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This Week in Crypto – BTC and ETH Dip as Market Sheds Over $55 Billion

The crypto market suffered huge losses this week, with holders of Bitcoin and Ethereum also getting hit by the price drops. Bitcoin (BTC) depreciated by 7% over the past seven days, and as of this writing, it’s priced at $23,189. Ethereum (ETH), on the other hand, shed 7% of its value to trade at $1,605, according to data from CoinGecko.

Besides the two market leaders, other top coins also posted losses. For example, Polygon (MATIC) declined by 16.8% this week and is currently changing hands for $1.27. MATIC started its downward movement on Wednesday following news that Polygon Labs had plans to lay off over 100 employees.

The following day, rumors started spreading that Polygon had been down for almost two hours after Polyscan, an independent chain explorer, failed to update the Polygon transactions for a few hours. However, it was later discovered that Polygon itself had no issues on its side.

Solana and OKB Post the Smallest Losses Among Top 20 Coins

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Meanwhile, Solana (SOL) has only dropped by 1.1% this week. The coin had been in freefall from November to December last year due to its ties with the FTX ex-CEO Sam Bankman-Fried but managed to recoup the losses last month following a spectacular rally. SOL is trading at $22.5 as of this writing.

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The major reason SOL didn’t lose much is because of this week’s news about the upcoming Helium network migration to Solana. Another token that had a similar drop is OKB. As per Coingecko, OKB is changing hands for $51.91.

Canada and US Propose New Rules

Since the collapse of popular crypto firms in 2022, including Celsius, Terra, Three Arrows Capital, and Terra, regulators across the globe have sought to impose tougher regulations.

On Monday, Republican House Representative Tom Emmer introduced a bill seeking to block the Fed from directly issuing individuals a central bank digital currency (CBDC). According to Emmer, if the Fed is allowed to proceed with the CBDC issuance to individuals, it would erode US residents’ right to financial privacy.

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On Tuesday, Canadian Securities Administrators (CSA) published a new set of requirements for crypto firms wishing to remain compliant. The CSA now wants crypto exchanges to only allow users to buy or deposit fiat-backed stablecoins.


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Andrew Richard

Andrew is a news writer for Tokenhell, he enjoys tuning in to the daily crypto markets and writing about the latest updates and happenings.

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