IOSCO Chair Says Global Crypto Regulatory Body Is Coming Soon – May 12

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $29,590

Bitcoin price is sitting in the $29,000s today, as it broke as low as $25,836 overnight before a seemingly strong recovery.

Top-20 altcoins have continued to suffer losses, as Ethereum falls another 9%, BNB drops 1% and Polygon sees a 15% decline.

Top Stories for May 12, 2022 πŸ”₯

πŸ‘‰ IOSCO Chair Says Global Crypto Regulatory Body Is Coming Soon

Chair of the International Organization of Securities Commissions (IOSCO), Ashley Alder, says a global regulatory body for crypto is likely to be created within the next year.

Alder, speaking at an online conference, stated that the growth of cryptocurrency markets and its increasing connection to mainstream finance has made the industry a primary area of focus for regulators – even going as far as saying it is as high a priority as COVID and climate change.

πŸ‘‰ LUNA Price Plummets As Supply Increases 20X

The price of Terra (LUNA) has continued to plummet, as its circulating supply witnessed a 20-fold increase while UST holders continue to exit the token.

Holders of the UST stablecoin are meant to be able to redeem their tokens for $1 worth of LUNA at all times, currently resulting in an exponential minting of LUNA – with 24 billion out of 25 billion tokens entering circulation within the last 24 hours.

πŸ‘‰ Chainsmokers Share Album Royalties With Fans In New NFT Release

World-renowned music duo, The Chainsmokers, have dropped a new album, along with an NFT giveaway for 5,000 lucky fans. The NFT holders will be provided with a 1% cut of the album’s royalties, in an industry-first.

Although other artists have shared royalties with fans via NFTs previously on individual songs, this marks the first time that a high-profile artist has offered royalties to an entire album of music.