Hungarian Central Bank Governor Advocates EU Wide Crypto Ban

The Governor of the Hungarian Central Bank, György Matolcsy, recommended that all cryptocurrency-focused activities including trading and mining should be banned across the European Union.


In a release published on the Magyar Nemzeti Bank’s (MNB) website, Governor Matolcy said his new stance aligns with those of the Russian Central Bank, as well as that of Erik Thedéen, the Vice-Chair of the European Securities and Markets Authority (ESMA) who said Proof-of-Work (PoW) should be banned in the EU.

“I perfectly agree with the proposal and also support the senior EU financial regulator’s point that the EU should ban the mining method used to produce most new bitcoin,” Governor Matolcy wrote adding that he believes it is “clear-cut that cryptocurrencies could service illegal activities and tend to build up financial pyramids.”

The Hungarian Central Bank boss said the Russian central bank was right when it said “the breakneck growth and market value of cryptocurrencies is defined primarily by speculative demand for future growth, which creates bubbles.”

Authorities around the world have often frowned at the chances of digital currencies being used for fraudulent activities, and many have moved against their proliferation through stringent regulations. While the ESMA executive cited by Governor Matolcy does not want an outright ban of cryptocurrencies as the Hungarian boss was suggesting, there is a broad agreement on tapering down the adoption of PoW mining which is generally known to be energy-intensive.

“The EU should act together in order to preempt the building up of new financial pyramids and financial bubbles,” Governor Matolcy said, adding that “EU citizens and companies would be allowed to own cryptocurrencies abroad and regulators will track their holdings.”

While the Hungarian Central Bank has its own jurisdictional powers, its influence on the entire E.U might not be so strong as those of the regional powers in the bloc. However, with two prominent leaders sharing similar thoughts on banning crypto mining, the recommendations may lead to a new consideration that could make the EU move against PoW mining amongst other regulatory crackdowns.

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Top 3 Coins to Watch this Week: BTC, AVAX and MATIC

The digital currency ecosystem experienced mixed volatility that was characterized by an equal dose of bullish and bearish trends last week.

While the growth seen earlier on in the market pushed the combined market capitalization above the $2 trillion benchmarks, however, there was a slip toward the end of the week as the Russo-Ukrainian tension overtook bullish sentiments.


A new week is here, and each digital currency is attempting to take a stance from the others by maintaining a cushion against erratic moves. Amid dramatic twists and turns that we may witness this week, here is a highlight of the top three coins to look out for this week.

Bitcoin (BTC)

Bitcoin remains the undisputed leader in the cryptocurrency ecosystem, both by market capitalization and general correlation with existing traditional markets. Bitcoin’s price currently sits at $42,350.55, after inking a 1.67% growth in the past 24 hours according to data from CoinMarketCap. Bitcoin is worthy of being watched this week as it is the first cryptocurrency that will react to trends in the global market as the tension between Russia and Ukraine intensifies. Should Bitcoin respond in a positive or negative manner, other coins are bound to follow suit likewise.

Avalanche (AVAX)

Avalanche is one of the fastest-growing and most used blockchain networks today. The price of digital currency has been ranging from a low of $77.65 to a high of $94.99 in the past week, and it seems to be stabilizing despite the bearish sentiments that are engulfing the broader market.

Avalanche has an actively growing ecosystem of developers building Decentralized Finance (DeFi), and Non-Fungible Token (NFT) products amongst others. Based on its resilient price trend, AVAX is poised to retest a new weekly high above the previous week, provided the inherent market sentiments apply.

Polygon (MATIC)

Polygon occupies a pivotal position in the Ethereum ecosystem as a scaling tool that is generally reducing the congestion on the latter network. At a price of $1.68 at the time of writing, MATIC comes off as underpriced and awaiting a massive push-up to reclaim the $1.80 resistance level.

Polygon currently has the needed liquidity to stir the growth of its ecosystem following the $400 million raised through private token sales from investors earlier this month. Additionally, the ecosystem growth of the protocols that won parachain slots on the ecosystem is also worth pushing the network into the bigger limelight in terms of token growth in the near term.

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Ethereum Adoption Continues to Scale Heights

More participants continue joining the Ethereum bandwagon, given that addresses holding 0.1 to 1 ETH hit record highs.


Market insight provider IntoTheBlock explained:

“Ethereum adoption is not only about big players. The number of addresses holding between 0.1-1 ETH is currently at an at time high (ATH). In the span of 1 year, the number of these addresses increased by 98%, and now they collectively hold 1.78m ETH (increasing by 4.54% in 1 month).”




Therefore, Ethereum adoption isn’t showing signs of slowing down because addresses having 1 to 10 ETH recently attained a new milestone by hitting the 1 million mark. 


Booming sectors like decentralized finance (DeFi) and non-fungible tokens (NFTs) are increasing Ethereum’s use cases. 


Meanwhile, more investments continue trickling into the recently rebranded ETH 2.0 deposit contract. Crypto analytic firm Glassnode noted:

“The total value in the ETH 2.0 deposit contract just reached an ATH of 9,390,050 ETH.”




Last month, the Ethereum Foundation rebranded ETH 2.0 to the consensus layer to reflect the evolution of the Ethereum roadmap because it had emerged as an inaccurate representation. Furthermore, Ethereum 1.0 was changed to the execution layer. 


The consensus layer seeks to transition the Ethereum network from a proof of work (PoW) consensus mechanism to a proof of stake (PoS) framework, deemed more environmentally friendly and cost-effective. 


On the other hand, Ethereum needs to break the resistance level at $3,500 for sustained bullish momentum. The second cryptocurrency based on market capitalization has not been able to surge above the psychological price of $4,000 since November 2021 when an ATH of $4,850 was set.


“Ethereum is well-positioned to advance higher as IntoTheBlock’s IOMAP shows a small supply barrier at $3,500. Once $ETH breaks above it, expect fireworks,” according to market analyst Ali Martinez. 

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Bitcoin (BTC) $ 39,517.59 1.86%
Ethereum (ETH) $ 2,169.25 3.11%
Litecoin (LTC) $ 71.97 0.02%
Bitcoin Cash (BCH) $ 227.97 0.67%