Bitcoin Slips to $28K: SEC Warns Crypto Investors of Risks
• Bitcoin prices have dropped 10% since last Friday, with Ether showing similar losses.
• The European Parliament has passed comprehensive crypto legislation, becoming the first major jurisdiction to do so.
• Coinbase has obtained a license to offer its services in Bermuda.
Crypto Markets: Bitcoin Drops Below $28K
Bitcoin has fallen for three consecutive days and currently stands at around $28,000—a 10% drop since last Friday. Ether, the second-largest cryptocurrency by market value, has also seen an 8% decline over the same period. Other risky assets such as cryptocurrencies have been largely down this week.
EU Passes Comprehensive Crypto Legislation
On Thursday, the European Parliament passed comprehensive crypto legislation, becoming the first major jurisdiction to do so. This provides some hope for the future of crypto trading in Europe. However, on Wednesday a whopping $100 million in bitcoin positions were liquidated on Binance.
SEC Advises Brokers on Crypto Scrutiny
The U.S. Securities and Exchange Commission (SEC) is advising brokers and investment advisers that they need to be more cautious when it comes to recommending digital assets to ensure their clients’ best interests are taken care of. The SEC’s Thursday staff bulletin specifically mentioned crypto further highlighting their increased focus on this sector after having largely ignored it until last year.
Coinbase Obtains License for Services in Bermuda
Coinbase announced in a blog post that it had obtained a license from Bermuda’s government allowing it to offer its services there as part of its expansion plans internationally. This move could potentially open up new opportunities for Coinbase as well as other firms looking to expand into international markets they may not have previously been able to access due to regulatory hurdles or restrictions on services offered abroad by exchanges based in certain countries like the U.S..
Crypto Markets Overview
Overall, the recent news surrounding cryptocurrencies appears to indicate a bearish sentiment at present with both Bitcoin and Ethereum registering significant losses over recent weeks despite some positive developments such as EU passing comprehensive crypto legislation which may provide promising future prospects for cryptos trading across Europe and beyond depending upon how regulations are implemented locally within each country’s jurisdictions going forward from hereon out . Additionally, US regulators appear increasingly focused on digital assets with SEC advising brokers and investment advisors who wish recommend cryptocurrencies be more mindful about doing so given their volatile nature compared with traditional financial instruments
