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By Alex Kuptsikevich
Market picture
The crypto market's capitalisation fell by 1.1% over the past day to 1.17 trillion, which resembles profit-taking after 50% of market growth in the first quarter of this year.
Bitcoin underwent an even more active sell-off the night before, losing about 2% in 24 hours, but holding near $ 28K, bringing the result of the first quarter to 70%. A full correction from these levels involves a pullback to $ 26K or even $ 25K.
The fact that the stock market has maintained a positive bias over the past day, and the dollar has been declining, additionally supports the idea of a local shake-up of crypto portfolios, but not the return of pessimism. If this happens, anxiety will kick in when the decline is under $ 25K.
News feed
The US Securities and Exchange Commission (SEC) has charged the cryptocurrency platform Beaxy with brokerage and clearing activities without proper registration.
Gensler called on the government to allocate $2.4 billion to the SEC to prosecute unregistered crypto companies more effectively. He says, "the cryptocurrency market is the Wild West, where people put hard-earned money at risk by investing it in high-risk assets."
Senator from the US Democratic Party, Elizabeth Warren, called for an "anti-crypto army". In her future election campaign, she plans to pay special attention to the problems of cryptocurrency companies and the formation of a broad coalition of opponents of crypto assets.
Part of the digital division of the Stuttgart Stock Exchange (Boerse Stuttgart), Blocknox has received a cryptocurrency custodian license from the German Federal Financial Supervisory Authority (BaFin).
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.