As of February 13, bitcoin, which is the cryptocurrency by the largest market capitalization, saw a decline of 0.17% and was trading at $21,853. Meanwhile, Ethereum was down by 0.95% and was trading at around $1,519.65.
The weekend saw a decline in the value of most cryptocurrencies. Bitcoin fell below the $22,000 mark, with Mudrex co-founder and CEO Edul Patel fined $30 million from the SEC for non-registration and subsequent temporary halt of staking service by US-based Kraken cryptocurrency exchange Went. service correctly.
According to Patel, the bearish trend of bitcoin, which is currently trading near its support at $21,770, is likely to continue and could potentially drop to $21,500 by the end of the week. Currently, bitcoin does not have enough momentum for medium-term price recovery.
However, in the hours following the drop, bitcoin reversed and retook several hundred dollars. It has remained relatively stable since then, currently trading just shy of $22,000. Bitcoin’s market cap has climbed above $420 billion, and its dominance over alternative coins remains at 41.3%.
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The New York Department of Financial Services (NYDFS) has ordered Paxos Trust, a blockchain company, to stop building its Binance USD stablecoin, which is pegged to the dollar. The move comes shortly after the United States Securities and Exchange Commission (SEC) issued a Well Notice to Paxos alleging that Binance USD is an unregistered security. As a result, Paxos has been asked to stop issuing more of its BUSD tokens, although it will continue to manage the redemption of the product.
NYDFS is closely monitoring Paxos to ensure that it can handle redemptions in a controlled and compliant manner. On February 13, 2023, Paxos notified its customers that it would be terminating its relationship with Binance for BUSD, due to a number of unresolved issues related to Paxos’ monitoring of its relationship with Binance with respect to the BUSD token. The third largest stablecoin has come under increased regulatory attention amid growing scrutiny of the cryptocurrency market.
Here are the major cryptocurrencies trading as of 9am on February 14, 2023:
Bitcoin: $21,997.24 USD
-0.27%
Ethereum: $1,523.90 USD
-1.10%
Tether: $1.02 USD
+0.13%
USD Coin: $1.00 USD
-0.01%
BNB: $296.61 USD
-5.90%
XRP: $0.3719 USD
-1.28%
Dogecoin: $0.08288 USD
-0.29%
Cardano: $0.3609 USD
-1.30%
Polygon: $1.19 USD
-3.35%
Polkadot: $6.18 USD
-1.00%
Tron: $0.06617 USD
+2.22%
Litecoin: $91.77 USD
-2.53%
Shibu Inu: $0.00001252 USD
-3.12%
Solana :$21.24 USD
-0.18%