📰 Weekly Crypto Roundup: SEC, The Fed, and Senator Warren Take Center Stage!
This week in crypto brought a whirlwind of events, shaping the market's trajectory. Here are the top five things you need to know:
📉 1. Crypto Market Faces End to Eight-Week Winning Streak
The crypto market is poised to conclude an eight-week winning streak, with a 3.22% dip in the total market cap to $1,551 billion. This downturn, triggered by a Monday sell-off, raises questions about the market's resilience as Bitcoin retreated from its 2023 high to a weekly low of $40,211.
🏛️ 2. SEC Denies Coinbase Petition Amid Regulatory Turbulence
The SEC delivered a blow to Coinbase by denying its petition for rulemaking. The SEC cited the impracticality of applying existing securities regulations to crypto assets. Coinbase vows to challenge the decision in court, highlighting the growing regulatory challenges in the crypto space.
📈 3. Dovish FOMC Projections and Market Relief
Mid-week, the Federal Reserve's dovish projections, including an unchanged interest rate and a softer Fed Funds Rate Trajectory, provided relief to the market. Bitcoin responded positively, gaining 1.47% within the first hour of the release. The projections hinted at a more favorable environment for riskier assets.
🤝 4. Senator Elizabeth Warren's Anti-Crypto Drive Continues
Senator Elizabeth Warren remains a prominent figure in the crypto landscape. Her push for the Digital Asset Anti-Money Laundering Act gained support, with five additional senators endorsing the legislation. The focus on crypto's role in illicit activities continues, setting the stage for increased regulatory scrutiny.
🎤 5. Banking Committee Hearing: Senator Warren and CEOs Address Crypto Concerns
In a Banking Committee hearing, Senator Warren and CEOs of major US banks, including JPMorgan Chase's Jamie Dimon, discussed concerns around crypto.
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