Bitcoin Gyrates Near $29.3K; SEC Tightens Noose Around Pulsechain
By Laxmikant Khanvilkar
Leading virtual digital assets (VDA) continue to feel pressure from regulatory action against crypto protocols, aimed at protecting investors. In a latest move, the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against internet marketer Richard Schueler, known online as Richard Heart, and his projects Hex, PulseChain and PulseX for issuing unregistered securities.
This is second body blow for the industry, in as many days, which is wrestling with the fallout from an exploit of stablecoin exchange Curve.
Bitcoin (BTC), the largest cryptocurrency by market capitalization was recently trading at $29,250.47, down 0.27%, over the past 24 hours. ETH was recently changing hands at $1,860.02, off 0.23% from Monday.
Bitcoin was recently outperforming Ether, the second largest crypto in market value, and other major altcoins by market capitalization.
Both, the Bitcoin and Ethereum have moved in tight ranges so far as investors seek a fresh catalyst while shrugging off macroeconomic events, analysts have said.
SOL, TRX and MATIC, the tokens of smart contract platforms, Solana, Tron and Polygon, were recently off 1.8%, 2.3% and 2.2%, respectively.
The global crypto market cap, eased 0.537% to $1.18 tn, over the last 24-hours. On the other hand, the total crypto market volume rose 16.96% to $28.27 bn. The total volume in DeFi is currently $2.94 bn and all stablecoins $25.2 bn, representing 10.39% and 89.15% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance increased 0.09% to 48.28%.
IC15 index, the barometer of top fifteen tokens, edged lower 0.45% to 38,802.
Meanwhile, Curve’s native crypto CRV was down 12.5% to trade at 56 cents. CRV traded over a dollar earlier this year.
Analysts have attributed range bound trade as an outcome of the dog days of summer and in turn seeing relatively low volumes for Bitcoin and Ethereum. However, the “larger-size buyers” seemed to be accumulating bitcoin as the price recently dropped.
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