Altcoins Rise Amid UK’s Move To Regulate Crypto Transactions

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Leading coins were up early on October 26 as the current valuation of all cryptocurrencies increased by about 5 percent to $976 billion. In contrast, the total volume of the cryptocurrency market rose by nearly 69 percent in the 24 hours to $89.24 billion.

Crypto Current Leading Performers

The value of one BTC is $20,245, and there is $151 billion worth of daily transactions. In the past 24 hours, BTC has gained more than 4 percent. 

The $3.66 billion overall amount of DeFi at this time is 4 percent of the 24-hour value of the whole cryptocurrency market. Currently, the overall 24hr value of the cryptocurrency marketplace is $80.85 billion, or 90 percent of the overall amount of all stablecoins.

The top three gainers in the Asian session were Lido DAO (DAO), and Toncoin (TON), ETC (Ethereum Classic). DAO is up almost 10 percent to $1.67, while Toncoin is up over 21 percent to $1.80. ETC has also increased by over 10 percent to trade at $25 in the past day.

The value of Aptos (APT) has dropped over 4 percent to $8.8 during the past few hours. To about $0.19, Klaytn’s (KLAY) price has decreased by around 4 percent.With a live market capitalization of $388 billion, CoinMarketCap is now ranked top.

The Move To Regulate Crypto Transactions In The UK

The Financial Services and Markets Bill, which includes measures to control digital currencies as financial products, had received support from Britain’s House of Commons as of October 25, 2022.

The House of Commons – the UK’s law-making house – gathered to discuss the suggested Financial Services and Markets Bill, which broadly lays out the UK’s post-Brexit financial strategy, point by point.

The draft measure already contains recommendations to broaden current limits to stablecoins centered on payments. Stablecoins are crypto assets connected to the price of another asset, like the USD  or gold.

The measure has now been given a chance to be voted on by the higher body, the House of Lords, to formally become law. This move comes following Monday’s election of Rishi Sunak as the nation’s next prime minister; Sunak previously supported cryptocurrency when serving as finance minister. As a result, the news drives market efficiency and continued support for crypto.

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