Today’s Crypto Market Decline and Significant Regulatory Updates

The cryptocurrency market saw a decline of 3.4% in capitalisation today, with Bitcoin and Ethereum among the top coins losing value. The Thai SEC approved USDT for trading, enhancing digital asset innovation in the region. NodeOps Network introduced a proof-of-conviction mechanism to safeguard investors, while HashKey Global partnered with VerifyVASP for Travel Rule compliance.

In today’s crypto news, the market exhibits a decline. The global cryptocurrency market capitalisation fell by 3.4% in the past 24 hours, reaching approximately $2.84 trillion, with daily trading volumes at $137 billion. Only about 15 coins from the top 100 showed positive gains; Ethena (ENA) led with a 6.6% increase, while Maker (MKR) fell the hardest at 9.6% to $1,183.

Amongst the top 10 cryptocurrencies, all experienced losses, with Solana (SOL) down by 4.8% to $129. Bitcoin (BTC) decreased by 1.8% to $82,938, while Ethereum (ETH) fell by 1.2%, trading at $2,116. The minimal decline was seen in Polkadot (DOT), which dropped by only 1.15%.

The Thai Securities and Exchange Commission (SEC) has officially approved the USDT stablecoin, allowing it to be traded in Thailand. This approval, effective from 16 March, is a significant advancement for regulated exchanges and could boost USDT’s usage in payments, promoting Thailand’s leadership in digital asset innovation.

USDT’s inclusion in the approved list signifies a step towards improving Thailand’s digital asset regulatory framework, enhancing flexibility for investors, and fostering a dynamic financial landscape. Tether’s CEO emphasized the commitment to supporting stablecoin adoption in Thailand’s evolving ecosystem.

NodeOps Network has introduced a proof-of-conviction mechanism designed to protect early supporters from market manipulation by larger entities. This mechanism permits users to fully commit funds towards purchasing NFTs or reserve spots in a raffle, thereby minimising the influence of larger players.

The proof-of-conviction involves a one-year non-transferrable lockup on tokens, effectively curbing demand from opportunistic entities. Their new NFT collection launches today, featuring 10,000 unique digital assets, providing holders with profit-sharing and discounts on platform purchases.

HashKey Global has partnered with VerifyVASP to implement comprehensive Travel Rule compliance across its exchange network. This initiative responds to the increasing enforcement of global regulations governing virtual asset transactions and aims to enhance anti-money laundering (AML) compliance.

HashKey is proactively upgrading its infrastructure to facilitate compliant transactions, as noted by Tim Xing, Board Director at HashKey Global. This collaboration is intended to solidify a compliant digital asset ecosystem globally, with notable connections made recently with additional exchanges including Korbit, LBank, and HTX.