The encryption market fall today, the EU AML Act requires the encryption market, the Starknet Foundation reissues the STRK Airdrop, and the new US bill may weaken stablecoin's influence

crypto world Daily Digest: EU AML Act Makes Requirements for encryption Market, Starknet Foundation Reissues STRK Airdrop, New US Bill May Weaken stablecoin's Influence

Looking at Bitcoin ETF trading activity, Grayscale Bitcoin Spot ETF (GBTC) continued to see large outflows of $130.4 million on April 24, while Fidelity Bitcoin Spot ETF (FBTC) saw inflows of $5.6 million and 21Shares Bitcoin Spot ETF (ARKB) ARK $4.2 million, according to Farside Investor data.

The European Parliament has adopted a new regulation that aims to require Crypto Assets companies to conduct due diligence to combat Money Laundering. The law requires encryption asset managers to step up checks on the identity of their clients and report suspicious activity to authorities. This move will affect encryption asset service providers, including centralized Crypto Assets exchange and some gambling services.

It was previously reported that the new law will affect encryption asset service providers (CASPs), such as centralized Crypto Assets exchange, as well as long other institutions, including gambling services.

Patrick Hansen, Circle's director of EU strategy and policy, said the vote was expected and said the package would be formally adopted by the EU Council and implemented three years later.

The Starknet Foundation announced in an article published on the X platform that they will be reissuing STRK Airdrop to three categories of users. These include:

1. Aggregate stake: Initially, the Starknet Foundation planned to distribute STRK to eligible aggregate stake through the stake protocol used by users. Although long stake protocol may not be able to accomplish this task, the protocol or entities currently supported include Lido, Rocket Pool, and many more.
2. StarkEx users who are mistaken for VeVe users (users who are mistaken for a game called "VeVe" running on the Immutable platform): Immutable users who are identified as non-VeVe users in the update list received by the Foundation from Immutable will be able to claim STRK through the portal starting today.
3. VeVe users: The Foundation is in ongoing discussions with VeVe regarding Token distribution to determine how STRK will be allocated.

Stablecoins represented by USDT have been widely concerned as the cornerstone of the Crypto Assets market. Recently, U.S. Senators Cynthia Loomis and Kirsten Gillibrand introduced a new stablecoin bill that aims to regulate how stablecoins operate in the United States and could affect the status of stablecoins.

The data shows that Tether (USDT) is the third-largest crypto assets with a market capitalization of $110 billion, while Circle's USDC ranks second with a market capitalization of $34 billion. Both stablecoins are pegged to the US dollar.

S&P Global Ratings noted in a note Wednesday that clarity in the U.S. regulatory environment could encourage TradFi institutions to enter the stablecoin market and could weaken Tether's (USDT) dominance in the market.

USDT is issued by a non-US entity and is therefore not a payment stablecoin allowed by the proposed bill, the report said. This means that U.S. entities cannot hold or trade USDT, which could reduce demand for USDT while boosting the stablecoin of U.S. issuance. USDT trading activity is primarily located in emerging markets outside the U.S. and is driven by retail investors and remittances. With the introduction of the above bill, the situation of stablecoins may change.

Analyst Andrew O'Neill noted: "The new rules could give banks a competitive advantage by limiting the long issuance stablecoin of up to $10 billion for institutions without a banking license. ”

Market analysis: the market generally falls, Meta falls 18% after hours

Market Trend:

After two days of volatility, the Crypto Assets market falls, BTC briefly falls below $64,000, and alt coins generally fall. On the macroeconomic front, U.S. stocks also showed volatility, especially after Meta released its first-quarter earnings report, its stock price falls 18% in after-hours trading due to a sharp increase in spending in the direction of AI.

Market Hot Spots:

1. Fan coin zone outstanding: Fan coin such as PORTO and LAZIO have performed well against the backdrop of a general market fall, in part due to the excitement of the European Championships. Fan tokens typically perform well during major sporting events, as these events increase the attention and trading activity of the Token in question.
2. Progress in the AI+DePin space: io.net announced that it will Airdrop users, and its on-chain Decentralization prediction market predicted by whales market capitalization up to $4 billion. This compares to the RNDR in the same sector (US$market capitalization 5 billion) and shows the high rise potential and investor interest in the sector.
3. New trends in the rune zone: The price of the DOG token in the rune zone has pumped due to the airdrop of Rune Stone to holders, and the market capitalization has reached $350 million, and the volume has exceeded 100 BTC in the short term. This type of activity usually stimulates trading enthusiasm and price Fluctuation in the market.
4. EOS Pumped Against the Trend: The EOS price pumped 15% against the trend due to the EOS Network Foundation's announcement of a new tokenomics policy. The new policies include measures such as burning 80% of the total future supply, shutting down inflation, capping the supply at 2.1 billion Tokens, a 4-year Halving cycle, and minting about 950 million EOS, which aim to enhance the scarcity and value of EOS.

Although the overall market showed a downward falling trend, some specific zones and tokens such as fan coins, AI+DePin concepts and rune zones showed relatively strong performance. The new news about EOS also brought it a significant price pump. Investors should continue to pay close attention to macroeconomic changes, corporate earnings reports and developments within each zone to better understand market trends and make investment decisions accordingly. At the same time, the uncertainty of the market also suggests that investors need to manage their risks appropriately.

Macro: The falling of technology stocks put pressure on the market; the yen falls to a new 34-year low, triggering discussions on the direction of government intervention

On Thursday, U.S. stocks showed a mixed trend, with the S&P 500 pumping slightly, the S&P 500 pumping 0.02% to 5,071.63 and the Nasdaq Composite pumping 0.10% to 15,712.75. The Dow Jones Industrial Average falls 0.11% to 38,460.92.

Seven of the 11 S&P 500 zone zone pump, led by consumer staples, utilities, consumer discretionary and real estate pump stocks.

London-listed mining company Anglo American said on Thursday that it had received an all-share acquisition offer from BHP Billiton (BHP.AX). If the deal goes through, it would mean that the world's largest listed mining company will also become the world's largest copper producer.

The closing of the deal will also spark further M&A activity in the global mining industry. There has been a significant amount of M&A activity in the sector as companies are reviewing their assets to increase their exposure to metals deemed critical to the energy transition.

Tech companies were in the spotlight during a week-rich earnings report, however, several top companies were not optimistic; Meta (META.O) shares falls 15%, and Instagram's parent company forecasts lower-than-expected revenue and higher spending for the quarter, leading to a deterioration in market sentiment and triggering a sell-off in U.S. tech stocks and technology-related stocks. Alphabet, Microsoft and Intel will report later Thursday.

In addition to corporate earnings, investors will also focus on U.S. Q1 GDP data on Thursday and personal consumption expenditures data for March on Friday. The market is pricing in a 70% chance of a rate cut in September.

The downward fall of technology stocks also had an impact on Asian equities, with MSCI's broadest index of Asia-Pacific equities outside Japan falling 0.7%. Japan's Nikkei falls 1.3%, China's stock market also falls, blue-chip stocks CSI 300 falls 0.3%, Hong Kong's Hang Seng Index (. HSI) was dropped by 0.5%.

The yen Exchange rate against the dollar falls below $155 for the first time since 1990, raising fears of intervention by Tokyo. Central Bank Governor Kazuo Ueda said at a seminar in Washington last week that the Central Bank would eventually begin reducing its balance sheet and rolling out the process, regardless of economic conditions. However, Ueda stressed that the Central Bank will not significantly change the pace of bond purchases for the time being, nor will it use the scale of asset purchases as a monetary policy tool.

In commodities, oil prices retreated slightly as concerns about a potential slowdown in the U.S. economy outweighed concerns about the risk of an expanding conflict in the Middle East. U.S. crude falls to $82.74 a barrel, and Brent falls to $87.99 a barrel.

Spot gold pump to $2,320.32 an ounce.

by Sherry S. & Icing. This article represents the views of the author only and does not constitute any trading advice. The content of this article is original, the copyright is owned by Gate.io, if you need to reprint, please indicate the author and source, otherwise you will be held legally responsible.