UK Moves to Regulate Crypto Markets, Traders Await BlackRock Decision

Trending Tokens on BTSE:

(as of  3:00 AM UTC, June 20, 2023) 

Asia woke up this morning to modest gains across both Bitcoin (BTC) and Ethereum (ETH), gaining +1.66% and +0.35% respectively.  While it’s difficult to pinpoint the factors between especially minor lifts like these, BlackRock’s application to list a Bitcoin ETF is seen by many analysts as a positive influence for Bitcoin prices, despite the fact that a decision on the application is yet to be made. Across the BTSE markets, Vega Protocol (VEGA) saw a healthy jump of 27.27%, while POGAI (POGAI) lost approximately 13.98% of its value at the time of writing.

On the policy side of things, the United Kingdom looks set to pass a bill following approval from both the House of Commons and House of Lords, and now moves on to the next stages of Consideration of Amendments and Royal Assent. This is positive news for the crypto market, especially following comments last year from now prime minister of the UK Rishi Sunak stating his ambitions to make the UK a ‘global hub for crypto asset technology’.

In other news, digital asset investment products saw their ninth consecutive week of outflows last week, as reported by Coindesk.  Despite minor pushback with inflows following the aforementioned BlackRock Bitcoin ETF application, it was not enough to overcome outflows caused by a difficult period for altcoins. The difficulty during this time is largely seen to have been caused by the SEC’s listing of numerous tokens as securities, following its action against Binance and Coinbase.

As analysts continue to eye the BlackRock Bitcoin ETF application and SEC legal action against crypto giants for their expected impacts on crypto prices following their conclusions, we are likely to see continued price fluctuations going forward as the crypto space continues to develop, and countries around the world, such as the UK, continue to welcome the new technology in their jurisdictions.

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