Illustration by Mitchell Prefer of Decrypt.
Market leader Bitcoin has had a volatile week this week. The high was above $31,100 and the low was below $29,900, but within 24 hours he was limited to less than 2%. After surpassing 50% of market power last week, the top cryptocurrency has returned to 47.9% but still maintains a trading volume above $9 billion.
Despite this ultimately flat week, Bitcoin (BTC) is up 15% over the past two weeks and 13% over the last month, returning more than 50% over the year, according to the data. Coin Gecko. The current price is $30,612, about the same as it was seven days ago.
The frontrunner, Ethereum (ETH), traded at $1,923, up 1.9% in seven days of trading on Saturday.
Earlier this week, several altcoins that had been labeled as securities were by the SEC With various lawsuits against the industry, it finally seemed to shake off the effects of bad press. Polygon (MATIC) and Cardano (ADA) are virtually unchanged from last week, but Solana (SOL) actually bounced back, adding 10% and he changed trades at $18.35.
While there were no major losses for the big coins, there have been some notable gains of over 10% this week. Two Classic Proof-of-Work Coins Soared After Wall Street-Backed EDX Markets Listed Last Week: Litecoin (LTC) 18% recovery Down to $105.18 and Bitcoin Cash (BCH) exploded It reached $291.31 with a staggering 52.6%.
headline of the week
On Monday, Swiss National Bank Chairman Thomas Jordan spoke at the Point Zero Forum in Zurich to announce that the Central Bank Digital Currency (CBDC) is the country’s first regulated cryptocurrency exchange, the SIX digital exchange. (SDX) said to be tested. Jordan affirmed that this was no mere prototype balloon.
“This is not just an experiment. Real money equivalent to bank reserves,” he told attendees. “The purpose is to test real trading with market participants.”
HSBC Hong Kong customers can now trade Bitcoin and Ethereum on the same day Futures Exchange Traded Funds (ETFs) can be purchased through the bank’s “Easy Invest” mobile app.
On Tuesday, the European Parliament’s Economic and Monetary Committee announced via Twitter that it had reached agreement on changes to capital requirements regulations and directives. New regulations for crypto assets. The move comes in response to calls from lawmakers for stricter rules to prevent “unbacked cryptocurrencies” from infiltrating the traditional financial system.
Meanwhile, the Bank of England’s Fintech Director said the Bank of England is open to the possibility of introducing a UK CBDC (or ‘Britcoin’). May not be blockchain-based. The official added that there had been clashes at a recent technical conference hosted by the bank to discuss the issue.
“At no point did any of the opinions agree with each other,” he said, adding that the forum participants “were not convinced that distributed ledgers would be more efficient than traditional ledgers.” added.
In Canada, a group of 30 Canadian lawmakers report It supports cryptocurrencies and blockchain technology and makes 16 recommendations to the government to develop a national strategy on cryptocurrencies. The group said the industry is “experienced with significant growth over the long term.” Economy and Job Creation Opportunities“
On Thursday, the Financial Services and Markets Act 2023 was enacted. received royal consent According to one source, a new law was formally enacted by King Charles. press release by the UK government.
Under the reform bill, cryptocurrency trading will be recognized as a regulated financial activity.of Amended law defines crypto assets as “cryptographically protected digital representations of value or contractual rights” and considers crypto assets to be regulated financial instruments, commodities, or investments.
Finally, the industry is still reeling from this news 2 weeks ago BlackRock, the world’s largest asset management company, has filed a spot Bitcoin ETF with the SEC. BlackRock has filed 576 ETF proposals with the SEC and has only been rejected once.
this week, fidelity and arc investment Since the BlackRock news, it has become the latest company to double down on its own ETF application, joining companies like Invesco, Wisdom Tree, Valkyrie and Bitwise. But reports emerged on Friday that insiders at the US securities regulator believed BlackRock and Fidelity’s filings (and, by extension, those of other companies). inadequate.
