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The CoinDesk Market Index (CMI), which is an index for measuring the market capitalization-weighted performance of the digital asset market, fell 0.02% to 1,554.23. Open interest depreciated 0.71% at US$34.28 billion.

Meanwhile, the fear & greed index reported by coinmarketcap.com shows the number 70, which indicates that the market is in the greed/optimistic phase with the current economic conditions and crypto industry.

The shocks present in the crypto market especially the intensive investigation carried out by the Securities and Exchange Commission (SEC) against Binance US and its former CEO Changpeng Zhao continue to worry cryptocurrency investors.

The recent lawsuit by the SEC against the Kraken exchange and the US Deputy Secretary of the Treasury's statements regarding crypto regulation and sanctions promise tighter controls for exchanges.

To date, these companies have not given enough consideration to legal compliance as crypto grows in a gray area and still does not have unique laws on a global scale.

All of this has led crypto investors to wonder if a bigger wave of regulatory pressure is on the horizon.

Additionally, the Department of Justice's insinuating statement regarding the stablecoin investigation caused confusion.

On the other hand, the latest Glassnode data shows that miners are likely selling.

This is because due to the halving, miners' revenues will weaken, and they must have a strong balance sheet to prepare for market shocks during this period.