Crypto Market Sees $4.6B Increase in Exchange Buying Power

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

South Korean Crypto Legislation

South Korea has passed new crypto legislation with the main focus being investor protection. This includes measures such as requiring registration of cryptocurrency trading accounts with the Financial Services Commission, providing guidelines for virtual asset service providers, and prohibiting anonymous transactions.

SEC Rejects Spot BTC ETF Applications

Recently, several applications for Bitcoin exchange-traded funds (ETFs) have been submitted to the U.S Securities and Exchange Commission (SEC). However, they all fell short due to a technicality but are still in contention for approval.

Exchange Buying Power Increases

June brought about a substantial increase in stablecoin volume which flowed into exchanges indicating that there could be an increase in buying pressure on the market amid large Bitcoin and Ethereum outflows. This is evidenced by the exchange buying power metric which charts the 30-day change in USDT, USDC, BUSD, and DAI supplies. The supply of these stablecoins has been steadily increasing since late May reaching levels recorded in mid-December 2022; this is indicative of potentially bullish market dynamics ahead.

Vodafone’s Cardano NFT Plans

Vodafone recently confirmed rumors that it will be utilizing Cardano’s blockchain technology to create nonfungible tokens (NFTs). These NFTs will be used to track Vodafone products from their origin points to customers and also enable customers to access services such as product warranties through tokenized smart contracts stored on Cardano’s blockchain network.

Revolut Delists Three Cryptocurrencies

Crypto payment platform Revolut recently delisted Cardano, Polygon, and Solana from its services within the U.S market due to regulatory constraints imposed by state laws within America at present time