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Rain · Buy & Sell Bitcoin, Ethereum, and more in the Middle East

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Weekly Crypto Market Recap 10

By RAIN EDITORIAL TEAM - Jun 06, 7:00 PM

Last week was a mixed bag for most crypto assets. There were significant ups and downs in prices, with BTC and many major altcoins attempting to break resistance levels, while crypto regulation switched to a higher gear at a global scale—read on to see the market stands now.

General Market Performance

When observing the market’s weekly performance without looking at the intraday charts, one could wrongly conclude that the past seven days were fully negative. However, when considering the daily performances, it becomes clear that while most crypto assets closed in the red, many reached near double-digit gains just days before. BTC rallied up to the $32,000 level earlier last week, ETH managed to hold $1,800 steadily, and other major altcoins, like XRP, also recorded great performances a few days ago. With that said, most crypto assets are down from those highs for the time being, as investors await what the upcoming week brings. 

Bank of England Proposes to Take Over Collapsed Stablecoins

A new proposal would give England's central bank regulatory body oversight over stablecoin issuers should they pose a risk to financial stability. The treasury has also announced plans to recognize stablecoins as a legal form of payment under efforts to make the UK a “crypto hub”.

US Legislators Introduce Bill That Requires Congress Members to Disclose Crypto Holdings

Following a bipartisan measure proposed in the US House of Representatives, Congress members will be required to disclose their cryptocurrency holdings. Failure to disclose transactions within a given period after knowledge of the transaction will result in a punishment of $500, or 5% of the transaction’s value. 

South Korea Toughens Up Crypto Security Measures to Prevent Terra (LUNA) Recurrence

South Korea has announced plans for a new crypto oversight committee in the wake of Terra’s collapse. Pending the enactment of the Framework Act for Digital Assets, the new committee is set to act as a watchdog over the crypto industry and will be responsible for policy preparation and supervision.

Japan’s Parliament Passes Stablecoin Law Giving Protection to Crypto Investors 

Following the collapse of the TerraUSD coin, Japan’s parliament has passed a bill that clarifies the legal status of stablecoins. According to the new law, stablecoins must be linked to the yen or another legal tender and guarantee holders the right to redeem them at face value. This essentially disallows crypto-backed or algorithmic stablecoins in the Asian country, and makes fiat-backed assets the preferred kind.

Chipotle Starts Accepting Crypto Payments Across Restaurants in the US

Chipotle Mexican Grill (CMG) has begun accepting cryptocurrency payments through Flexa, a digital payments platform. The Flexa platform supports 98 digital currencies, including bitcoin (BTC), ether (ETH) and Solana (SOL), which all will be spendable for delicious meals across the restaurants.

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