Factual Pursuit of Truth for Progress
On Tuesday, the crypto market started trading activities on a positive note with the industry gaining over $53 billion in the early hours of the day to stand at $1.91 trillion.
The movement in the industry market capitalization is largely attributable to the bullish sentiment in the two most valuable crypto assets, Bitcoin and Ethereum.
Popular crypto flagship asset, Bitcoin had gained 2.72% to trade at $43,697, while Ethereum had gained 3.89% to trade at $3,044.47. In the same vein, Solana gained 5.33% to trade at $101.65, Terra gained 2.12% to trade at $54.9818931, while Uniswap recorded a 2.64% gain to trade at $10.9.
In the meantime, Kristalina Georgieva, the managing director of the International Monetary Fund (IMF), has stated that crypto assets and stablecoins are no match for well-designed central bank digital currencies (CBDCs).
“If CBDCs are designed prudently, they can potentially offer more resilience, more safety, greater availability, and lower costs than private forms of digital money,” she stated.
Meanwhile, the U.S. Securities and Exchange Commission (SEC), announced on Monday, that crypto lending platform BlockFi has agreed to pay $100 million in penalties.
According to the commission, it charged BlockFi Lending LLC with failing to register the offers and sales of its retail crypto lending product, BlockFi Interest Accounts (BIAs).