Gate.io Blog Gate.io’s Daily Market Trends （May.29）: Multi-country regulatory policy bearish Cryptocurrency prices shake up again

Gate.io’s Daily Market Trends （May.29）: Multi-country regulatory policy bearish Cryptocurrency prices shake up again

29 May 13:54

As of 12:00 CST, May.29, Bitcoin price was at $36,549.7 and Ethereum's price was at $2,533.78. On the evening of the 28th, the cryptocurrency prices fell once again collectively, with the lowest price of Bitcoin reaching $34,704.05 and the lowest price of Ether reaching $2,368.78, influenced by signals of increased cryptocurrency regulation in many countries. At 6:00 on the 29th, Bitcoin price started to rebound, achieving 4 consecutive positive prices on the one-hour level. Entering 12:00 GMT, Bitcoin price entered a narrow volume fluctuation phase. The KDJ triple line still showed a sticky state and the market signal was not obvious. The negative effect of the regulatory policy retrenchment will continue in the currency market. Gate.io reminds investors to pay attention to market volatility and operate cautiously to reduce market wear.

New requirements regarding crypto reporting were added to Biden's 2022 budget, with financial institutions required to file additional crypto reports with the Internal Revenue Service (IRS) or other Treasury subdivisions. The change in requirements is intended to combat tax evasion through the medium of crypto assets.

Cathie Wood said at the 2021 Consensus Conference that the government's treatment of cryptocurrencies will become more friendly over time, and that the energy problem of mining can be solved by using renewable energy.

Xinhua issued another article on the 28th, re-emphasizing the risks of cryptocurrency investments and calling for enhanced cryptocurrency regulation.

The South Korean government announced on the 28th that it will continue to stick to its plan to impose a 20% income tax on cryptocurrency earnings.

According to Golden 10 News, Japanese Finance Minister Taro Aso said the central bank needs to make more discussions on cryptocurrency transactions and transparency issues

Author: Gate.io Researchers: Charles. F & Gazer.C
*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.

Gate.io Spot Quotes (as of 12:00 CST)
BTC: $36,549.7 (-4.01%); ETH: $2,533.78 (-6.37%); DOGE: $0.3163 (-7.50%); SHIB: $0.00000815 (-6.11%); GT: $4.5732 (-5.16%); XRP: $0.9301 (- 3.99%); ADA $1.558 (-6.47%); DOT $22.083 (-14.35%)

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