Bitcoin Dips To 7-Week Low; Ethereum Sheds 8%
By Laxmikant Khanvilkar
Leading cryptocurrencies such as Bitcoin, Ethereum and others plunged during the last 24-hours as regulators move closer to bring the virtual digital assets or VDAs under regulatory ambit.
The private currencies were already feeling the brunt from crypto-friendly bank Silvergate Bank’s implosion.
Bitcoin (BTC) sank towards $20,000 for the first time in seven weeks. It last quoted near $20,100 level. Ethereum (ETH), the second-largest crypto in market value, was recently down over 8% after the New York Attorney General’s office suing KuCoin, alleging the crypto exchange offered unregistered securities and commodities. The lawsuit alleges that ETH, luna and terraUSD were securities.
The suit is the first time a regulator has claimed in court that ether is a security. Though Securities and Exchange Commission (SEC) Chairman Gary Gensler has hinted that his agency might consider ether to be a security, the SEC’s sister regulatory agency – the Commodity Futures Trading Commission (CFTC) – has long maintained that both bitcoin and ether are commodity assets.
Values of these coins is dependent on the efforts of others, including co-founder Vitalik Buterin. KuCoin Earn, is alleged to be a lending and staking product, which are unregistered securities.
The global cryptocurrency market capitalization has declined by 5.42% in the last 24 hours to $939.74 billion. During this same period, the total crypto market volume grew by 31.25% to $58.04 billion, with decentralized finance (DeFi) representing 8.06% of this volume. The volume of stable coins was also up, now accounting for 91.42% of the total crypto market volume and totaling $53.06 billion. Bitcoin’s dominance has decreased by 0.62%, with its market share now at 41.58%.
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