The past week in the cryptocurrency world was nothing short of eventful. From increased regulatory scrutiny to high-profile speculations and market fluctuations, the crypto space kept everyone on their toes. Here’s a quick recap of the top stories that shaped the week.
Scaramucci Speaks Out Against SEC’s Crypto Scrutiny
Former White House Communications Director, Anthony Scaramucci, voiced concerns over the SEC’s increased oversight of cryptocurrency platforms. He suggested that this could potentially impact Vice President Kamala Harris’ chances in the upcoming elections. The SEC, led by Gary Gensler, recently issued a Wells notice to NFT marketplace OpenSea, indicating an intent to sue the company.
Cryptocurrency Markets Dip Ahead of Key Data Releases
Cryptocurrency markets experienced a downward trend as traders awaited economic data releases and Nvidia’s earnings on Tuesday. Major cryptocurrencies like Bitcoin, Ethereum, and Dogecoin all traded lower.
Mark Cuban Questions SEC Chair’s Intentions
Billionaire investor and TV celebrity Mark Cuban threw a jibe at SEC Chair Gary Gensler, questioning if he is deliberately trying to weaken Senator Elizabeth Warren. Cuban insinuated that Gensler might be a covert supporter of pro-cryptocurrency attorney John Deaton.
Major Cryptocurrencies Tank, Triggering Liquidations
The cryptocurrency market witnessed a dramatic plunge on Tuesday, triggering a wave of liquidations. Bitcoin fell below $59,000, marking its lowest level since Aug. 19, while Ethereum saw a steeper decline, plummeting to an intraday low of $2,400.
Bitcoin Sell-Off Ahead of Nvidia Earnings Deemed ‘Technical’
Kelly Greer of digital asset company Galaxy Digital attributed the Bitcoin plunge below $60,000 as a “technical sell-off” ahead of Nvidia’s earnings call. She noted that over $1 billion worth of BTC was sold off early Wednesday morning, involving more than 17,000 coins.
