Market Wrap

Bitcoin (BTC, 0.77%) fell below $ 48,000 on Tuesday as traders monitor the latest set of regulatory developments. Cryptocurrencies are trading at around $ 47,000 at the time of the press and have fallen by about 2% in the last 24 hours.
The Central Bank of China reiterated concerns over cryptocurrencies that weigh on investor sentiment on Tuesday. The central bank emphasizes the perceived risks associated with crypto trading, which is one of the main reasons for the country’s crackdown on stock exchanges this year.
In the United States, analysts are waiting for the Securities and Exchange Commission to decide when to approve a Bitcoin-focused exchange-traded fund (ETF). “The fact that government officials are signaling how to approach these applications speaks for itself,” CoinDeesk’s NikDe wrote in the State of Crypto newsletter published Tuesday. increase.
Regarding decentralized finance (DeFi), “But the SEC seems to set a precedent for more enforcement measures in this part of the crypto world,” De wrote.
Also on Tuesday, stablecoin issuer Tether’s parent company and cryptocurrency exchange Bitfinex applied to the New York Supreme Court to stop prosecutors from transferring documents to the coin desk. The document outlines the composition of tether reserves over the last few years.

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