Ethereum price action remains shaky as US government tightens regulations further
The FDIC will require US banks operating under its jurisdiction to report their day-to-day crypto-related activities.
- Ethereum’s market dominance currently stands at 18.5%.
- Ethereum network founder Vitalik Buterin recently donated $5 million towards Ukraine’s war relief efforts.
- Due to the prevailing bearish market conditions, Ethereum’s 12-month profit ratio has slipped to approximately 65%.
Ethereum’s (ETH) value dropped from $3,522 on April 5 to $3,149 on April 7, resulting in the altcoin registering losses of approximately more than 10%. However, since then, ETH has showcased slight bullish momentum, with a single token currently trading at $3,222.
The rising volatility comes when the US Federal Deposit Insurance Corporation (FDIC), an agency that insures depositors dealing with American commercial and savings banks, announced that it will be requiring all financial institutions falling under its purview to notify it of their crypto-related activities. An official letter reads as follows:
“It is difficult for institutions, as well as the FDIC, to adequately assess the safety and soundness, financial stability and consumer protection implications without considering each crypto-related activity on an individual basis.”
The FDIC also made it clear that banks will need to supply it with pertinent information regarding all their planned crypto-related activities in a timely manner.
Vitalik Buterin donates $5 million to help Ukraine’s ongoing war relief efforts
Aid For Ukraine is a collaborative effort launched by Ukrainian government alongside cryptocurrency exchanges FTX, Everstake and Kuna. A spokesperson for the organization said that the cofounder of Ethereum Vitalik Buterin recently donated $5 million to assist the country with its recovery efforts.
Buterin did not make any public announcement regarding the transaction. However, internet sleuths tracked down his donation receipts and linked them to a wallet address that he holds. As of April 6, the total volume of crypto donations that have been sent to the Ukrainian government, military and other local NGOs now stands at more than $135 million.
UFC fighters now eligible to receive bonuses in crypto
The Ultimate Fighting Championship (UFC) revealed recently that it will be doling out additional fan bonuses in the form of crypto for its upcoming UFC 273 event slated to take place this weekend.
The development stems from the premier fighting organization’s partnership with cryptocurrency exchange Crypto.com. In all, there are three fan bonuses to be vied for, ranging from $10,000 to $30,000. The official UFC website says that fans from across the world will be given the ability to vote on who receives the crypto bonuses while the event is taking place live.
Waves token sees red
The past week or so has seen WAVES, the native token associated with the Waves Network, lose 50% of its value. The token’s price was over $60 on March 31 but plummeted to around $25.57 on April 8. Many experts see its value dropping by another 30% over the coming few weeks, potentially taking the value of Waves to around $18 apiece.
Interested in cryptocurrency? Learn more about the basics with our beginner’s guide to Bitcoin, dive deeper by learning about Ethereum and see what blockchain can do with our simple guide to DeFi.
Disclosure: The author owns a range of cryptocurrencies at the time of writing.
