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 was up nearly 39% year-to-date, raising investor expectations for a revised bullish outlook.
The latest price impact also saw Bitcoin lose about $10 billion in market cap, falling to $43,789 billion. The world’s largest cryptocurrency currently holds 39.43% of the market. In comparison, Ethereum (ETH), the second biggest crypto, with a 17.73% share.
The industry’s second-largest cryptocurrency lost 2.3% and currently trades at around $1,641.
Other major cryptocurrencies, including Binance Coin, Cardano, and Dogecoin, follow 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 wider reach, increased security, and reduced carbon footprint.
In light of the unclear regulations, the Bank of New York Mellon’s head of digital assets said stricter regulations and security standards are needed. It is also necessary to raise investors’ confidence and maintain stable credibility.
Crypto exchange Kraken is under active investigation
The U.S. market regulator is investigating Kraken, and a settlement could come soon.
It’s not clear what terms or other offers are being considered.
A spokesperson for Kraken said the exchange couldn’t comment on the investigation because it was too busy with other things. The exchange said it’s well-capitalized and has stable exposure to multiple products in multiple jurisdictions.
The crypto industry has been under a lot of scrutiny since the FBI arrested the founder of major exchange FTX.
Genesis and Gemini sued by the SEC for unregistered offerings and sales of securities to customers through interest-bearing products. The regulator said the companies misappropriated billions of dollars worth of crypto assets.
The crypto exchange was fined $1.26 million in 2021 by the Commodity Futures Trading Commission for illegally offering some products. In November, he gave $362,001 to the U.S. Treasury Department to settle allegations of evasion of U.S. sanctions against Iran.