Ethereum price action remains shaky as US government tightens regulations further

Posted: 8 April 2022 3:47 pm

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.

  • ETH's market dominance currently stands at 18.5%
  • Ethereum network founder Vitalik Buterin 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 capitalisation, has seen its value drop from AUD$4,680 to AUD$4,200 over the last 72-hour stretch, resulting in the altcoin registering losses of approximately more than 10%. That said, since 7 April, ETH has showcased slight bullish momentum, with a single token currently trading at a price point of AUD$4,366.

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 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 information regarding all of their planned crypto-related activities in a timely manner.

How to buy Ethereum

Vitalik Buterin donates US$5 million to help Ukraine's ongoing war relief efforts

A spokesperson for Aid For Ukraine, a collaborative effort that the Ukrainian government launched alongside cryptocurrency exchanges FTX, Everstake and Kuna, said that 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 that he holds. As of 6 April, the total volume of crypto donations that have been sent to the Ukrainian government, military and other local NGOs now stands at more than 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 slated to take place this weekend.

The development comes as a result of the premier fighting organisation's partnership with cryptocurrency exchange In all, there are 3 fan bonuses to be vied for, ranging from US$10,000 to US$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 a whopping 50% of its value. To elaborate, the price of the token stood at nearly AUD$85.5 on 31 March but plummeted to around AUD$36.80 on 7 April. Many experts see its value dropping by another 30% over the coming few weeks, potentially taking the value of Waves to around AUD$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.

Disclaimer: 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 the nature of any product or service (including its legal status and relevant regulatory requirements) 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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