📈 Markets: Collective rise driven by interest rate cut expectations
Bitcoin's price stabilized near $114,000 after a rapid rise to $115,000, causing the liquidation of $125 million in financial positions during one hour of the swift collapse.
Ethereum, Cardano, and XRP also recorded increases of up to 8% approximately amid improved investor sentiment towards high-risk assets.
The total value of the cryptocurrency market reached approximately $3.8 trillion, with Bitcoin accounting for about 60% of the total market.
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🏛 Global regulation and prominent events
🇺🇸 United States:
The GENIUS Act comes into effect: comprehensive regulation for stablecoins, requiring a 1:1 reserve with low-risk assets and transparent, auditable controls.
Strategic Bitcoin reserve announcement via executive order in March 2025, aiming to hold Bitcoin and a set of currencies intended to form part of the US national reserve.
🇬🇧 United Kingdom:
George Osborne, former financial advisor, criticized the slow pace of UK legislation in the digital assets space, warning that the country may fall behind the accelerating global move towards digital banks and stablecoins.
🇰🇪 Kenya:
Parliament is seeking to activate the VASP bill to establish a joint body of 5 entities to regulate virtual asset service providers and end the chaos in the market.
The Luno platform has relaunched trading services in Kenyan Shillings (KES) after a previous halt, facilitating the buying and selling of BTC, ETH, USDT locally without commission.
Despite this, there are concerns about a 1.5% tax on digital transactions, as it is warned that it may drive startups and creators to use unregulated methods or digital migration abroad.
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🌍 Developments within Kenya and Africa
Reports indicate growth in Bitcoin adoption within poor neighborhoods in Kenya; such as Kibera where over 200 people use BTC as an alternative form of daily payments, like paying water bills or buying groceries through the Afribit initiative.
Growing interest in regulating digital asset trading to combat scams like 'pump-and-dump' and enhance transparency and trust in the local market.
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🧠 Summary of key points:
Core Points
📊 Market movement Notable rise for Bitcoin and Altcoins (+8%) in reaction to economic news
🏛 Global regulation GENIUS Act in America, Osborne's warning to the UK
🌍 Kenya & Africa VASP Law, Luno re-launch, local BTC usage in Kibera
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Overall, the current wave confirms that digital currencies are influenced by macroeconomic forces—such as interest rate policies and new legislation—reinforcing investor expectations for a week of high volatility and significant economic news.