Despite positive developments in the crypto market last week, major crypto assets faced severe declines. Bitcoin’s price dropped nearly 6% to $85,800, while Ethereum fell about 6% to $2,820. Binance Coin decreased by 7% to $822, and Solana also dropped 7% to $127. Some tokens performed well, with MYX rising 15% and JST increasing by 4%. Over the past 24 hours, more than $650 million in positions were liquidated, including $580 million in long positions affected by Bitcoin falling below $86,000. Zcash (ZEC) suffered the largest loss, plunging 20% to $355 and declining 35% over the week. Meanwhile, Tether founder Paolo Ardoino dismissed rumors against the company and confirmed its financial stability.
On the regulatory front, China’s central bank reiterated that cryptocurrency is illegal in China and warned of strict measures. Additionally, Robinhood announced a partnership with Siskiyah to launch a new CFTC-licensed exchange aimed at expanding prediction markets. Pavel Durov introduced “Cocoon,” a new decentralized privacy-focused compute network rewarding GPU operators with TON cryptocurrency. JPMorgan launched a new Bitcoin-linked financial product offering investors a minimum 16% return, potentially reaching 50% based on Bitcoin’s performance, with protection against losses up to 30%.
These developments and China’s restrictions raise questions about the global future of cryptocurrency, while other countries and financial institutions seek new opportunities in the sector.
Source: decrypt
