Cryptician

Today in Crypto: Bitcoin Decline Spreads to Ether

today-in-crypto:-bitcoin-decline-spreads-to-ether

Bitcoin and ether have lost important support levels in the last day, with the sentiment for the overall crypto market weakening, CoinDesk writes.

This has caused over $520 million in liquidation.

Ether-tracked futures lost over $236 million, and bitcoin futures lost $125 million, the report says.

Meanwhile, Tether has debuted its new Tether tokens, USD₮, on Polygon, the blockchain development platform, a press release says.

This will offer a new stablecoin option for the teams building on Polygon, and Tether will reportedly play a big part in supporting Polygon’s DeFi ecosystem.

It could help with the possible negative effects of market volatility through offering a stable currency to generate yield and move in and out of network.

In other news, Russia is thinking of allowing crypto to be used for international payments, Reuters writes.

Ivan Chebeskov, head of the finance ministry’s financial policy department, said this was being “actively discussed.”

Furthermore, bitcoin, with 44% of the total crypto market value, could be rising back up to be the head of the crypto universe, Bloomberg writes.

Bitcoin’s new surge can be seen as something of a reflection of how the TerraUSD stablecoin roiled smaller tokens like Avalanche and Solana, the report says.

In other crypto news, blockchain ecosystem Binance has said Binance Italy got regulatory approval in Italy through registering as a Cryptocurrency Service Provider, a press release says.

This will allow the company to offer crypto products to its Italian customers. And Binance said it’s important to “operate in compliance with local regulations.”

In addition, gaming platform Zebedee will work with crypto company MoonPay, which provides crypto payments infrastructure, a press release says.

This will let MoonPay help convert USD to bitcoin and move it onto the Zebedee platform.

Users will be able to use this to help add to their games with in-game purchases.

In more crypto news, Crypto.com and Coinbase have the most ad violations of any crypto companies, a new study from Cryptohead.com says, both of them having 12 violations each.

The report said Crypto.com’s violations come from two separate ads, which reportedly didn’t state that cryptocurrencies weren’t regulated in the U.K., and that values could go down as well as up.

And Coinbase’s violations are from a Facebook ad in which some statements were made like that “£5 in #Bitcoin in 2010 would be worth over £100,000 in January 2021.”

Finally, Belarus authorities have confiscated crypto reportedly worth “millions” of dollars, a Bitcoin.com report says.

The report notes that the country was looking at tightening crypto rules earlier this year, and in April, the Ministry of Justice adopted legal procedures to seize crypto funds as part of enforcement proceedings.

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