Blockchain and Cryptocurrency News Roundup

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  • June 13, 2022
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14th June 2022

Here’s a short summary of some of the biggest headlines in Crypto: Bitcoin Falls to the Lowest Level since Dec 2020, Luxury Fashion Firm Farfetch Begins Accepting Crypto Payments, and finally, European Union Close in Agreeing on Crypto Regulations.

Bitcoin Falls to the Lowest Level since Dec 2020

Bitcoin has fallen to its lowest level for a year and a half, trading around $25,344 at the time of writing, according to data from CoinGecko.

Prior to that, the cryptocurrency had fallen even further to $24,903.49 – levels not seen since December 2020.

The dip in the value of Bitcoin shows a loss of more than 62.9% since its all-time high set last November at $69,044.77.

The overall estimated current market value of the crypto market is around $1.07 trillion, following a loss of $2 trillion eight months ago.

The crypto market is likely to remain bearish as investors fear that the Federal Reserve (Fed) will be more aggressive with its monetary policy, aggravating the blow from last month when the Fed raised interest rates. Investors worry that the central bank will raise its rates sharply to fight inflation – which is at its highest in 40 years.

The fall of bitcoin has also affected other digital currencies. Ethereum, the second cryptocurrency by market value, has fallen to around $1,320, far from the $4,878.26 level from November. The digital currency has lost 72.6% of its value since November 10.

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Luxury Fashion Firm Farfetch Begins Accepting Crypto Payments

British-Portuguese online luxury fashion retail platform, Farfetch has announced it will begin accepting cryptocurrency payments for its goods and services in the next couple of months.

The company, currently trading publicly on the New York Stock Exchange said the crypto payments feature will first be introduced to its private clients in the next couple of months.

Expansion of the crypto payments flexibility will be expanded to all customers before the end of this year with immediate access to customers in the United States, the United Kingdom, and Europe. Other countries will follow shortly afterward.

The London-headquartered company said initial payments will be in seven major digital currencies including Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) amongst others.

The crypto payments capabilities will be made possible with the active partnership with Lunu, a global crypto payments platform that will provide POS terminals at all of Farfetch’s locations as well as the payment gateway for those shopping online.

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European Union Close in Agreeing on Crypto Regulations

As the clamor for crypto regulations has continued to intensify, the European Union (EU) is close to agreeing on a comprehensive regulation that will govern the nascent digital currency ecosystem.

The news was broken by Bloomberg claiming to draw inference from sources familiar with the discussions between the 27 member states.

Per the Bloomberg report, the EU member states, currently chaired by France, are currently disagreeing on how to approach certain aspects of the Market In Crypto Assets (MiCA) bill. Some of the aspects that are highly contentious include how to incorporate Non-Fungible Tokens (NFTs) into MiCA, avenues to regulate stablecoins, and how to supervise crypto assets service providers operating within the region.

The sources affirmed that EU negotiators are considering placing a ceiling on stablecoin transactions, a move that will largely prevent the excessive use of these asset types as legal tender within the bloc. The capped transactions will particularly be applied to stablecoins that are not backed by the Euro.

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