There are not too many favorable developments within the cryptocurrency community lately. It all started last Monday when the US SEC decided to start a legal battle against Binance and doubled down on its crackdown on major crypto exchanges by also suing Coinbase the next day.
Predictably, these rather unexpected events led to massive price drops for the majority of crypto assets. Nevertheless, many managed to recover most of the losses at the end of last week, but everything changed exactly seven days ago.
As Friday drew to a close and Saturday approached, many digital assets, primarily altcoins that have been mentioned in SEC lawsuits for being unregistered securities, dropped by double digits in a huge bath of blood on weekends.
BTC and ETH were spared to some extent, possibly because they weren’t listed in SEC filings. However, after a relatively calm week in which even Wednesday’s US CPI numbers and the Fed’s decision to halt interest rate hikes on Thursday did not shake the major cryptocurrency – in a first time.
That all changed Thursday night when BTC fell from over $26,000 to just under $24,800 to chart its lowest price position in three months. Most alts followed suit, with some, like BNB, posting six-month lows.
Bitcoin managed to rebound after the first positive news of the week. The cryptocurrency rose by more than a grand once the world’s largest asset manager – BlackRock – filed documents to launch a spot Bitcoin ETF in the United States.
Looking at the charts on a weekly scale, however, the landscape looks quite painful. While bitcoin is down a more modest 4%, some alts, such as EOS, ApeCoin, Flow, Polygon, Chiliz, Axie Infinity, THORChain, PEPE, The Sandbox and many more have lost double digits , draining up to 35% in seven days.
Market data
Market capitalization: 1,072 billion dollars | 24h volume: 33 billion dollars | BTC dominance: 46.1%
BTC: $25,500 (-4.2%) | ETH: $1,663 (-10%) | BNB: $235 (-10.1%)
This week’s crypto stocks you can’t miss
BlackRock Files Bitcoin Spot ETF App, Operates Coinbase. As mentioned above, the positive highlight of the week came when US giant BlackRock filed documents to launch a spot Bitcoin ETF in the US. Given the SEC’s take on the matter, however, the community isn’t exactly holding its breath.
Brazil’s President Empowers Central Bank as Crypto Regulator. With the US still failing to provide clear guidelines on the crypto industry and even which regulator is supposed to, Brazil’s president has ordered the country’s central bank to start overseeing the space digital assets.
Bitcoin-loving Miami mayor joins US presidential race. The US presidential race is heating up, with new candidates emerging every week. The latest to do so is Francis Suarez – the current mayor of Miami, who is a strong supporter of BTC and has even invested in the asset.
CZ refutes reports that Binance’s French subsidiary was under investigation. CZ had a busy week to quash false rumors. First, he refuted speculation that his company has started selling BTC and BNB. As recently as Friday, he had to refute a report that French authorities had started investigating Binance’s local branch.
Judge denies SEC request to freeze Binance.US assets, orders parties to compromise. The first sparks on the Binance-SEC front started this week. The SEC requested an emergency asset freeze of Binance.US holdings, but a US judge denied the request and ordered the two parties to find a more appropriate solution.
Bitcoin is trading flat after the Federal Reserve suspends rate hikes. As many expected, the US Federal Reserve decided to suspend its interest rate hike policy after many consecutive hikes. While BTC indeed remained relatively stable at first, the asset fell in the following hours.
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Cryptocurrency charts by TradingView.
