This Week in Crypto – Solana Grows 10% as Bitcoin Struggles
Bitcoin has closed the week in the red despite rallying massively on Monday following news that BlackRock, the leading asset management company, was planning to refile its Bitcoin spot exchange-traded fund (ETF) application with the United States Securities and Exchange Commission (SEC).
BlackRock aims to launch an ETF to give investors afraid of owning BTC exposure to the digital asset. But a few days ago, the SEC stated that the firm’s application was inadequate as it did not explain how it will integrate what’s known as a ‘surveillance-sharing agreement’ to curb manipulation and fraud. This agreement will help BlackRock and other ETF applicants like Invesco and WisdomTree verify user identity and monitor trading activity in the market.
To fulfill this requirement, BlackRock mentioned crypto exchange Coinbase as its preferred market surveillance partner. The US-based trading platform also partnered with another asset management company Valkyrie which resubmitted its Bitcoin spot ETF application on Wednesday.
Meanwhile, the crypto industry achieved a huge milestone through Bitcoin Depot. The American crypto ATM operator got listed on the stock exchange NASDAQ. Bitcoin Depot’s stock (BTM) started trading at $6.52 after listing but has since fallen to $3.60.
Crypto Price Analysis
However, this achievement did not cause Bitcoin to rally. Instead, it dropped to $30,256 after touching $31,142 for the first time in almost a year. The biggest crypto asset by market capitalization is down 0.7% this week.
Holders of the second-biggest digital coin Ethereum have also seen their bag decline. The token has posted a 7-day loss of 2.2% to trade at $1,888 as of this writing. ETH almost retested the $2,008 key resistance level at the start of the week.
Cryptocurrencies in the top 30 have performed varyingly over the past seven days. Solana is the biggest gainer, having grown by 10% to $21.29. The token’s price is surging despite trading platform Revolut announcing plans to delist it along with Cardano and Polygon after the three were deemed securities by Gary Gensler-led SEC a few weeks ago.
Other top 30 coins that have increased by 5% or more this week include Avalanche, which is up 6% to $13.74, and Filecoin, which has added 7.9% to its value to trade for $4.35 at press time.
On the other hand, Litecoin leads the losers after dropping by 12.4% to $96.81. Bitcoin Cash comes in second with an 8.4% decline to $268.76, followed by Stellar and Ethereum Classic, which have dropped by 7.4% and 6.7% to $0.098 and $18.81, respectively.
Regulatory Environment in Asia
On Tuesday, Singapore released two protective measures to ensure investors do not lose their funds while engaging in crypto activities. The country’s financial regulator, the Monetary Authority, is set to start enforcing a ban on staking and lending for retail investors.
In addition, the regulator is now directing all crypto exchanges operating in Singapore to transfer user funds to a trust by December 31. According to Monetary Authority, this move will help prevent trading platforms from commingling customer funds like in the case of FTX.
Thailand is another Asian country that has introduced new regulations this week. The nation’s Securities and Exchange Commission announced on Thursday that it had banned all depository services offering returns to lenders and depositors. This means crypto exchanges in Thailand can no longer offer staking and lending products.
Regulatory Environment in the United Kingdom
Meanwhile, in the United Kingdom, the Financial Conduct Authority has told all crypto firms promoting crypto assets to British customers to abide by established promotion regulations by October 7. The rules will be applied to companies promoting crypto on social media, websites, and mobile apps. Crypto firms in the United Kingdom looking to stay compliant must apply for registration. Also, there is a fee needed to be paid once they’re approved.
The Financial Conduct Authority says it would bring criminal charges against any company that fails to comply with newly formulated regulations.
In recent months, the UK has ramped up efforts to establish clear regulations for the digital asset industry as the country aims to become a crypto hub.
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