This week, the crypto market’s growth was limited due to the pricing of another potential interest rate hike from the Fed, leading to a stronger dollar and halting the previous week’s rally triggered by Ethereum’s “Shapella” upgrade going live.
Regulatory stories dominated the news, with the SEC’s ongoing crackdown on crypto businesses in the United States and the European Union’s legislative progress on crypto assets. Bitcoin and Ethereum both experienced losses, with several other top thirty cryptocurrencies by market cap posting losses of slightly over 10%.
The SEC’s lawsuit against Bittrex for allegedly offering six unregistered securities made headlines, with several Republican lawmakers submitting a letter of condemnation to the House Financial Services Committee.
The European Parliament passed the Markets in Crypto Assets (MiCA) bill, meaning that the bloc’s member states will adopt a unified approach to crypto, and companies have a year and a half to familiarize themselves with the rules.