Bitcoin Inches Towards $63K As Regulatory Fears Spur Consolidation
By Kapil Rajyguru
Bitcoin climbed over 2% in the last twenty four hours to $62, 840, witnessing little relief amid continued pressure from concerns over high U.S. interest rates and increased regulatory scrutiny against some of the crypto industry’s biggest players.
The token was also reeling from sustained outflows from crypto investment products, particularly spot Bitcoin exchange-traded funds.
Concerns over increased U.S. regulatory scrutiny against crypto remained in play, after trading app Robinhood Markets Incs aid it was facing regulatory action from the Securities and Exchange Commission (SEC) over the trade of crypto tokens on its platform.
Potential action against Robinhood could add to the current cases the SEC already has running against exchange Coinbase Global Inc and XRP issuer Ripple, both of which are expected to determine the nature of cryptocurrencies under U.S. law.
The SEC was also reportedly investigating world no.2 token Ethereum over its nature as a security. The regulator postponed a decision on approving spot Ethereum ETFs this week, and appears unlikely to approve the ETFs until its investigation is concluded.
Ethereum was changing hands at $3028, up by 1.38% in the last twenty four hours.
Among altocoins, Toncoin (TON) has recently experienced a remarkable surge, catapulting its value from $4.7 to over $6, marking a substantial gain of more than 26.86%. This impressive rise positions Toncoin prominently among the leading players in the market.
The global crypto market cap is $2.32T, a 2.08% increase over the last day. The total crypto market volume over the last 24 hours is $63.87B, which makes a 2.60% decrease. The total volume in DeFi is currently $6.25B, 9.79% of the total crypto market 24-hour volume. The volume of all stable coins is now $59B, which is 92.37% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 53.32%, an increase of 0.08% over the day.
You need to login in order to Like
