BTC erases gains from rally; Dubai adopts first virtual assets law
Updated
Bitcoin (BTC) erased most of the gains it got on the back of the US government's outlining its pro-crypto strategy, which was widely welcomed by the sector. BTC was trading around $39,000 in Europe Thursday morning – down some 8% from the height of the recent rally.
Amid the market rally, terra (LUNA) reached its new all-time high of $104.58, according to CoinMarketCap.com. It briefly skipped ahead of ripple (XRP) and claimed the spot as the sixth biggest cryptocurrency by market capitalisation, but then fell in line with the market.
Meanwhile, Dubai unveiled a strategy of its own on how to regulate cryptocurrencies. Dubai's ruler, Sheikh Mohammed bin Rashid Al Maktoum, took to Twitter on Wednesday to announce the city's creation of a regulator dedicated to virtual assets:
“Today, we approved the virtual assets law and established the Dubai Virtual Assets Regulatory Authority.
“A step that establishes the UAE’s position in this sector.
“The Authority will cooperate with all related entities to ensure maximum transparency and security for investors.”
Today, we approved the virtual assets law and established the Dubai Virtual Assets Regulatory Authority. A step that establishes the UAE’s position in this sector. The Authority will cooperate with all related entities to ensure maximum transparency and security for investors. pic.twitter.com/LuNtuIW8FM
— HH Sheikh Mohammed (@HHShkMohd) March 9, 2022
Quote of the day: Did Dubai just front-run US?
Paolo Ardoino, chief technical officer of the biggest stablecoin issuer Tether, wrote on Twitter:
What is your sentiment on ETH/USD?
Did Dubai just front-run US?
– Paolo Ardoino (@paoloardoino) 9 March 2022
Chart of the day:
ETH's correlation with US S&P 500 stock index has been closer than BTC's correlation to the S&P 500 over the last month, analytics firm Santiment pointed out.
ETH's correlation with S&P 500 has been closer than BTC's correlation to S&P 500 last month, as pointed out by analytics firm Santiment.. – Photo: Koyfin.Top coins by market capitalisation
As of 12:00 GMT
- Bitcoin (BTC) sunk 7.2% to $39,117
- Ether (ETH) lost 6% and was trading at $2,592
- Binance coin (BNB) was down 4.9% and trading at $376
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