Bitcoin (BTC-USD) continues to lose momentum with another 1.25% drop to $26,642 today. Ethereum (ETH-USD) too is down 1.4% to $1,791 today.
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The two major Cryptocurrencies have tanked nearly 11.3% and 14.8% respectively over the past month after optimism over a potential Fed pause was quickly replaced by global recession and U.S. debt ceiling concerns.
Ripple, another major name in the crypto space, has snapped up custody infrastructure solutions provider Metaco in a move aimed at expanding its reach and tapping into the rising interest in the institutional crypto custody space.
The company doled out $250 million for the acquisition while the Ripple (XRP-USD) token is up ~26.3% so far this year despite a recent price weakness.
Elsewhere, the crypto industry’s tryst regulatory developments and challenges continues. While Europe has finally brought in rules encompassing crypto exchanges, wallet companies, and stablecoin issuances, the U.K. is looking at crypto assets as extremely risky avenues with no ‘useful social purpose’ and members of its Parliament have urged treating activity in crypto assets with no backing as gambling.
Now, while crypto companies in Europe will have to seek approval for operating, how the regulations shape up in the U.K., the U.S. as well as other major markets is sure to induce even more gyrations in crypto prices across the board.
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