Bitcoin is down for a third straight day on Friday, falling 3% over the last 24 hours to about $28,000. The cryptocurrency has lost almost 10% since last Friday. Ether, the second-largest cryptocurrency by market value, has lost 8% during that period. This comes following a mostly down week for risky assets like cryptocurrencies. On Wednesday, $100 million in bitcoin positions was liquidated on Binance, but one possible positive development for crypto came on Thursday when the European Parliament passed comprehensive crypto legislation, becoming the first major jurisdiction to do so.
Bitcoin’s seven-day price chart
The U.S. Securities and Exchange Commission is advising brokers and investment advisers they need to use heightened scrutiny when it comes to making crypto recommendations to ensure the risky products are in the best interests of their clients. A Thursday staff bulletin – outlining the duties the advisers have to customers – specifically mentioned crypto, continuing the agency’s recent focus on the sector after having largely ignored digital assets in its rules and guidance until last year.
Coinbase has obtained a license to offer its services in Bermuda as it seeks to expand internationally, the company announced in a blog post on Wednesday. The U.S. crypto exchange received a Class F license from the Bermuda Monetary Authority, which allows the company to operate as a digital-asset exchange in that territory. The news comes two days after CEO Brian Armstrong indicated the U.S.-based exchange would consider moving out of the U.S. if clear crypto regulation isn’t enacted.
Axie Infinity’s AXS cryptocurrency is nursing losses ahead of Sunday’s planned unlocking of millions of dollars’ worth of the blockchain-based, play-to-earn project’s tokens.
At press time, the AXS price was $8.22, down 12% for the week, CoinDesk data shows. The cryptocurrency had a total valuation of $942 million, the third largest in the play-to-earn and gaming sector, behind market leader Decentraland’s MANA and The Sandbox’s SAND.
Data from TokenUnlocks shows on Sunday, Axie will free up 18.89 million tokens, worth $155.3 million at the current rate, amounting to 7% of the cryptocurrency’s total supply of 270 million.
The chart shows the difference in the number of ether flowing into and out of the leading centralized exchange Binance in the past 48 hours.
More than 34,000 ETH ($64.8 million) were transferred to Binance early Friday, as represented by the green bars.
According to pseudonymous analyst @OnchainDataNerd, the large investor, who moved these coins, will earn a profit of $6 million if it chooses to liquidate holdings.
Potential liquidation might add to bearish pressures around ether.
– Omkar Godbole
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
