price is up 2.52% to reach the $0.070688 level.
While Polkadot fell 2.95% to $4.31.
