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Cryptocurrency News Articles
Bitcoin Steady Amid Regulatory Concerns and Market Aversion
May 10, 2024 at 02:01 pm
Despite positive economic indicators such as a weak US labor report, Bitcoin remained stagnant on Friday due to investors' cautious approach to crypto markets. Regulatory concerns, including the shutdown of a privacy coin platform and anticipated action by the SEC against major industry players, weighed on sentiment. This kept Bitcoin trading in a narrow range, showing little change over the past week.
Bitcoin Steadies Amidst Regulatory Concerns and Market Aversion
New York, April 22, 2023 (GLOBE NEWSWIRE) -- Bitcoin's price remained static on Friday, as investors displayed persistent reluctance towards cryptocurrency markets. This inertia persisted despite favorable economic news in the United States, such as weak labor data, which weakened the dollar and bolstered expectations of interest rate reductions later this year.
Regulatory pressures on the cryptocurrency industry remained a primary factor dampening market sentiment this week, with reports indicating heightened scrutiny from the United States Securities and Exchange Commission (SEC) against prominent players in the sector. The closure of LocalMonero, a well-known trading platform for the Monero privacy coin, further eroded investor confidence.
At 01:24 ET (05:24 GMT), Bitcoin traded at $62,745.3, representing a 2% increase over the preceding 24 hours. Nonetheless, its price remained largely unchanged over the past week, continuing to fluctuate within a range established since its descent from record highs in early March.
Concerns over increased regulatory oversight have acted as a drag on Bitcoin's potential gains. The SEC's postponement of the planned public listing of Exodus Movement, an operator of crypto wallets, on the New York Stock Exchange injected further uncertainty into the market.
Furthermore, trading app Robinhood Markets Inc. (NASDAQ: HOOD) disclosed its potential exposure to regulatory action from the SEC over crypto tokens traded on its platform. The SEC's decision regarding spot Ethereum ETFs was also postponed to June, with speculation rife that the applications may be rejected due to the ongoing investigation into whether the world's second largest digital asset constitutes a security.
Similar investigations have been initiated by the SEC against Coinbase Global Inc. (NASDAQ: COIN) and Ripple, the issuer of XRP.
Broader cryptocurrency markets exhibited modest movements, with anticipation of key inflation data due next week casting a pall over trading activity. Ethereum gained 0.8%, while XRP lost 0.7%, both tokens posting weekly declines.
Solana emerged as a standout performer, surging over 5% on Friday and poised for modest weekly gains.
While the weak jobless claims data fueled optimism about possible interest rate cuts by the Federal Reserve, projections suggest that such actions are unlikely before September. This timeline is expected to exert pressure on cryptocurrency markets in the near term.
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