9.50am: DOGE and Stellar bite into bitcoin dominance
Bitcoin (BTC) failed to make any noteworthy gains over the weekend, and has now trended below the U$30,000 price point for a full week.
Having closed Friday slightly above US$29,300, the BTC/USDT pair trended sideways over Saturday and Sunday.
This morning, the pair added 0.4% to change hands at US$29,390 at the time of writing.
It is evident that the recent rally on bitcoin following BlackRock’s spot bitcoin exchange-traded fund application has fizzled out somewhat.
No bounce for bitcoin – Source: currency.com
Bitcoin dominance remains below 50%, with a few altcoins eating into the global cryptocurrency market capitalisation of US$1.18tn.
Dogecoin (DOGE) remains over 5% higher week on week following its latest Musk rally, with its meme coin competitor Shiba Inu (SHIB) sharing in the goodwill by also gaining 5%.
Litecoin (LTC), Bitcoin Cash (BCH) and STellar (XLM) have all added low single digits week on week, compared to bitcoin’s 1.4% dip.
Ethereum (ETH) has fared slightly better than bitcoin, though still remains in the red with a 0.3% week-on-week dip.
The ETH/USDT pair is currently swapping for US$1,867, having dipped one percent in Sunday’s trading session.
SEC to Coinbase (NASDAQ:COIN): Ditch everything but bitcoin
Nasdaq-listed cryptocurrency exchange Coinbase has revealed that U regulatory body the Securities and Exchange Commission asked the exchange to delist every single cryptocurrency barring bitcoin.
IT has long been the SEC’s contention that most cryptoassets, with the exception of bitcoin, constitute securities and must be regulated as such.
Speaking to the Financial Times, Coinbase head Brian Armstrong recalled the SEC stating that “we believe every asset other than bitcoin is a security”.
“And, we said, ‘well how are you coming to that conclusion, because that’s not our interpretation of the law’. And they said, ‘we’re not going to explain it to you, you need to delist every asset other than bitcoin’”.
The SEC has launched a raft of lawsuits against most major cryptocurrency exchanges operating in the US in 2023, including Coinbase, Binance and Kraken.
This is a major concern for Coinbase.
In the FT report, Charley Cooper, former chief of staff at the Commodity Futures Trading Commission, stated: “There are a bunch of American companies who have built business models on the assumption that these crypto tokens aren’t securities. If they’re told otherwise, many of them will have to stop operations immediately.”
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