This Week in Coins: Market Slumps as Bitcoin and Ethereum Drop Over 10%

This week in coins, the cryptocurrency market saw a significant slump as both Bitcoin and Ethereum dropped over 10%. This decline left many investors worried about the future of their digital assets. We’ll take a deeper look at the reasons behind the market drop and explore what the future may hold for cryptocurrency. Stay tuned for more updates on the ever-changing world of cryptocurrency.

This Week in Cryptocurrency: Market Struggle Continues as Regulators Crack Down

The crypto market faced another hurdle this week as indications of a possible interest rate hike from the Federal Reserve led to a strengthened dollar. As a result, the rally from the previous week came to a halt. Despite the setback, the market remained a hot topic of discussion with a barrage of regulation stories emerging from both the United States and European Union.

The Securities and Exchange Commission (SEC) continued its crackdown on crypto businesses with Bittrex becoming the latest to be sued for alleged failure to comply with securities laws. The case alleges that Bittrex offered six cryptocurrencies as unregistered securities. The drama led to Republicans lambasting the SEC’s regulation-by-enforcement strategy in a letter of condemnation submitted to the House Financial Services Committee. The ongoing tussle culminated with the Committee turning its attention to stablecoins. The week ended on a positive note with Texas’s legislature approving a bill requiring local crypto exchanges to maintain reserves sufficient to fulfill all obligations to customers.

However, the biggest progress in crypto legislation came from the European Union, which passed the Markets in Crypto Assets (MiCA) bill. The legislation means all 27 member states will take a unified approach to crypto, and companies have a year and a half to familiarize themselves with the rules. The stablecoin legislation won’t come into effect until July 2024, and the rest of the legislation won’t be implemented until January 25.

Despite regulatory crackdowns, cryptocurrencies remain a key player on the market. Bitcoin fell to $27,340, representing a 10.3% drop from last week. Ethereum put up a similar performance, reaching a peak of $2,100 before spiraling down to $1,851, a seven-day loss of 11.7%. The top 30 cryptocurrencies by market cap all posted losses of over 10%, including XRP, Cardano, Dogecoin, Polygon, Solana, Polkadot, Litecoin, Avalanche, Uniswap, Cosmos HUB, and Stellar.

In conclusion, it has been a challenging week for the crypto market with regulators continuing to tighten their grip on the industry. The United States continued its crackdown on crypto businesses, while the European Union unified its approach to crypto legislation. Despite the setbacks, cryptocurrencies remain a viable investment option, and the market remains an ever-evolving landscape. Stay updated with daily crypto news by subscribing to our newsletter.

– Crypto Market Struggles as Regulatory Crackdown Continues
– European Union Passes MiCA Bill, Unifying Crypto Legislation

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