The land of the cryptocurrencies took a turn for the worse overnight after US Fed Chair Jerome Powell made comments around US inflation at the European Central Bank policy conference including there being ?no guarantee of a soft landing? for the US economy to achieve the desired 2% inflation.

As the highly volatile crypto market goes, Bitcoin recorded its worst half-year loss on record, trading down 59% year-to-date as well as reporting its worst month on record, losing 38% of its value.

The world?s third-biggest economy has agreed on a landmark crypto authorisation law to protect investors and set up strict standards for stablecoin issuers.

CoinFLEX withdrawals remain halted but the company continues to hold discussions with investors about a recovery token called the rvUSD.

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