The Financial Stability Board (FSB), which is a group of 20 regulators, treasury officials, and central bankers of the G20 nations, plans to establish “strong” worldwide standards for cryptocurrencies this October.
So, far though, the FSB has restricted itself to monitoring the cryptocurrency industry, claiming that it does not represent a systemic concern, according to a report by moneycontrol.com.
The value of Bitcoin plummeted below $20,000, putting many investors in the red. In October, the FSB will report on regulatory approaches to Stablecoins to the G20 Finance Ministers and Central Bank Governors.
The watchdog lags behind the European Union, which agreed on broad new market regulations last month. According to the FSB, crypto assets are mostly utilised for “speculative objectives”, but they do not function in a “regulatory free environment”.
In other news, open non-fungible token (NFT) community place, The Funky Forest Club, or FFC, is nearing the completion of its smart contract for the Ethereum network. The project promises to be the first Meta NFT with an automated gamification element incorporated into its smart contract. Future NFT collections will contain a variety of animals based on community votes.
FFC is notable for providing long-term sustainable environmental advantages as well as developing novel methods for NFTs and their utility, according to einews.com. Now, the Funky Forest Club team is nearing the completion of its smart contract for the Ethereum network.
Namely, FFC has built a high-traffic website, an active Twitter account with approximately 10,000 followers, and an inclusive discord with over 10,600 members since its inception in December 2021.
Crypto Prices
The price of Bitcoin in the cryptocurrency market fell by 0.08 per cent in the last 24 hours, and it was trading at $20,545.78 at 4:30 pm IST. According to Coinmarketcap.com, its dominance in the crypto market is currently at 42.87 per cent, down by 0.27 per cent in the last 24 hours.
Ethereum (ETH) was trading at $1,147.07 up by 0.01per cent, while Binance Coin (BNB) was up by 0.55 per cent in the last 24 hours, and it was trading at $232.91 Solana (SOL) was up by 0.53 per cent to $35.52, while Cardano (ADA) was up by 0.16 per cent to $0.4563.
Meme Coins
Dogecoin was trading at $0.06536 at 4:30 pm IST, up by 0.12 per cent on Coinmarketcap.com. Its rival, Shiba Inu, was up by 0.07 per cent, and it was trading at $0.00001103. Samoyedcoin was up by 2.59 per cent, and it was trading at $0.02388, while Dogelon Mars was down by 1.31 per cent, and it was trading at $0.000000323.
Overall Scenario
According to Coinmarketcap.com, the global crypto market cap was at $916.45 billion, a decrease of 2.82 per cent in the last 24 hours, while the total crypto market volume was $55.29 billion, a decrease of 2.44 per cent.
