Another exciting week in crypto space came to an end. The most important events around BTC and Co. at a glance.
EU deals hard blow to DeFi sector
Will the new regulation of so-called “unhosted wallets” deal the deathblow to the European DeFi sector? On March 31, the EU Parliament voted on the so-called Transfer of Funds Regulation (TFR).
In addition to strict anti-money laundering measures for crypto service providers, the draft law also includes a paragraph that would allow crypto transaction providers “no transfers of crypto assets” from or to non-compliant crypto transfer providers. Industry experts understand this regulation as a de facto ban on unhosted wallets.
Terra becomes the largest BTC holder after Satoshi Nakamoto
The network is ramping up its BTC holdings. Terra plans to increase BTC reserves to $10 billion. The protocol wants to use this to secure the stablecoin LUNA.
Satoshi’s fortune is estimated at 1.1 million BTC – at the current BTC rate of around 45,425 US dollars, i.e. a total of 49,967,500,000 US dollars. In terms of BTC reserves, crypto enthusiasts Tesla and MicroStrategy are also in the top league.
German inflation at 7.3 percent
Higher than it has been for 40 years: the cost of living in Germany is increasing exorbitantly. High energy prices drive inflation in Germany to 7.3 percent. Is It Crypto Time?
According to the Federal Statistical Office, consumer prices in the energy sector are said to have risen by more than 22 percent. While the US Federal Reserve has already started the announced turnaround in interest rates due to the American inflation rate and increased the key interest rate, the ECB is still taking its time.
Crypto wallet MetaMask integrates Apple Pay
In a tweet, the popular Web 3.0 wallet provider announced that it had now also integrated Apple Pay as a payment function. So now users can use their Visa or Mastercard cards stored in their Apple Pay to buy crypto. To do this, the wallet worked with the company Wyre together.
With over 500 users worldwide, Apple Pay could make it easier for many people to purchase cryptocurrencies.
European Inflation Skyrockets to Record 7.5% — ECB Chief Lagarde Expects Energy Prices to ‘Stay Higher for Longer’
The 19 countries sharing the euro are suffering from rising inflation according to figures stemming from March that shows the inflation rate rose to 7.5%. Similar to the U.S. Federal Reserve, the European Central Bank’s (ECB) inflation target is 2% and inflation in food prices, services, energy, and durable goods has risen well above the target.
Speaking to an audience in Cyprus on Wednesday, ECB president Christine Lagarde discussed the higher cost of living in Europe and stressed: “three main factors are likely to take inflation higher.” During her speech in Cyprus, Lagarde insisted:
Energy prices are expected to stay higher for longer. Global manufacturing bottlenecks are likely to persist in certain sectors, [and] households are becoming more pessimistic and could cut back on spending.