Bitcoin is below $23,000
Bitcoin (BTC), the leading cryptocurrency, fell to a four-week low of $22,407 on Thursday morning before recovering to $22,715 at press time.
Today’s drop follows Bitcoin’s strong performance in January. BTC is up nearly 39% year to date, raising investor expectations for a revised bullish outlook.
The latest price shock also saw Bitcoin lose around $10 billion in market capitalization, falling to $43.789 billion. The world’s largest cryptocurrency currently owns 39.43% of the market. By comparison, Ethereum (ETH), the second largest cryptocurrency, with a share of 17.73%.
The second largest cryptocurrency in the industry lost 2.3% and is currently trading around $1,641.
Other major cryptocurrencies including Binance Coin, Cardano, and Dogecoin are following a similar price trend, with daily losses ranging from 2.3% to 3.6%.
According to the CEO of Coinbase, staking is a much-needed innovation in cryptocurrency because it allows users to participate in the operation of open crypto networks and brings many positive improvements to the environment, including a broader reach, increased security, and reduced footprint. carbon.
In light of the unclear regulations, Bank of New York Mellon’s head of digital assets said stricter regulations and security standards are needed. It is also necessary to increase investor confidence and maintain stable credibility.
Kraken Crypto Exchange Is Under Active Investigation
Kraken is being investigated by the US market regulator and a deal could be reached soon.
It is unclear what terms or other offers are being considered.
A Kraken spokesperson said the exchange could not comment on the investigation because it was too busy with other things. The exchange said it is well capitalized and has stable exposure to multiple products in multiple jurisdictions.
The crypto industry has been under a lot of scrutiny ever since the FBI arrested the founder of major exchange FTX.
Genesis and Gemini sued by SEC for unregistered offerings and sales of securities to clients through interest-bearing products. The regulator said the companies embezzled billions of dollars worth of crypto assets.
The cryptocurrency exchange was fined $1.26 million in 2021 by the Commodity Futures Trading Commission for illegally offering some products. In November, he handed over $362,001 to the US Treasury Department to settle allegations of evasion of US sanctions against Iran.
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