EU Accepts “MiCA” Regulation Covering Crypto & Stablecoins – July 1

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $19,345

Bitcoin price has fluctuated rapidly over the last 24 hours of trading, touching as low as $18,952 before rebounding in a flash toward the $21,000 mark.

Top-20 altcoins have had mixed performance, as Ethereum rises 3%, BNB gains 1% and XRP drops 1%.

Top Stories for July 1, 2022 πŸ”₯

πŸ‘‰ EU Accepts “MiCA” Regulation Covering Crypto & Stablecoins

European Union officials have agreed to adopt new regulation called the Markets in Crypto-Assets (MiCA) framework, which would cover stablecoins, crypto exchanges and wallets.

Notably, the regulation would require stablecoin issuers to build up sufficiently liquid reserves, as well as cap transactions of the token at 200 million euros per day – significantly below the transaction volumes seen in major stablecoins today.

MiCA will also require crypto-asset service providers to “adhere to strict requirements aimed at protecting consumers” and can be held liable if they lose investor assets.

πŸ‘‰ $200M In BTC & ETH Positions Liquidated In Short Squeeze

Almost $200 million in Bitcoin and Ether futures positions were liquidated yesterday in a significant short-squeeze, as Bitcoin price jumped from recent lows to almost $20,900 in a matter of minutes.

$76 million in long positions were also liquidated on the previous downward move, as Bitcoin fell below the $19,000. Solana, Avalanche and other cryptocurrency futures also saw $5 million in liquidations.

πŸ‘‰ Facebook Begins NFT Feature Roll-Out For Some US Creators

Meta’s Facebook has initiated the roll-out of its first non-fungible token (NFT) feature, beginning with a select group of US creators – a week after CEO Mark Zuckerberg’s announcement of the plan.

Facebook NFTs will appear in a special tab labelled “digital collectibles”, with support for the same blockchains and wallets as a recent Instagram integration. This includes Rainbow, MetaMask and Trust Wallet, with others on the way.