Following last week, the values of market leaders Bitcoin and Ethereum remained relatively inert over the past seven days. However, Bitcoin (BTC), the market leader, reached a one-year high after crossing the $31,000 threshold on Monday. This increase follows the announcement that the world’s largest asset manager, BlackRock, renewed its request to the SEC for a Bitcoin spot ETF, a regulated investment vehicle that, if approved, would allow investors to be exposed to Bitcoin without the risks of direct purchasing.
A volatile week for Bitcoin and Ethereum
Bitcoin experienced a week of volatility, briefly dropping below the $31,000 mark on Tuesday, before crossing it again early on Thursday and plunging to $30,153. Bitcoin’s volatility calmed down over the weekend, currently trading at $30,252, about 1% lower than at the same time last week. Ethereum (ETH) holders suffered slightly larger losses. The world’s second-largest cryptocurrency lost 2.8% of its value to enter the weekend at $1,861. It moved in tandem with Bitcoin, reaching intra-week highs near $2,000 on Monday and Thursday.
Solana rises despite hurdles
Despite this inertia, Solana (SOL) experienced significant growth, surging 20% to reach $22.85 on Saturday, up nearly 20% for the week. Remarkably, Solana thrived despite the announcement that popular trading app Revolut is removing it from its list, along with Polygon (MATIC) and Cardano (ADA), after they were designated as securities by the SEC in its ongoing lawsuits against Binance and Coinbase.
Regulation in Asia and the UK
Earlier this week, Singapore announced two new consumer protection measures as the country’s regulators continue to build a regulatory framework for its rapidly expanding crypto industry. The Monetary Authority of Singapore (MAS), the country’s main financial regulator, will implement a ban on lending and staking for retail customers. Additionally, MAS now requires exchanges to transfer customers’ digital assets into a trust by the end of the year to avoid a scenario like FTX where their funds are commingled or traded. On the other side of the globe, on Tuesday, the UK Financial Conduct Authority (FCA) announced that firms promoting cryptocurrencies to UK customers must be prepared to comply with the regulator’s financial promotion regime by 8 October 2023.
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