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This week the crypto Twitter is buzzing about many things, but one particular topic stands out compared to the rest of the narrative. Rishi Sunak, the newly appointed Prime Minister of the UK, announced its full and undying support for crypto and is looking forward to regulating the industry. Unlike the UK's close ally, the USA, which also imposed heavy regulations on the sector, the 'Old Blighty' will cooperate with the industry leaders to draft regulations, where everyone's opinion will be considered.
On the back of this news, the crypto market has responded positively to these recent developments, pushing the total market capitalisation over the 1$ trillion marks for the first time in the past couple of months. In light of this, it would be interesting to cover Sunak's approach to regulating crypto and what broader implications this would have on the crypto market, with Ethereum and Big Eyes Coin in particular. Let's dig in.
While Rishi's stance on regulating is still unclear, as a handful of public statements were made by the new Prime Minister regarding crypto regulations, we can still decrypt his message. For starters, the UK is launching a programme to become the leading hub for developing digital assets worldwide, where harmonising international regulatory laws would be its primary objective.
This is a big move for the UK as it seeks to challenge California's place as the world hub for innovation and technology and propose a framework where regulations would not hinder innovation. If successful, this could have significant implications for the crypto community.
Right now, the market is awaiting signs to either continue its bullish run or cut losses and enter the bear territory again. Finally, a harmonised framework of regulations could witness more capital pouring into the UK economy and the crypto sector, which could be the sign that private and institutional investors were waiting for.
Ethereum has been among the winners in the past seven days, showing some recovery for the first time in months. Arguably, Ethereum represents a crown jewel of the crypto industry as it is essentially a platform for creating DApps (decentralised applications) with the most extensive market exposure available. By many accounts, Ethereum is a technology that can harness the full power of digital money, global payments, and architecture built on top of that.
The community around the second largest cryptocurrency by market capitalisation has built a booming digital economy, novel ways for developers to earn money online, and so much more additional features. It's open to virtually everyone, wherever you are in the world – all you need is the internet and love for Web 3.0. While ETH, which is the native token of the Ethereum network, has been doing better than the rest of the crypto flock, the soon-to-arrive UK regulations could boost its price even further.
Although Big Eyes Coin has only recently entered the crypto waters, it has achieved some extraordinary things ever since. The impressive presale run, with more than $9.2 million in the bank and counting, makes it stand out compared to the competition. On top of that, the community around this project seems to be on board with the project's development, as its official Twitter account has almost 60 thousand followers, which is an impressive result for any project, needless to say for the meme coin. While Big Eyes Coin positions itself as a meme token, it offers much more than 'lols of the community'.
Namely, it amalgamates two of the most lucrative crypto niches, DeFi and NFTs, under its umbrella. Flipping everyone's favourite JPEGs has never been more accessible, as with the platform's NFT marketplace, those who would sell and resell NFTs could get a chance to receive passive income. In order to ensure this, the project has introduced a special tax, where from each subsequent sale of an NFT, the original seller gets 4%, which no other marketplace on the market offers. All in all, the future of this project looks relatively bright, and a pump into the crypto market would only generate even more hype around this project. If you feel like this project might be for you, there is a promo code BEYES8637 to win some free tokens when purchasing BIG, Big Eyes Coin native token. Happy trading!
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