The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk reporter Was this newsletter forwarded to you? Sign up here. |
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Welcome to Friday! Here's what's happening in crypto today: |
- Bitcoin drops for a third straight day.
- The SEC cautions advisers about recommending crypto to clients.
- Coinbase obtains a license in Bermuda.
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CoinDesk Market Index (CMI): 1,255 −2.8%
Bitcoin (BTC): $28,031 −2.2%
Ether (ETC): $1,913 −1.7%
S&P 500 futures: 4,146.00 −0.2%
FTSE 100: 7,914.27 +0.1%
Treasury Yield 10 Years: 3.55% −0.1 |
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Bitcoin is down for a third straight day on Friday, falling 3% over the last 24 hours to about $28,000. The cryptocurrency has lost almost 10% since last Friday. Ether, the second-largest cryptocurrency by market value, has lost 8% during that period. This comes following a mostly down week for risky assets like cryptocurrencies. On Wednesday, $100 million in bitcoin positions was liquidated on Binance, but one possible positive development for crypto came on Thursday when the European Parliament passed comprehensive crypto legislation, becoming the first major jurisdiction to do so. |
Bitcoin's seven-day price chart |
The U.S. Securities and Exchange Commission is advising brokers and investment advisers they need to use heightened scrutiny when it comes to making crypto recommendations to ensure the risky products are in the best interests of their clients. A Thursday staff bulletin – outlining the duties the advisers have to customers – specifically mentioned crypto, continuing the agency's recent focus on the sector after having largely ignored digital assets in its rules and guidance until last year. Coinbase has obtained a license to offer its services in Bermuda as it seeks to expand internationally, the company announced in a blog post on Wednesday. The U.S. crypto exchange received a Class F license from the Bermuda Monetary Authority, which allows the company to operate as a digital-asset exchange in that territory. The news comes two days after CEO Brian Armstrong indicated the U.S.-based exchange would consider moving out of the U.S. if clear crypto regulation isn't enacted. |
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Market Insight: Game Off at Axie Infinity |
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