IMF Says Governments Should Impose Capital Controls on Crypto
Daily Market Wrap
Crypto market cap: 1.92 trillion, up 1.78%
BTC price stands at USD 41,357, up 1.68%
ETH price stands at USD 3,085, up 1.44%
Top gainer: ApeCoin (APE), up 26.23%
Top loser: Decred (DCR), down 4.44%
News of the Day
The IMF says that governments should impose capital controls on cryptocurrency alongside traditional assets.
Why it matters:
The International Monetary Fund (IMF) says that the recent war in Ukraine has become the driving force for capital outflow from sanctions
Crisis-hit countries like Greece and Argentina could also benefit from their access to cryptocurrency for cash withdrawal and receiving foreign currency
The IMF previously warned in October that under-regulated crypto could lead to instability and fraud
Crypto daily spotlight
Terra’s US dollar-pegged algorithmic UST has become the third-largest stablecoin in terms of overall market capitalisation.
Brief introduction: Terra is a decentralised stablecoin blockchain that uses fiat-pegged stablecoins to power price-stable global payments systems. Terra’s native token LUNA is used to stabilise the price of the protocol’s stablecoins.
Why it matters:
Terra’s native token LUNA rose 17% as its stablecoin UST moved up the ladder to the third-largest stablecoin
Terra’s Anchor Protocol announced a partnership with Polkadot’s Acala network to set up liquidity pools for stablecoins UST and aUSD on Acala
The Luna Foundation Guard (LFG) has recently acquired over 30,000 BTC to act as a peg and reserve for its UST stablecoin
Daily sector tracker
Daily News Roundup
Online Brokerage Platform Robinhood Acquires London-based Crypto Platform Ziglu https://bit.ly/3M6Tl2y
Metaverse Leader Plans to Raise $400 Million at $4B Valuation https://bit.ly/3uSmRTV
BNB Chain Completes Quarterly Burn of $772 Million Worth of BNB Tokens https://bit.ly/3JTqTj5
Monero’s Community Reaches Consensus to Initiate a Mainnet Hard Fork in July https://bit.ly/3jQa8dU
Blockchain.com Plans to Conduct an Initial Public Offering This Year https://yhoo.it/38PN8cP
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