coin of the week. Illustration by Mitchell Priffer of Decrypt.
Most of the top 30 cryptocurrencies by market cap have gained over the past seven days, with Bitcoin (BTC), Solana (SOL) and Internet Computer Project (ICP) leading the rise.
Bitcoin is about 7.5% higher than it was last weekend, trading at $29,295 as of this writing.
On Monday, the world’s most popular cryptocurrency fell $27,500but on Wednesday, Collected $29,000 After another potential bankruptcy rocked the traditional financial world. Stocks of First Republic Bank 50% drop On Tuesday, the day after the latest quarterly report, decrease in deposits.
Since the Bitcoin whitepaper, cryptocurrencies have been pitched to the world as an alternative to the banking system.So when TradFi institutions are in trouble, investors often flock to cryptocurrencies — as was the news of the Credit Suisse bankruptcy last month. pushed up the price of bitcoin.
Bitcoin
Ethereum, the second largest cryptocurrency on the market, could only add 2.7% in value this week and is currently trading at $1,906.
The biggest gainer among the major cryptocurrencies is Solana, which is now worth $23.35 after gaining 11%, while its ICP is up 16.6% to $6.58.
Cosmos Hub (ATOM) owners found their stash increased this Saturday as the token rose 8.5% in a week to trade at $11.68.
regulation
Glare from regulators’ headlamps was recently documented by US agencies Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) will continue to bring enforcement action to the industry, not new guidelines.
Democrat and California Rep. Matt Haney introduced on Monday Congress Bill 1229This is a legal framework for decentralized autonomous organizations (DAOs) that changes state law to allow DAOs to incorporate and pay taxes in California while allowing Californians to participate in the Web3 economy. provide better protection for
The bill already has the support of crypto investment firm Andreessen Horowitz and the Crypto Innovation Council.
News that Binance US had broke on Twitter on Tuesday walked away From the deal to acquire the assets of crypto lending firm Voyager, one of the high-profile victims resulting from Terra’s collapse last May. In a statement to Decryptionthe exchange cited “the hostile and uncertain regulatory environment in the United States” as a key factor behind its decision to suspend trading.
on wednesday, report Binance CEO Changpeng Zhao hired lawyer to defend against multiple legal threats brought against him and his interactions with the SEC, CFTC, and the Department of Justice.
On that day, crypto-friendly Texas Senator Ted Cruz launched a criticism against the idea of a central bank digital currency (CBDC) in the United States. Bitcoin Policy Summit.
CBDC is currently being researched by governments around the world, including the US and EU. CBDCs are local currency-pegged stablecoins that proponents say will facilitate online payments while leveraging blockchain features such as instant payments and smart contracts. But critics fear the result will lead to increased centralization of our money, which goes against the very spirit of cryptocurrencies.
Cruz claimed that US leaders would use CBDC to “destroy all values.” Bitcoin, destroying anonymity, destroying decentralization. ’” he added. Let’s be clear. They don’t like cash for the exact same reason I prefer cash. As such, we expect resistance to CBDC to grow. “
CBDC skepticism is rampant within the Republican Party.Last month, Florida Gov. Ron DeSantis and Ohio Congressman Warren Davidson Responded to Cruz’s feelings.
lastly, Bloomberg event on ThursdayHong Kong’s Securities and Futures Commission (SFC) CEO Julia Leung announced that the Special Administrative Region will launch a crypto licensing regime next month.
New rules promise to allow retail investors to trade key cryptocurrencies such as Bitcoin (BTC) and ethereum (ETH) Restrictions will be relaxed from June 1st.
