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Crypto Crash Ahead? The global crypto market printed red indexes on Tuesday ahead of the crucial Consumer Price Index (CPI) data release. The cumulative market cap saw a decline of over 1% over the past day to stay above the vital $1 trillion level. However, surging U.S. Securities and Exchange Commission (SEC) scrutiny over the digital industry is identified as a major reason behind the decline.
Crypto Market To See More Volatility?
The biggest of the crypto assets Bitcoin (BTC) and Ethereum (ETH) prices have declined by more than 5% and 8% over the past 7 days. However, the recent crypto market decline has been triggered by New York’s regulatory body’s notice to end the issuance of Binance USD (BUSD), a stablecoin.
The recent U.S. SEC crackdown on Paxos, the issuer of BUSD, has left a deep impact on Binance’s BNB token. As per data, BNB prices have dropped by a massive 7% in the last 24 hours. It is trading at an average price of $293, at the press time.
U.S. financial watchdog’s probe around BUSD, the third largest stablecoin, has left the crypto market bleeding. Investors seem to be fearful and doubtful about the U.S. SEC’s next move. However, recent events like the collapse of FTX have already shaken the confidence of traders. Will Crypto Market Crash Following CPI Data Release Read Here…
Stablecoins In Trouble?
Probe around Paxos Trust Co. and BUSD has also raised concerns over the top two stablecoins, Tether (USDT) and USD Coin (USDC). Data depicts that around $342 million of BUSD has been redeemed over the past 24 hours.
As per reports, the U.S. SEC is set to suggest several rule changes on Wednesday. This can make it tough for hedge funds to work with digital asset related firms. However, investors are waiting for the US inflation data to release on Tuesday which will directly shape the trend for interest rates and risk taking ability.
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