Bitcoin, Ether Price Feel Regulatory Pinch
By Laxmikant Khanvilkar
Recent episodes of the regulatory concerns continue to pinch virtual digital assets (VDA) or cryptocurrencies as investors reassess risk factors that have emerged.
Among recent developments, Kraken’s settlement with the Securities and Exchange Commission (SEC) to shutter its staking operations in the U.S. and to pay a $30 million fine has completely roiled the markets.
Bitcoin lost nearly 1% to trade at around $21,700 as worried investors chewed over regulatory activity in the stablecoin sector and the next inflation report due Tuesday.
The largest cryptocurrency by market capitalization has fallen about 9% this month to lose roughly a quarter of its gains from a January surge.
Ether (ETH) hit lowest level in about a month. It dropped to $1,490 level and most recently was trading at $1,500.
Meanwhile, the unfolding of drama between Paxos and BUSD has hit Binance hard. The world’s largest exchange by trading volume has endured some $828 million of net outflows in the past 24 hours, Nansen data shows. Monday’s outflow is the largest in a day since November, surpassing the withdrawal surge in December amid fears about Binance’s reserves.
The global crypto market cap has decreased by 0.66% in the last 24 hoo, now standing at $1.01 tn. In the same period, the total crypto market volume has seen a significant increase of 55.45%, amounting to $59.21 bn. Decentralized Finance (DeFi) makes up 9.83% of this volume, while stable coins represent 101.12%. Bitcoin’s dominance has increased by 0.32%, currently standing at 41.80%. Points.
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