Litecoin [LTC] saw considerable selling pressure at the start of the week as the bears gained control of the market. The resultant decline has driven LTC near its August support level, putting it in an unstable zone.
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The SFC's guidelines explicitly forbid the distribution of crypto 'gifts' intended to encourage retail investments, which may encompass airdrops. Additionally, the guidelines state that stablecoins should not be allowed for retail trading until they undergo regulatory oversight.
On Monday, meme coin traders enthusiastically invested in various pizza-related tokens, but the anniversary of the first bitcoin purchase was overshadowed by rug pulls that dampened the mood.
The bank anticipates a continued lack of activity in digital asset trading, as retail investors choose to stay out of the market.
Data from CryptoSlam, a platform tracking cryptocurrency statistics, reveals that NFTs built on the Bitcoin network have generated an impressive $167 million in the last month, rapidly approaching Ethereum's leading position.
The project additionally introduced its new PLEX client, designed to alleviate the demands of computationally intensive tasks involving scientific data.