The U.K. and US governments seem to be targeting cryptocurrency as a market is wiped out in 24 hours around the world due to an ongoing regulatory crackdown, according to Bloomberg News. The price of Bitcoin crashed down nearly $1,500 over the course of just one day after it had been spiking last week at several times its usual value.?
The “oak network” is a type of cryptocurrency that is not controlled by any government. It has been targeted as the market loses $200B in 24 hours.
Many governments have accepted cryptocurrencies far more easily and quickly than predicted, while others are still pursuing it. With the most recent statements from critical government leaders, the United States and the United Kingdom have pioneered the latter group.
While the US asks questions, the UK prepares.
According to CoinCentral, the depegging of Terra’s stablecoin TerraUSD (UST) has caused worry among investors and authorities. Following the May 9 fall, UST lost its peg and ended up trading at As reported by CoinCentral, Terra’s stablecoin TerraUSD (UST) depegging has been a concerning moment for investors and regulators alike. After the crash of May 9, UST lost its peg and ended up trading at a discount of 7% at $0.92..92, a 7 percent discount.
Although the peg was supposed to rebound yesterday, it sank again after just a 4.4 percent correction, and at the time of writing, UST had fallen by another 41.05 percent.
This brings the overall depegging to 52.66 percent, putting the price of UST at This places the total depegging at 52.66%, leaving UST with a price of $0.47..47.
As a result, it enraged people who had a beef with cryptocurrency, the first of whom was US Treasury Secretary Janet Yellen. Yellen has previously expressed reservations about stablecoins, stating in April that no one can guarantee that a stablecoin can be exchanged for exactly a dollar every time.
Following the UST fiasco, Yellen noted in a Senate hearing,
“A stablecoin called as Terra (UST) was on a run and lost value… I believe this merely demonstrates that this is a fast developing product with financial stability implications, and we want a proper structure.”
While the US has yet to pass any crypto-related legislation or regulations, the May 9 meltdown and the UST depegging do not bode well for crypto adoption.
In contrast, the United Kingdom has presented two new measures that, if passed, would give the government additional authority over cryptocurrency.
The administration introduced the Financial Services and Markets Bill and the Economic Crime and Corporate Transparency Bill during the State Opening of Parliament.
The former measure was developed to ensure that cryptocurrencies be safely integrated into the country’s financial sector.
The other law is aimed at “creating capabilities to more swiftly and easily seize and reclaim crypto assets,” which the government claims is the most common method used by ransomware hackers.
The United Kingdom has been considering introducing laws for the crypto business, and only last month, in April, the government declared that stablecoins will be added to the current legal framework for payment mediums.
John Glen, the Treasury’s Economic Secretary, said around the time of the announcement,
“If crypto technologies are going to be a key part of the future, we, the United Kingdom, want to be in – and in early.”
The Current State of the Cryptocurrency Market
The market crisis on May 9 had such an impact that almost $200 billion was wiped out of the crypto sector in only 24 hours. The efforts at recovery made yesterday were ineffective because the larger market was terrified.
As a consequence, the total value of all cryptocurrencies fell by further $46.58 billion at the time of this publication, reducing the overall market cap to only $1.36 trillion.
Currently, persistent dread is at its highest level since January 2022, and investors have only seen it five times since May 2021.
As the crypto market under pressure from all sides, recovery has become critical, which seems to be a long way off as the king coin, Bitcoin, is now suffering at roughly $30k, down another 3%.
The “oak network medium” is a platform that provides information about the cryptocurrency market. The UK and US Governments have announced their intention to target crypto as the market lost $200B in 24 hours.
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