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- Bitcoin’s dominance in the broader crypto space continues to rise as altcoins see a sharp fall earlier this month. The broader market consolidated well over the last weekend.
- The Indonesian Commodities Bureau (BAPPEBTI) released an expansive list of digital assets approved for trading, including the likes of PEPE and Floki.
The world’s largest cryptocurrency Bitcoin (BTC) has remained steady over the weekend and has been flirting around the $26,400 level with a market cap of $513 billion. The BTC price showed a bit of volatility after the FOMC meeting last week, however, it has entered a phase of consolidation thereafter.
Commenting on the recent price action, Joe DiPasquale, the CEO of crypto fund manager BitBull Capital, said:
“With Fed having left interest rates unchanged, the environment appears supportive for crypto assets to start rallying again. However, the Fed went ahead to add that rate cuts were not on the horizon in the near-term, which saw the market struggling.”
DiPasquale stated that Bitcoin and other altcoins have held relatively well and argued that there’s a favorable accumulation opportunity for the medium to the long term. In his note shared with CoinDesk, DiPasquale added:
“For now, however, all eyes are going to be on Bitcoin, especially as its dominance has been on the rise due to selling pressure in altcoins. As long as the market leader maintains the range between $20k – $22k, bulls shouldn’t be overly concerned.”
Currently, Bitcoin’s dominance in the broader crypto market has surged past 48%. Although Bitcoin has corrected partially over the past few weeks, altcoins corrected by a greater magnitude. The Fed Chair Jerome Powell has already stated that there are two more rate hikes pending this year. Analysts expect them to be coming during the FOMC meetings in July and September.
Indonesia Expands Its List of Approved Crypto Tokens
Earlier this month, during the lawsuits against crypto exchanges Binance and Coinbase, the US SEC named some of the top altcoins as securities. But regulators in other parts of the world are taking a crypto-friendly approach.
The Indonesian Commodities Bureau (BAPPEBTI) updated the list of cryptocurrencies approved for trading in the country. Also, the latest list from BAPPEBTI is more expansive than the last list released last year in September 2022.
Many tokens on the list would be considered securities in the US. Tokens like Solana (SOL), Cardano (ADA), and Decentraland (MANA) that the Securities and Exchange Commission (SEC) classify as securities are included. Moreover, tokens that do not meet Hong Kong’s standards for high liquidity and a 12-month track record are also on the list.
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The regulator’s message is clear that Indonesia is open to a wide range of crypto trading but is primarily interested in collecting capital gains tax. Thus, they prioritize quantity over strict quality control.
Indonesia aims to capture tax revenue as its middle class grows, which has been challenging due to its large informal economy. In Indonesia, they have different concerns. Some tokens on the list like PEP and Floki, wouldn’t meet the standards in Thailand. In Indonesia, there isn’t a strong demand for regulated cryptocurrencies with a focus on quality.
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