Bitcoin (BTC) squeaked a few percentage points higher on Monday to close the session at $37,450 before dipping back to $37,300 this morning.
On the payment layer, bitcoin transaction fees have flared up again, having hit a six-month high in the past few days.
Fees fell back a bit this Tuesday, but still remain substantially higher than average at over $10 per transaction.
These fees are the results of an increase in new Ordinals mints, the maligned NFTs coded on the bitcoin ledger.
Ordinals caused a stir when earlier this year, coder Codey Rodarmor figured out how to store NFTs on the bitcoin ledger, something the network was never designed to do.
Bitcoin is over 40% higher over six months – Source: tradingview.com
Elsewhere in the cryptocurrency markets, Ethereum (ETH) retraced from an intraday high of $2,066 to close Monday at $ 2,021 before falling down to $2,004 this morning.
In a rare instance for Binance’s underperforming exchange token, BNB pulled ahead, hitting a five-month high of $268.
BNB’s rally followed reports that the world’s largest cryptocurrency exchange is facing a $4 billion fine from the US Justice Department to settle ongoing legal disputes in the country.
The resolution would settle years of regulatory uncertainty for the exchange, though people familiar with the matter told Bloomberg that founder Changpeg ‘CZ’ Zhao could still face charges of alleged money laundering, bank fraud and sanctions violations under the resolution.
The wider set of altcoin blue chips, including Cardano (ADA), Dogecoin (DOGE), Solana (SOL) and Ripple (XRP) all racked up red candlesticks as Tuesday’s trading session got underway.
Global cryptocurrency market capitalisation currently stands at $1.41 trillion, with bitcoin dominance nearing 53%.
Another day, another crypto lawsuit
Cryptocurrency exchange Kraken has become the latest digital asset platform to come into the crosshairs of US regulators.
A complaint filed by the Securities and Exchange Commission (SEC) in the Northern District of California alleged that Kraken’s parent company Payward Ventures has been offering investment contracts without the proper oversight.
According to the SEC: “Without registering with the SEC in any capacity, Kraken has simultaneously acted as a broker, dealer, exchange, and clearing agency with respect to these crypto asset securities.
“In doing so, Kraken has created risk for investors and taken in billions of dollars in fees and trading revenue from investors without adhering to or even recognizing the requirements of the U.S. securities laws that are designed to protect investors."
The SEC has made similar accusations against Coinbase Global Inc (NASDAQ:COIN), Binance and Ripple as part of a broader crackdown on what the regulator sees as unregistered securities offerings in the US.
In February of this year, Kraken dropped its staking service after copping a $30 million fine from the SEC.
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