Spain turns the spotlight on some cryptocurrency exchanges, including Bybit and Huobi. In fact, both are mentioned in a warning issued by the CNMV and directed to investors. 

The CNMV is the Comision Nacional del Mercato de Valores, which is the Spanish authority called to supervise financial markets and exchanges. 

In a warning issued yesterday, it is pointed out that several institutions are operating in Spain without being registered with the Commission. Therefore, they are not authorized to provide investment services or other activities under the supervision of the CNMV. 

Among the 12 companies cited are precisely Bybit, Huobi, but also other cryptocurrency service providers such as:

• DSDAQ,
• Experise Trader 4,
• Financialresident,
• Markets Cube,
• N2,
• The Market Limited. 

The warning issued by the Spanish authority does not make these platforms illegal for the time being. This type of warning is aimed more at investors, making them aware that the platforms mentioned above do not have Spanish licenses and are not subject to national rules to protect investors. 

There are several cryptocurrency exchanges in the list of companies that are not operating with Spanish licenses, even among the most important ones, such as Coinbase UK and Binance.

The CNMV does not have the authority to be able to take platforms offline. For this to happen in Spain, there needs to be permission from a judge. That explains why they remain operational.

Cryptocurrency exchanges are in the crosshairs of authorities, not only in Spain

In Spain, what is happening has already happened in Italy, where Consob has set its eyes on Binance, particularly for its derivative products. Also, in the UK, the FCA monitors cryptocurrency exchanges’ activities and has banned derivatives trading.

These activities developed in a deregulated market, and the power of the web meant that cryptocurrency exchanges could operate around the world. But by offering investment services, particularly in a particularly risky product due to its volatility like cryptocurrencies, national bodies cannot stand by and have a duty to step in to protect investors.

The cryptocurrency market has begun a path toward regulation, but not an easy one, given that many entities are decentralized. Still, there is confidence well spelled out by Binance CEO Changpeng Zhao that regulation will not be a brake but a driver for the industry. 

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Banks in Africa are at the epicentre of this change. Technological evolution and social changes have a deeper and more direct effect on the financial industry than on most other sectors, for its basic raw materials are information and money. And money, in turn, can dematerialize and transform into accounting entries—in other words, into data that can be stored, processed, and transmitted in real-time and at costs so low that they are on the verge of disappearing altogether.

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Cardano, Dogecoin and XRP celebrate high double-digit gains as confidence returns to the market.

The total value of the crypto market has once again risen above $2 trillion, as altcoins including Cardano and XRP race to reclaim all-time highs.

This bullish price action comes in defiance of negative headlines. The Senate passed the infrastructure bill on Tuesday without changing the requirements for crypto tax reporting, and on the same day $611 million was stolen in the largest DeFi hack in history (though the culprit has since returned the funds). Nevertheless, traders were not concerned, and multiple altcoins are now flashing high double-digit weekly gains.

Beating the 3% increases of Bitcoin and Ethereum, XRP jumped almost 60% after forming a new partnership, closely followed by Cardano and Ethereum Classic with almost 50% gains, and Dogecoin, which leaped 33% as Mark Cuban tweeted support for the memecoin.

This week’s highlights

• Cardano climbs 45% ahead of major upgrade
• US infrastructure bill passes Senate

Cardano climbs 45% ahead of major upgrade

Ethereum competitor Cardano topped $2 last week as the developers scheduled a highly anticipated upgrade.

Cardano project lead Nigel Hemsley announced a September 12, 2021, release date for the planned ‘Alonzo’ upgrade. This would disarm critics by bringing long-awaited smart contract functionality to the network, potentially allowing Cardano to claim its own slice of the DeFi pie and capitalize on the NFT mania currently sweeping over the crypto market.

Elsewhere in the proof-of-stake ecosystem, rival network Polygon (formerly Matic Network) jumped 30% after acquiring Ethereum scaling solution Hermez Network.

US infrastructure bill passes senate

While the battle may have been lost as US senators failed to amend onerous tax reporting rules in the infrastructure bill, the market appears to be expecting that crypto will eventually win the war.

Prices continued to rise this week, despite the bill passing the Senate on Tuesday. Commentators suggest this could be because the event is being seen as a coming-of-age moment for the crypto industry, which is long-term bullish.

In his recap of the infrastructure bill, Compound lawyer Jake Chervinsky said,

“Ultimately we will look back on this as one of the most positive events, holistically speaking, that we’ve had so far in terms of the industry’s interactions with the government.”

Week ahead

As buyers push prices upwards, all-time highs are appearing on the short-term horizon for several of the top cryptoassets.

In the week ahead, Bitcoin faces resistance at $48K. How the leading cryptoasset reacts at this level could determine if the rally of recent weeks is just a temporary ‘dead cat bounce,’ or continuation of the bull market.

According to data from Glassnode, Bitcoin is flowing out of exchanges at similar levels to the beginning of the year, suggesting traders could be accumulating funds in anticipation of another rally higher.

This post originally appeared on the eToro blog.

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Featured Image: Shutterstock/Tithi Luadthong

While the market is consolidating at the current levels, some altcoins are making incredible gains. Terra LUNA is among the best gainers in the market currently after a sharp rise in 24 hours. These gains have led to LUNA reclaiming its all-time high, and it is currently ranking 22^nd in market capitalization.

LUNA is trading at $21.81 at the time of writing after a 30.3% gain in 24 hours.

LUNA Price Analysis

Terra is currently on a steady uptrend that could lead to the coin retesting another all-time high. In the past 24 hours, LUNA has reached an all-time high of $22.97. this uptrend has mainly been attributed to buying support.

If buyers continue to rally up demand for Terra, we will see the coin heading towards another resistance level of $24. This is a possibility, given that market support remains strong at this point. Terra will be headed for another bull run to $30 and beyond if it reaches this level.

LUNA has gained by over 230% in just one month, which means that the coin could be heading to a dip if buyers sell to leverage the current high returns. If LUNA dips, we could see the altcoin heading towards the lower support of $17, which was the level Terra was trading at before the market made a sharp increase.

The Terra LUNA blockchain is an e-commerce blockchain platform that offers access to stablecoins pegged on fiat currencies. The Terra network facilitates cross-border payments and also offers low fees, and promotes instant settlements.

In mid-July, the Terraform Labs ecosystem received $25 million in a funding round aimed at helping the platform expand its ecosystem by launching projects similar to CHAI, one of the largest mobile payments firms in South Korea.

Where to Buy LUNA

If you want to buy LUNA coins, you can do so on the following platforms:

eToro is one of the leading cryptocurrency exchanges. It supports various cryptocurrencies and trading pairs. eToro also supports friendly features like copy trading to allow new traders to learn from market experts.

The other platform where traders can buy LUNA is KuCoin. KuCoin is also another leading exchange platform. It supports new traders by giving them access to copy trading, allowing them to copy expert traders’ trading strategies.

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The total value of the cryptoasset market has once again risen above $2 trillion, as altcoins including Cardano and XRP race to reclaim all-time highs.

This bullish price action comes in defiance of negative headlines. The Senate passed the infrastructure bill on Tuesday without changing the requirements for crypto tax reporting, and on the same day $611 million was stolen in the largest DeFi hack in history (though the culprit has since returned the funds). Nevertheless, traders were not concerned, and multiple altcoins are now flashing high double-digit weekly gains.

Beating the 3% increases of Bitcoin and Ethereum, XRP jumped almost 60% after forming a new partnership, closely followed by Cardano and Ethereum Classic with almost 50% gains, and Dogecoin which leaped 33% as Mark Cuban tweeted support for the memecoin.

This Week’s Highlights

• Cardano climbs 45% ahead of major upgrade
• S. infrastructure bill passes Senate

Cardano climbs 45% ahead of major upgrade

Ethereum competitor Cardano topped $2 last week as the developers scheduled a highly-anticipated upgrade.

Cardano project lead Nigel Hemsley announced a September 12 release date for the planned “Alonzo” upgrade. This would disarm critics by bringing long-awaited smart contract functionality to the network, potentially allowing Cardano to claim its own slice of the DeFi pie and capitalize on the NFT mania currently sweeping over the crypto market.

Elsewhere in the proof-of-stake ecosystem, rival network Polygon (formerly Matic Network) jumped 30% after acquiring Ethereum scaling solution Hermez Network.

U.S. infrastructure bill passes senate

While the battle may have been lost as U.S. senators failed to amend onerous tax reporting rules in the infrastructure bill, the market appears to be expecting that crypto will eventually win the war.

Prices continued to rise this week, despite the bill passing the Senate on Tuesday. Commentators suggest this could be because the event is being seen as a coming-of-age moment for the crypto industry, which is long-term bullish.

In his recap of the infrastructure bill, Compound lawyer Jake Chervinsky said that “ultimately we will look back on this as one of the most positive events, holistically speaking, that we’ve had so far in terms of the industry’s interactions with the government.”

Week ahead

As buyers push prices upwards, all-time highs are appearing on the short-term horizon for several of the top cryptoassets.

In the week ahead, Bitcoin faces resistance at $48K. How the leading cryptoasset reacts at this level could determine if the rally of recent weeks is just a temporary “dead cat bounce“, or a continuation of the bull market.

According to data from Glassnode, Bitcoin is flowing out of exchanges at similar levels to the beginning of the year, suggesting traders could be accumulating funds in anticipation of another rally higher.

Image by Buffik from Pixabay