The government of France has proposed that the European Securities and Market Authority, or ESMA, should regulate digital currency activity across the European Union.
If enacted, this would establish a single authority over the crypto sector across the trading bloc and would create uniform regulations across the union through ESMA, as suggested by the French securities regulator, Autorite des Marches Financiers, or AMF.
The AMF’s proposal states:
“Likewise, granting ESMA the power of direct supervision of public offers of crypto-assets in the EU (scrutiny of white papers) and of crypto-asset service providers would create obvious economies of scale for all national supervisors and concentrate expertise in an efficient way, for the common European benefit.”
Last year, proposals were made for an EU-wide regulatory framework for digital currencies. ESMA is a Paris-based financial regulatory agency that seeks to strengthen investor protection in the EU, improve the functioning of financial markets and foster cooperation between member states.
Despite Bitcoin crashing below $30,000 for the first time in one month, on-chain metrics suggest whales may be steadily accumulating BTC.
According to Glassnode’s July 19 “The Week On-Chain” report, the Bitcoin reserves of centralized exchanges have continued to evaporate despite the recently sustained bearish momentum, with an average of 36,000 Bitcoin (worth roughly $1 billion) being withdrawn from exchanges monthly.
Glassnode infers the shrinking Bitcoin reserves on exchanges as indicating large investors moving BTC into secure storage, rather than leaving their coins on exchanges in preparation for selling.
Glassnode also identified a recent increase in the number of entities hodling Bitcoin since May, increasing from roughly 250,000 to nearly 300,000 today. Glassnode describes “an entity” as a unique on-chain cluster of associated addresses.
Axie Infinity (AXS) has had a rough week: On July 1, it was trading at just above $5. One week later and following two consecutive two-day rallies, the price was charging past $19. AXS price has since dropped between $18 and $19, yet the coin’s weekly stats are still outstanding: 118% against United States dollar and 119% against Bitcoin (BTC) in a week.
As AXS sits on top of the seven-day price change chart, many traders are wishing that they could have known earlier in the week that the asset was ready to explode. While it is impossible to see into the future, more often than not, solid knowledge of historical precedent can be helpful in identifying opportunities early. That is, if you have the right optics to recognize patterns that previously spelled huge gains.
VORTECS™ score, an AI-powered algorithmic tool exclusively available to the subscribers of Cointelegraph Markets Pro, is no crystal ball. It is trained to search for historical patterns of price change, trading activity and social sentiment around each digital asset, ringing the alarm whenever the current combination of metrics starts to resemble those that, in the past, consistently showed up shortly before the coin rallied.
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