(MENAFN) On Thursday, the price of bitcoin soared to its highest level since August, despite increased regulatory pressure on cryptocurrency exchanges from US regulators.
As of 09:47 GMT, the biggest cryptocurrency by market capitalization was trading up more than 11% at $24,619 per coin. According to Coinmarketcap.com, the value of the whole cryptocurrency market increased by more than $76 billion (+8%) in the past day.
The rise occurs amid greater regulatory monitoring of digital currencies by American authorities.
For failing to “fully” register its staking program, the US Securities and Exchange Commission (SEC) fined bitcoin exchange Kraken $30 million last week.
The New York State Department of Financial Services informed the cryptocurrency company Paxos on Monday to halt creating new Binance USD, or BUSD, stablecoins.
According to an analyst at the Japanese cryptocurrency company Bitcoin Bank Yuya Hasegawa, “the current regulatory environment certainly looks like a headwind for the crypto market, but it seems like some money is moving from altcoins to Bitcoin, since Bitcoin is the only cryptocurrency that is labeled “commodity” by the SEC chair,” adding that “consequently, Bitcoin’s market dominance is on the rise.”
MENAFN16022023000045012476ID1105585447
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
