Bitcoin was little changed in Monday morning trading in Asia during a mixed morning for the top 10 non-stablecoin cryptocurrencies by market capitalization. Bitcoin is trading below $22,000 after US-based crypto exchange Kraken halted staking services on Thursday and paid a $30 million fine to the Securities and Exchange Commission. SEC) for not subscribing to the service. The move by the SEC sent the majority of the crypto market down over the weekend. XRP leads the losers this morning, while Solana edged higher.
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Bitcoin has dropped 0.4% in the last 24 hours to $21,796 at 8am in Hong Kong, losing 5% in the past seven days to trade on same price as nearly a month agobased on data from CoinMarketCap. Ether fell 1.6% to $1,515, recording a 7.1% weekly loss.
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Solana rallied 3.1% to $21.48, though still 8.5% lower over the past seven days. Today’s increase follows a report by crypto research firm Delphi Digital that said Solana is the largest non-fungible token (NFT) blockchain after Ethereum, accounting for 14% of all NFT transactions.
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XRP dropped 2.3% to trade at $0.37, a weekly loss of 6%. Ripple Labs Inc., a company whose payment network is powered by XRP, has been engaged in its own legal battle with the SEC since December 2020. The SEC alleges that Ripple Labs has released an unsecured security register as XRP. The The company said it expected a ruling In the first half of this year, this will bring more regulatory clarity to the crypto industry as a whole.
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SEC Chairman Gary Gensler warns other crypto exchanges to “take note” of Kraken’s fine for its staking service during a Friday appearance on CNBC’s Squawk Box. “Companies like Kraken can provide investment contracts and investment plans, but they have to disclose information fully, fairly and honestly… They haven’t followed that basic law,” Gensler said. “.
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However, he was criticized for SEC Commissioner Hester Peirce .’s move on Krakenwho called it the act of a “lazy” regulator.
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US stocks had a mixed day on Friday. The Dow Jones Industrial Average was up 0.5% and the S&P 500 Index was up 0.2%, while the Nasdaq Composite Index closed 0.6% lower for the day.
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Investors are gearing up for the release of the January Consumer Price Index (CPI) in the United States on Tuesday, a measure of inflation widely used in the economy and also used by the Federal Reserve. used to set interest rates.
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Economists expect January’s CPI to rise 0.4% to decelerate to 6.2% from 6.5%. Core CPI is expected to rise 0.4% month-on-month, bringing the annualized rate to 5.5%.
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December CPI showed a 6.5% increase in prices year-on-year, down from 7.1% recorded in November, thereby showing a steady decline from October’s 7.7% and 8.2% in September.
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The Fed has raised rates several times since last March to tackle inflation, and analysts at CME Group predict there is a more than 90% chance the Fed will raise rates by 25 basis points at its meeting next month. US interest rates are currently at 4.5% to 4.75%, the highest in 15 years, and Fed officials have repeatedly indicated they could raise rates up to 5%.
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