Saturday, Jul 02, 2022
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European Parliament To Vote On MiCA Legislation Today; Crypto Market Falls

The European Union Parliament is expected to vote on the Markets in Crypto Assets (MiCA) legislation today. Meanwhile, HNI Russians are moving their assets to Dubai (UAE).

Ethereum
Ethereum

The European Parliament is set to vote on the much-debated Markets in Crypto Assets (MiCA) framework today. The MiCA draft legislation has a clause that could possibly ban all energy-intensive proof of work cryptocurrencies like Bitcoin (BTC). Meanwhile, according
to a report by Reuters, several high networth individuals (HNI) from Russia are selling their crypto investments to the tune of billions of dollars and keeping them in Dubai (UAE)

The global crypto market cap decreased by 2.6 per cent to $1.7 trillion at 8.28 am. The global crypto volume however increased by 15.68 per cent to $62.45 billion, as per Coinmarketcap data. 

Cryptocurrency Prices

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $38,102.66, lower by 2.69 per cent in the last 24 hours.
“The market remains indecisive and bearish, a result of global uncertainty and rising geopolitical conflict. Speculative assets will most likely continue to be range bound,” says Gaurav Dahake, CEO and founder, Bitbns.

Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, was also lower by 2.54 per cent at $2,527.77.

Among other major coins, Cardano (ADA) was down by 0.73 per cent at $0.7909, Algorand (ALGO) by 4.84 per cent at $0.6792, Binance Coin (BNB) was also down by 3.14 per cent at $364.43, Solana (SOL) was down by 3.06 per cent at $79.13 and Polkadot (DOT) was also trading lower by 5.19 per cent at $17.26.

Today’s top gainer was Mercenary (MGOLD), which was up by 1044.33 per cent at $0.00002527. The top loser was Rumble Gaming (RMBL), which was down by 99.45 per cent at $0.0001713.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 3.88 per cent at $0.1113. Its volume to market cap ratio stands at 0.02585. Rival Shiba Inu (SHIB) lost 3.66 per cent to trade at $0.00002154.

Dogelon Mars (ELON) was trading with a loss of 3.68 per cent at $0.0000006728. Floki Inu (FLOKI) was also down by 8.57 per cent at $0.00002602, while Samoyed Coin (SAMO) lost 4.68 per cent at $0.01686.
In the DeFi segment, YFI (yearn.finance) was trading with a loss of 2.45 per cent at $18,131.35. Terra (LUNA) was however up by 1.34 per cent at $89.00. Avalanche (AVAX) lost 5.79 per cent to $67.50, Uniswap (UNI) lost 4.74 per cent to trade at $8.24, and Aave (AAVE) fell 4.66 per cent to $114.62.

Latest Updates

UAE’s Economic Affairs Secretariat (SECO) said in an interview with Reuters, “Crypto assets were subject to the same sanctions and measures Switzerland has imposed on normal Russian assets and individuals, so if a person is sanctioned, then their crypto assets must also be frozen in Switzerland.

A provision in the MiCA legislation reads, “Crypto-assets shall be subject to minimum environmental sustainability standards with respect to their consensus mechanism used for validating transactions, before being issued, offered or admitted to trading in the Union,” reported Coindesk.

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