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The crypto market was down to $2.68 trillion in the last 24 hours at the time of observation after tanking by about 2.87%, following an over 4% slump the previous day.
Although surging FUD has triggered significant liquidity flows, there were some positive developments that could shift the tide in favor of the bulls in April.
Recent reports indicate that U.S President Donald Trump was planning a meeting with El Salvador President Nayib Bukele.
Reports indicated that, the meeting’s agenda will include strengthening diplomatic relations and cryptocurrency-related collaborations.
This could turn out to be a major event for the market considering that Trump and Bukele were the first pro-crypto heads of state.
Also, since announcing that he was siding with crypto, Trump became somewhat of a price-moving phenomenon for the crypto market.
Trump’s Administration to Shift Crypto Regulation Pursuits into High Gear
Aside from a potential meeting with El Salvador’s president, Trump’s administration recently emphasized on pushing for crypto regulation.
This is one of the areas Trump promised to work on, to potentially steer the blockchain industry.
Trump recently nominated Paul S. Atkins to be the new SEC chair, taking over after Gary Gensler.
Atkins reportedly stated that pushing for a solid regulatory foundation for digital assets would be one of his top priorities.
This suggests that the head of the U.S-based regulatory watchdog could be pro-crypto.
A complete 180 compared to Gensler whose regime was mainly anti-crypto. A clear regulatory framework for the crypto market would likely encourage and attract more institutional adoption.
Banking and Financial Institutions Can Now Dabble in Crypto
The U.S Federal Deposit Insurance Corporation (FDIC) recently handed another win to the crypto industry.
The financial authority revealed today that all financial organizations under its authority are now allowed to engage in crypto-related practices. Travis Hill, current acting FDIC chairman had this to say about the matter.
“I expect this to be one of several steps the FDIC will take to lay out a new approach for how banks can engage in crypto- and blockchain-related activities in accordance with safety and soundness standards.”
The FDIC also noted that it planned to offer guidance on the extent to which institutions, especially banks, will be allowed to engage with crypto.
While not much information was offered, analysts speculated that it could range from crypto custody services, staking, and perhaps even accepting crypto as collateral for loans.
The FDIC’s announcement marked a major milestone for the market but may have been downplayed by the bearish market conditions.
Nevertheless, the FDIC announcement and incoming regulatory clarity could set the pace for interesting times ahead for the crypto market.
