https://cryptonewmedia.press/wp-content/uploads/2022/02/Mastercards-Reach-Expands-While-BTC-ETH-Slide-In-Value-Analysis.jpgMastercard’s Reach Expands While BTC, ETH Slide In Value: Analysis

Mastercard’s reach expands while both BTC and ETH drop in value over the past 24 hours as the entire crypto market cap starts sliding as well so let’s take a closer look in today’s latest altcoin news.

A brief crash dropped the price of BTC to $39,638 as per CoinMarketCap and the world’s favorite cryptocurrency as of the time of writing, trading near $39,975.50 an overnight drop of 1.21% or about 5% cheaper overall than the last weekend. Ethereum as the second biggest cryptocurrency was trading at $2,733 about 5% lower than one day ago and 6% lower than a week ago. Most of the top 30 coins dropped over the past week but a few only recorded significant price movements other than the CRO tokens that dropped by 10% to $0.44 and LTC that dropped by 8% to $115.

The only coin to see some notable gain this week was XRP which added about 6% and increased to $0.82. Avalanche grew 2% over the week and hit $97 but then declined to about $84 as of the time of writing. Mastercard’s reach expands on the other hand and it adds payment-focused consulting services for crypto that will enable banks and merchants to gain insight into crypto and NFTs, loyalty programs, and crypto cards. The financial services company developed crypto credit cards for BitPay and Wirex.

Russia’s government and central bank were at loggerhead over the best way to move ahead with the crypto legislation and the central bank called for a complete ban last month. The government and the central bank agreed on a new draft to regulate crypto using the same framework that exists for the foreign currencies and banks will operate as intermediaries between the users and tradign platforms so the exchanges will have to register as legal entities and will have to satisfy the requirements of traditional financial institutions.

The two sides had a talk and Bloomberg even reported that they didn’t manage to bridge their differences and the same day, a Russian news outlet reported that the Russian Ministry of Economic Development proposed to recognize and tax BTC mining as a commercial activity in regions where there’s a surplus of electricity while the Bank of Russia is now testing a digital ruble among other participating banks.

Coinbase, Circle, Robinhood, and Anchorage also announced their intention to comply with the new rules that were issued by the Financial Action Task Force as the international organization whcih fights financial crimes. The travel rule requires financial institutions to collect information about the senders of transactions over $3000 and made it clear that the travel rule applies to crypto companies as well. US Senators also introduced legislation requiring the State Department to write a review on the El Salvador BTC Law and develop a new plan to mitigate risks to the US financial system.