Following tradition, the crypto market was pretty stable on the weekend . However since the past 2 days market has been seeing red with a drop in market cap by around 20 billion USD, a little more than expected , given that the amount of money that flowed into the crypto market towards to latter portion of last week. Much of which may be attributed to XRP’s unprecedented run last week. Within 7 days, XRP is up an impressive 50+ percent.
On September 19th, PNC bank proclaimed its dealings with Ripple and that it will soon use Ripple’s xCurrent software remedy to circumvent cross-border transactions. Ripple also addressed that it will soon release its xRapid solution, which relies on the cryptocurrency XRP, for liquidity problems within the next month. These announcement, coupled with FOMO, seem to be the potential factors that led to such rapid price action in the market last week.
The crypto space continuously bolsters its credentials with monumental updates. The French government recently publicized its plan to strengthen its legal framework concerning the digital asset space - cryptocurrency. Members of President Macron’s party have suggested that amendments be made to French legislation for regulating cryptocurrency service providers. This proposal is scheduled to be discussed by the National Assembly by the end of September.
The goal of the proporsal in mind is to expand the current legal foundation to give cryptocurrency traders and investors the ability to acquire approval from the head stock market regulator in France, Autorité des Marchés Financiers (AMF). If the AMF were to provide approval, it would create more avenues for entry into the cryptocurrency market while also providing consumers with greater security in the space. Furthermore, two weeks ago, the AMF earned regulatory ability to grant licenses for Initial Coin Offering (ICO) - a strategic approach that hopes to generate global interest.
These regulatory steps and technological innovations are important paradigms shifts that this market needs. As more attention heads to this space, greater economic opportunity will follow.
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