This Week in Coins: Bitcoin and Ethereum Slip as MasterCard Expands Reach

This week in coins. Illustration by Mitchell Prever to decrypt.

a short crash Bitcoin price fell to $39,638 on Friday, according to CoinMarketCap. As of this writing, the world’s favorite cryptocurrency was trading near $39975.50, down 1.21% overnight – about 5% cheaper overall than last weekend.

Ethereum, the second largest cryptocurrency, was trading at $2,733 – about 5% lower than it was a day ago, and 6% lower than last week.

Most of the 30 cryptocurrencies are down over the past week, but few have recorded significant price movements other than Coin – down 10% to $0.44 – and Litecoin down nearly 8% to $115.

The only coin that recorded notable gains this week was XRP, which added 6% in the rally to $0.82.

The avalanche grew 2% during the week and hit briefly High $97 on Wednesday, but declined to about $84 as of this writing.

This week’s news

MasterCard announced on Tuesday that it will add a focus on payments Cryptocurrency advisory services That will enable banks and traders to gain strategic insights into cryptocurrencies and NFTsCrypto cards and loyalty programs.

The financial services company previously developed crypto credit cards for works And the BitPay.

The government and the Central Bank of Russia have been at odds over the best way to move forward with crypto legislation, with the central bank originally calling for complete ban Last month.

The government and the central bank agreed last week on a new draft law to regulate encryption Using the same framework as forexBanks will act as intermediaries between users and trading platforms. Cryptocurrency exchanges will also have to register as legal entities and meet all the requirements of traditional financial institutions.

The two sides spoke on Tuesday. Bloomberg They stated that they could not get over their differences. On the same day, a Russian news outlet Izvestia Reported that the Russian Ministry of Economic Development proposed to Recognition and tax of bitcoin mining As a “commercial activity” in areas where there is excess electricity.

Bank of Russia currently digital ruble test Among the dozens of participating banks.

On Wednesday, Coinbase, Circle, Anchorage and Robinhood were among the companies that announced their intent To comply with the new rules Issued by the Financial Action Task Force (FATF), an international organization that fights financial crime.

The Financial Action Task Force (FATF) “travel rule” requires financial institutions to collect information about senders (and sometimes recipients) of transactions over $3,000. phone clearer Last fall, the travel rule applies to crypto companies. The above companies announced compliance in a framework called TRUST: “Travel Rule Universal Solution Technology.”

US Senators Legislation introduced On Wednesday, it asked the State Department to write a review of El Salvador’s bitcoin law and develop a plan “to mitigate potential risks to the U.S. financial system.”

Jim Risch of Idaho said in a permit: “El Salvador’s adoption of bitcoin as a legal tender raises significant concerns about the economic stability and financial soundness of a weak US trading partner in Central America. […] This new policy has the potential to weaken US sanctions policy, empowering malign actors like China and organized criminal organizations.”

On Thursday, the FBI established New Crypto Crime Unit Under the supervision of the Ministry of Justice is called the National Crypto Enforcement Team (NCET). Directed by Eun Young Choi.

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