Crypto Market Sees $4.6B Boost as Stablecoin Buying Power Increases

• South Korea passes new crypto legislation focused on investor protection.
• Recent spot Bitcoin ETF applications fall short of SEC’s expectations.
• Stablecoin buying power on exchanges increases as BTC and ETH see outflows.

South Korea Passes New Crypto Legislation

South Korea recently passed new cryptocurrency legislation that focuses on protecting investors in the digital asset space. The law is designed to ensure that investors are provided with necessary protections, such as providing proper disclosure of information related to the investments, and ensuring that there are measures in place to prevent money laundering activities from taking place.

SEC Rejects Recent Spot Bitcoin ETF Applications

Recently, a number of spot Bitcoin exchange-traded fund (ETF) applications have been submitted to the US Securities and Exchange Commission (SEC). However, these applications have fallen short of the SEC’s expectations due to technicalities, but they are not out of the running yet.

Stablecoin Buying Power Increases

The buying power for stablecoins has been steadily increasing since late May, reaching levels recorded in mid-December 2022. This increase can be attributed to large outflows of both Bitcoin (BTC) and Ethereum (ETH). As a result, more stablecoins are being bought up by exchanges which indicates an increase in buying pressure on the market.

Vodafone Confirms Cardano NFT Plans

Vodafone recently confirmed rumors that it is planning to launch Non-Fungible Tokens (NFTs) based on the Cardano blockchain platform. Vodafone is hoping that these NFTs will help them create a unique digital marketplace where users can buy and sell digital content using their own tokens. This would enable users to monetize their creativity while also allowing them to take part in exclusive offers from Vodafone partners.

Revolut Delists Cardano Polygon & Solana From US Market

Revolut recently announced that it will be delisting three cryptocurrencies – Cardano (ADA), Polygon (MATIC), and Solana (SOL) from its US market due to regulatory restrictions imposed by US regulators on foreign companies trading these assets in the US market. Revolut also stated that it remains committed to providing access to cryptocurrencies for its customers around the world but will comply with all applicable laws and regulations when operating in different jurisdictions.