After going negative earlier in the day, the biggest cryptocurrency by market value increased by as high as 3,2 percent to US$22 323 during New York trade. Since a number of regulatory actions were announced last week, it has primarily traded below that level. While Ether grew by 4,7%, Binance Coin increased by roughly 2%.
Shawn Cruz, head trading strategist at TD Ameritrade, said: “It’s amazing to me that you’re seeing crypto surge when you have the SEC continuing to crack down on a lot of these firms.” I’m not sure if I would fully anticipate that to continue.
Most cryptocurrencies fell Monday, with the native token of the Binance exchange dropping the most since a November market meltdown.
The New York State Department of Financial Services directed Paxos Trust Co. to stop issuing new tokens of crypto’s third largest stablecoin, a Binance-branded coin known as BUSD that has roughly US$16 billion in circulation.
Paxos also noted that the US Securities and Exchange Commission had notified the firm about a potential enforcement action. Kraken reached a settlement with the SEC last week.
Crypto-related stocks also rose, with Coinbase Global Inc. halting a seven day slide, while MicroStrategy Inc. jumped almost 9 percent.
Bitcoin spent most of last year trading in tandem with stocks, especially tech companies’ shares. They all got hit when the Federal Reserve began a campaign of raising rates and reducing liquidity to arrest the fastest inflation in decades.
The correlation broke off when FTX collapsed and cryptocurrencies plunged, only to return in the new year.
The S&P 500 has added about 8 percent in 2023, while the tech-heavy Nasdaq 100 has advanced 15 percent. Bitcoin has risen 34 percent in 2023, after tumbling 64 percent last year.
In other news,
Teen Returns Home After Going On Mjolo Spree!
“The family of a 17-year-old Rorisang Shaku in Apel, outside Ga-Nkoana, Limpopo has confirmed the safe return of their daughter following her disappearance for over a week,” reports suggest.
Many Twitter users believe she was at her man because these kids are mjolo active; this has also been confirmed by her mother, who reportedly expressed disappointment because this is not the first….more here
