US Politicians Say There Needs To Be Crypto Consumer Protection

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US Politicians Say There Needs To Be Crypto Consumer Protection. Half a trillion dollars has been erased from the market capitalization of the crypto sector as terra USD (UST), one of the most popular US dollar-pegged stablecoins, plunged recently.

Meanwhile, digital coins like Ethereum continue to hit the price charts, as the sell-off continues to hit the industry.

Some investors called last month’s events a Bear Stearns moment for crypto, comparing the contagious effect of a failed stablecoin project to the crash of a major Wall Street bank that ultimately predicted 2008 mortgage debt and the financial crisis.

US politician and senator for New Jersey, Cory Booker D-NJ, said there was a need for regulations in the crypto industry to make prices more predictable.

Read Also: Russian Minister Of Industry And Trade Legalize Crypto

“There needs to be rules for this game that make it more predictable, transparent, where there is consumer protection needed,” Booker said.

“What we don’t want to do is suffocate new industries and innovations so that we miss opportunities. Or what I see now, a lot of these opportunities just slip away, and we lose the economic growth and job creation that is part of it.” he.

So according to Booker, crypto is a very important space if it can be regulated properly, which can actually help the industry and protect consumers.

US Politicians Say There Needs To Be Crypto Consumer Protection. In early May, the popular stablecoin known as terra USD, or UST, plunged in value, in what some have described as a “bank run,” as investors rushed to withdraw their money. At its peak, Luna and UST had a combined market value of nearly USD 60 billion or equivalent to IDR 872.1 trillion. Now, both cryptocurrencies are basically worthless.

Bitcoin Price Up Almost 7 Percent

Previously, the crypto market experienced a fairly high increase in trading Tuesday (31/5/2022). The bounce came in digital assets, especially as the sector failed to rally last week along with publicly traded tech stocks.

Bitcoin (BTC) is up nearly 7 percent, breaking the USD 31,000 mark that was driven by global investors as Asian and European stock markets rose. On the other hand, American markets are closed for the Memorial Day holiday.

Analyst at digital asset broker GlobalBlock, Marcus Sotiriou said Bitcoin broke above USD 30,000, but needed to hold on to the USD 29,300 level on retest to continue gains.

Read Also: South Africa Radio Presenter Suspended For Alleged Bitcoin Fraud

“Relief has been long overdue in crypto markets, as US stock markets have rallied last week, following Jerome Powell’s speech that gave markets clarity about their plans for a soft economic landing,” Sotiriou said. 5/2022).

Elsewhere in the latest crypto rally, Ethereum (ETH) jumped more than 8 percent to around USD 1,940. Cardano (ADA) stands out among Ethereum alternatives, surging around 14 percent to around USD 0.54.

Tuesday’s rally in cryptocurrencies came on the back of a surge in Asian stocks amid reports China’s major cities have begun to ease coronavirus restrictions after months of strict lockdowns.

Read Also: South Africa Radio Presenter Suspended For Alleged Bitcoin Fraud

Traders are betting the reopening of the economy could trigger an increase in consumer spending that could boost corporate earnings in the coming weeks and could point to a bottom for stocks in the region.

Previously, bitcoin and top-tier crypto prices were mostly in the green zone on Tuesday morning, May 31, 2022. Bitcoin and ethereum prices resumed strengthening.

Based on data from Coinmarketcap, Tuesday morning, May 31, 2022, the cryptocurrency with the largest market cap, bitcoin (BTC) has strengthened significantly in the last 24 hours. Bitcoin price soared 7.94 percent. Currently, the price of bitcoin is at USD 31,772.77 or around Rp. 462.19 million (assuming an exchange rate of Rp. 14,547 per US dollar). In the past week, the price of bitcoin soared 9.26 percent.

Ethereum (ETH) also recorded the biggest gains. In the last 24 hours, the price of ethereum rose 10.25 percent. Over the past week, the price of ethereum edged up 1.56 percent. Currently, the price of ETH is traded at USD 1,999.84 or around Rp. 29.07 million.

Furthermore, the price of BNB is also in the green zone. BNB prices rose 5.26 percent in the last 24 hours. In a week, BNB prices rose 1.56 percent. BNB price is now at USD 322.71.

In addition, the price of Cardano (ADA) also skyrocketed. In the last 24 hours, the price of Cardano has skyrocketed 19.05 percent. During the week, the price of Cardano shot up 12.13 percent. Currently, the price of ADA is traded at USD 0.5727.

US Politicians Say There Needs To Be Crypto Consumer Protection. On the other hand, the price of Solana (SOL) tends to vary. Over the past 24 hours, the price of Solana has strengthened 5.15 percent. However, in a week, the price of Solana shrank 3.94 percent. Now, the price of Solana is traded at USD 47.26.

Read Also: South Africa Radio Presenter Suspended For Alleged Bitcoin Fraud

Meanwhile, the price of Dogecoin rose 6.24 percent in the last 24 hours. During the week, the price of Dogecoin rose 5.51 percent. Currently, the price of Dogecoin is at USD 0.08788.

XRP price is also in the green zone. Over the past 24 hours, the price of XRP has increased by 7.38 percent. In a week, the price of XRP rose 3.14 percent. Now, the price of XRP is at USD 0.4178.

Stablecoins such as tether (USDT) have also strengthened. The USDT price edged up 0.03 percent in the last 24 hours. The USDT price is now trading at USD 0.9993. During the week, USDT prices rose 0.03 percent.

Meanwhile, USD Coin (USDC) is stagnant in the green zone. Currently, USDC is at USD 1.00. Over the past week, USDC prices have strengthened to a limited 0.03 percent.

The price of Binance USD (BUSD) also rose limited. Over the past 24 hours, the price of BUSD has gained 0.23 percent. Currently, the price of BUSD is at USD 1.00. In the past week, the price of BUSD rose by a limited 0.14 percent.

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