Ethereum price action remains shaky as US govt tightens regulations further

The FDIC announced this week that it will require US banks operating under its jurisdiction to notify it of their day-to-day crypto related activities

  • ETHs market dominance currently stands at 18.5%
  • Vitalik Buterin, founder of the Ethereum Network, recently donated US $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, the world’s second largest digital asset by combined market cap, has seen its value drop from AU $4,680 to AU $4,200 over the last 72 hour stretch, resulting in the altcoin registering losses of approximately 10+%. That said, since April 7, ETH has showcased slight bullish momentum, with a single token currently trading at a price point of AU $4,366.

The rising volatility comes at a time when the US Federal Deposit Insurance Corporation (FDIC), an agency that insures depositors dealing with American commercial and savings banks, announced that it will henceforth be requiring all financial institutions falling under its purview to notify the government body 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.”

Lastly, the FDIC also made it clear that banks will need to supply it with pertinent info regarding all of their planned crypto-related activities in a timely manner.

How to buy Ethereum

Vitalik Buterin donates $5M to help Ukraine’s ongoing war relief efforts

According to a spokesperson for Aid for Ukraine, a collaborative effort launched by the Ukrainian government alongside cryptocurrency exchanges FTX, Everstake and Kuna, the co-founder of Ethereum Vitalik Buterin recently made a donation worth US $5 million to assist the country with its recovery efforts.

Buterin did not make any public announcement regarding the transaction, however, internet sleuths were able to track down his donation receipts and link them to a wallet address held by him. 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 US $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 that is slated to take place this weekend. The development comes as a result of the premier fighting organization’s partnership with cryptocurrency exchange In all, there are three fan bonuses to be vied for, ranging from US $10,000 to US $30,000. According to the official UFC website, 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 a whopping 50% of its value. To elaborate, the price of the token stood at nearly AU $85.5 on March 31 but plummeted to around AU $36.80 on April 7. Additionally, many experts see its value dropping by another 30% over the coming few weeks, potentially taking the value of Waves to around AU $24 a piece.

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

This information should not be interpreted as an endorsement of cryptocurrency or any specific provider,
service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and
involve significant risks – they are highly volatile and sensitive to secondary activity. Performance
is unpredictable and past performance is no guarantee of future performance. Consider your own
circumstances, and obtain your own advice, before relying on this information. You should also verify
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and consult the relevant Regulators’ websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.

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