The Financial Stability Board (FSB), a group of 20 regulators, financial authorities and central banks in the G20 nations, plans to establish “strong” worldwide standards for cryptocurrencies in October.
So far, the FSB has limited itself to monitoring the cryptocurrency industry, claiming that it does not represent a systemic concern, according to a report from moneycontrol.com.
The value of Bitcoin fell below $ 20,000, which put many investors in the red. In October, the FSB will report on regulatory approaches to Stablecoins to G20 finance ministers and central bank governors.
The watchdog is behind the EU, which agreed on broad new market regulations last month. According to the FSB, cryptocurrencies are mostly used for “speculative purposes”, but they do not work in a “regulatory free environment”.
In other news, the openly non-fungible token (NFT) community site, The Funky Forest Club, or JRC, is in the process of completing 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 feature a variety of animals based on community voices.
The JRC is known for providing long-term sustainable environmental benefits in addition to developing new methods for NFTs and their benefits, according to einews.com. The Funky Forest Club team is now nearing completion of its smart contract for the Ethereum network.
The JRC has built a high-traffic website, an active Twitter account with approximately 10,000 followers and an inclusive disagreement 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 percent over the last 24 hours, and it traded at $ 20,545.78 at 16:30 IST. According to Coinmarketcap.com, the dominance in the crypto market is currently 42.87 percent, down by 0.27 percent in the last 24 hours.
Ethereum (ETH) was trading at $ 1,147.07 up 0.01 percent while Binance Coin (BNB) was up 0.55 percent over the last 24 hours and trading at $ 232.91 Solana (SOL) was up by 0.53 percent to $ 35.52, while Cardano (ADA) was up 0.16 percent to $ 0.4563.
Meme coins
Dogecoin was trading at $ 0.06536 at. 16:30 IST, up 0.12 percent on Coinmarketcap.com. The competitor, Shiba Inu, was up 0.07 percent, trading at $ 0.00001103. Samoyedcoin was up 2.59 percent, trading at $ 0.02388, while Dogelon Mars was down 1.31 percent, trading at $ 0.000000323.
Overall scenario
According to Coinmarketcap.com, the global market value of crypto was $ 916.45 billion, a decrease of 2.82 percent over the last 24 hours, while the total crypto market volume was $ 55.29 billion, a decrease of 2.44 percent .
