Türkiye has been working on a legal framework for some time to regulate cryptocurrency markets. Minister of Treasury and Finance Mehmet Şimşek made some statements regarding the stage reached in the studies. In this regard, Şimşek said that they will send the cryptocurrency regulation to the Parliament soon.
Cryptocurrency regulation will be in the Turkish Grand National Assembly soon!
cryptokoin.comAs you follow from , regulatory efforts on cryptocurrency markets continue at full speed. The USA and the EU have come a long way towards the legal framework. Turkey has been working hard to organize this area for a while. Minister of Treasury and Finance Mehmet Şimşek gave information about the latest situation at the January Assembly Meeting of the Istanbul Chamber of Industry. In this context, Şimşek stated that they will send the crypto regulation to the Turkish Grand National Assembly soon. Additionally, Şimşek stated that ensuring the security of the market is their priority in the regulation.
Mehmet Şimşek made some statements about cryptocurrency regulation earlier this month. In these statements, he underlined that the focus of the regulations will not be taxes. In this context, the Minister said, “Our approach will not be restrictive, but will be aimed at eliminating uncertainties. Additionally, we aim to control possible risks. “At the same time, we aim to pave the way for the development of Blockchain technology and crypto asset ecosystem.” said.
Selling wave in the crypto market before the Fed interest rate decision
The cryptocurrency market experienced a significant selling wave right before the Federal Open Market Committee (FOMC) interest rate decision. That’s why investors are on edge. Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP and Cardano (ADA) are under pressure. Leading crypto Bitcoin is having difficulty maintaining stability above the $43,000 level. Meanwhile, many analysts attribute this decline to speculation surrounding the Fed’s upcoming announcement, which has the potential to impact not only traditional financial markets but also the cryptocurrency world.
According to Coinglass, the crypto market has seen a total liquidation of $150 million in the last 24 hours. Additionally, a long liquidation of $110 million took place. BTC, ETH, SOL, XRP, SUI and ORDI long positions lost blood in the liquidation. In the last 24 hours, 57 thousand traders were liquidated with a total liquidation of $ 78.97 million. The largest single liquidation order was $2.67 million worth of ETH-USD-SWAP liquidation on crypto exchange OKX.
Meanwhile, the decline is likely a response to uncertainties about the Fed’s actions. Because the Fed’s decision has the potential to impact global financial markets, including crypto. The CME FedWatch Tool shows a 97.9% probability that the Fed will maintain its current interest rate. However, the main focus will be on Fed Chairman Jerome Powell’s speech as investors look for clues about future monetary policy. Notably, the Fed kept the interest rate steady at 5.25%-5.5% for three consecutive meetings in December 2023. Now, the market expects three interest rate cuts of 75-100 basis points in 2024.
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