Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Market picture
Bitcoin gained 11.5% last week to close at $24.5K. The price stabilised near this level at the start of the new week. The cryptocurrency's market capitalisation rose 9.3% last week to $1.12 trillion. Almost all of the growth came in the first half of the week, with smaller gains in the final days.
Sunday saw a fresh attempt to push BTCUSD above $25K. However, the bulls failed to form a nice weekly candle to close above a significant level, leaving the rate below the 200-week average and touching the 50-week. Buyers may be more cautious in the coming days as a death cross formed on the weekly timeframes last week, although it should not be taken as a sell signal.
Ethereum grew 9.5% to $1680. Other leading altcoins in the top 10 gained between 1.2% (XRP) and 16.7% (Polygon). The exception was BNB (-2.3%). The total capitalisation of the crypto market rose 8.3% over the week to $1.11 trillion, according to CoinMarketCap.
News background
US authorities continue their "cryptocurrency crusade". The US Securities and Exchange Commission (SEC) has charged Terraform Labs (TFL) and its CEO, Do Kwon, with running a multi-billion-dollar securities fraud scheme. The SEC charged TerraUSD (UST) and the LUNA token with algorithmic stablecoin.
US Senate Banking Committee Chairman Sherrod Brown called for a comprehensive regulatory framework for cryptocurrencies to protect investors from losing money. The congressman recalled that the digital asset market lost $1.46 trillion in capitalisation in 2022 and that cryptocurrencies have cut more than 1,600 jobs.
The Wall Street Journal wrote that banks are ending partnerships with crypto firms for fear of reprisals from regulators threatening to separate digital assets from the traditional financial system.
Platypus, a decentralised financial protocol based on the Avalanche blockchain, suffered an attack in which a hacker stole around $8.5 million in crypto assets. However, Chainalysis estimated that during 2022, the total amount of money raised by cryptocurrency fraudsters fell from $10.9 billion to $5.9 billion.
About the author
Alex Kuptsikevich is a financial market professional with 16-years’ experience and a senior financial analyst at FxPro. He is the author of daily reviews on the impact of economic events with comments featured in top international and Russian media. Alex covers fundamental analysis, global markets, the foreign exchange market, gold, oil, and cryptocurrencies in his analytical pieces. As the senior financial analyst at FxPro, Alex is a guest expert in 1-tier global media such as Forbes, Coindesk, Euromoney and Morning Star.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.