Top Cryptocurrency News Today: The biggest moves in NFTs, bitcoin, crypto rules and more

The global cryptocurrency market capitalisation rose 2.11 percent over the last 24 hours to $1.73 trillion, while trading volumes rose 23.83 percent to $85.36 billion during the period. The total volume in the decentralised finance (DeFi) space stood at $12.83 billion, around 15.02 percent of the 24-hour cryptocurrency trading volume. The total volume in stablecoins stood at $72.04 billion, around 84.40 percent of the 24-hour cryptocurrency trading volume. Bitcoin's market dominance was up 0.13 percent to 42.39 percent and the currency was trading at $38,635.59 on the morning of March 8. Read more here.

High gas fees have long been a source of frustration for Ethereum users, but a series of so-called Layer 2 innovations have begun to offer a fix—the latest in the form of StarkNet, which is now integrated into crypto infrastructure giant Alchemy's development kit. For those unfamiliar, the idea of Layer 2 solutions (aka "roll-ups") is to process big batches of transactions apart from Ethereum's core blockchain, and then periodically write a record of those activities to Ethereum itself. The idea is to produce high transaction volumes at a much lower cost, all the while creating the same immutable records as Ethereum. Read more here.

After European Union parliamentarians paused a comprehensive crypto regulation bill to rework unpopular language, it wasn't clear when it would land back on the docket. Stefan Berger, the main force behind the Markets in Crypto-Assets Directive (MiCA), announced today that the bill is scheduled for a vote by the European Parliament's Economics Committee on March 14. Berger, who is chair of the committee, had pulled MiCA from consideration for a February 28 vote so that he and others could rework language within the bill after opponents baulked at a section calling for proof-of-work blockchains, such as Bitcoin, to meet "minimum environmental sustainability standards" in order to be minted, exchanged or used within the European Union. Read here.

US President Joe Biden is ready to sign a long-awaited executive order related to cryptocurrency regulations this week, according to a report today from Bloomberg based on anonymous sources. According to the report, "The order will direct federal agencies to examine potential regulatory changes, as well as the national security and economic impact of digital assets." The executive order will reportedly help coordinate the role of agencies such as the Securities and Exchange Commission and Commodity Futures Trading Commission on cryptocurrency. Industry actors have long complained that guidance from the SEC and other agencies has been unhelpful as they seek to be compliant with US law. Read more here.