Did the era of the Dogecoin, the most famous cryptocurrency, come to its end, or it is just a calm before the storm? Let’s find out!
Crypto assets are mixed
On Friday, digital coins demonstrated mixed performance because Australia’s anti-money laundering regulator had the license of two crypto platforms suspended because of drug trafficking links, thus boosting fears over regulation of the sector.
The suspension of the unnamed crypto exchanges appear to be the first by the Australian Transaction Reports and Analysis Centre legislation last year, which brought crypto exchanges under its oversight.
Eventually, Bitcoin managed to surge by nearly 0.71% on the Investing.com Index concluding the trading session at $3,897.10.
Digital coins were generally intact showing $133 billion.
As for the number two crypto asset, Ethereum, this digital coin managed to inch down by 0.2% coming up with a reading of $136.84. As for XRP, it decreased by about 1% reaching $0.31112. Aside from that, Litecoin hit $56.499, soaring 0.77%.
Australian officials told that they detailed a 27-year-old man and also suspended the businesses because of his link with the companies. The suspect was charged with trafficking, possessing, and importing nearly 30 kg of drugs, in particular cocaine.
As crypto assets get more popular, government agencies worldwide have moved to oversee platforms trading digital coins for fear the money could be unitized for money-laundering as well as other illicit activities.
Some financial analysts pointed out that while cash still rules, crypto assets are rapidly becoming the preferred choice for criminals having to do with money laundering, cyberattacks, and funding terrorism. Undoubtedly, it should be a serious warning to crypto exchange providers. The key message is that if they don’t manage to comply with their obligations as for digital coins, their actions won’t go unnoticed anyway.
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Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
Every week we expect many interesting events that can shake the market.