Cryptocurrency Market Dynamics
Bitcoin (BTC), according to the TradingView resource, started Thursday with a decline. As of the time of writing, the cryptocurrency is trading at $42,588. The 24-hour minimum for Bitcoin is $41,848, the maximum is $43,013.
The second largest cryptocurrency by capitalization, Ethereum, started the day with a decline, followed by a recovery to previous levels. As of the time of writing the review, the coin is trading at $2,48216.
In the top 10 cryptocurrencies ranked by market cap, the only coin that showed positive dynamics was Solana (+0.17%). The best result for the week was shown by BNB (+0.96%). The largest losses per day (-2.90%) and seven days (-10.20%) were recorded for Cardano.
In the top 100 highest ranked by market cap, the best result for the day was recorded by dYdX (ethDYDX) (+5.41%) and for the week – by Sui (+39.54%). Over the past 24 hours, THORChain (-10.96%) lost its price more actively than others. The largest losses for the week were recorded at Bonk (-17.84%).
Latest Crypto Updates – January 18
–Representatives of Coinbase appeared in the New York District Court and answered questions from the prosecution – the US Securities and Exchange Commission (SEC).
In June 2023, the SEC accused Coinbase of operating without registration. According to the regulator, the crypto exchange offered clients tools for conducting transactions with unregistered securities in the form of cryptocurrencies. According to Coinbase representatives, the trading platform has never stated that transactions in digital assets cannot be regarded as investment contracts. At the same time, the platform team drew attention to the fact that the SEC did not present any charges in its lawsuit that would satisfy the definition of an investment contract.
Coinbase, in turn, is trying through the court to get the Commission to formulate transparent rules for regulating the digital asset market. Representatives of the trading platform are in favour of dismissing the case and accuse the SEC of “regulating through coercion.” During the hearing, the judge did not decide to dismiss the case.
–Bitcoin’s hash rate—the total amount of computing power connected to the cryptocurrency network— has plummeted 34%. The indicator fell due to the shutdown of mining installations in Texas due to a significant drop in temperature.
Let us remember that America is the largest mining center. The United States acquired this status against the backdrop of the migration of miners from China after the country’s regulators introduced restrictions on the extraction of digital assets in the spring of 2021.
-Former US President and candidate for the post of head of the country in the 2024 elections, American politician Donald Trump, spoke out against central bank digital currencies (CBDC). He made this statement as part of his election campaign.
If he gets the presidency, the politician promised to prohibit the American Central Bank from creating and launching a CBDC. He sees the central bank’s digital currency as a tool to control citizens. Previously, other candidates for the US presidency made similar promises.
