While the crypto exchange-traded funds completed a week of trading with increasing volumes, important crypto regulatory updates took place in Europe this week.
In the past week, several significant developments marked the crypto regulatory landscape of the industry. On the other hand, the crypto exchange-traded funds completed over a week, trading with high volumes every passing day. Meanwhile, the impact of the spot Bitcoin ETFs on the crypto market is still unfolding at present.
During the week, Bitcoin saw higher volatility, trading between $40,000 and $43,000, while other tokens also saw higher fluctuations. Although it is still above its earlier trading levels for most of 2023, it has seen a slight cooling in prices. BTC’s price fluctuations have also affected other altcoins, as they did not see much price hikes either. But despite the price decrease, the spot Bitcoin ETFs saw consistently higher inflows.
A leading crypto analyst mentioned how the ETFs had steadily risen in volume. The trend may continue this year, and the effects may gradually reflect in the crypto market. Moreover, crypto use cases across the globe have been increasing at a steady pace. The progress was also confirmed by a senior Morgan Stanley official this week.
The official saw more crypto use cases in the future and also remarked on other products like CBDCs, saying, “The ongoing development and increasing adoption of CBDCs promise to reshape the global financial system, potentially influencing not just monetary transactions but also broader economic and geopolitical dynamics.”
Europe’s regulatory authorities have been bullish on central bank digital currencies (CBDCs) for a while. Recently, they also published tenders for exploring offline use cases of the digital euro. The development may see further updates during 2024 as they start receiving applications for it.
Besides, Europe’s crypto regulatory landscape also underwent some changes during the week. The European Banking Authority published new guidelines for crypto-asset service providers. The guidelines mainly referred to preventing crimes related to money laundering and financing terrorism. They published a detailed document on the new guidelines.
At the same time, Europe’s continuous updates in its crypto regulatory norms have also promoted crypto adoption. According to reports, the region saw much higher crypto trading volumes in 2023 compared to earlier years. It could be a direct result of its policies and regulatory efforts, which resulted in more crypto firms moving to Europe.
In the upcoming week, BTC could aim for a consolidation phase, while experts may closely watch the impact of the spot Bitcoin ETFs. Other macroeconomic factors may also influence the market in the next few weeks.
These tokens saw the best returns during the week:
The worst-performing tokens during the week are:
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