Regulators Act Again, Bitcoin Falls But Solana Goes Green

Posted by – The market tends to vary today, Tuesday (7/5/2024) after the American Securities and Exchange Commission (SEC) implemented crypto law enforcement.

Referring to CoinMarketCap on Tuesday (7/5/2024) at 05:46 WIB, the crypto market tends to move in variations. Bitcoin fell 0.5% to US$63,478.59 and was in the negative zone of 0.52% on a weekly basis.

Ethereum is in the red zone of 1.53% in the last 24 hours and in a week tends to fall 4.17%.

Solana experienced an appreciation of 6.54% on a daily basis and a weekly flight of 12.35%.

Likewise, XRP is in the green area 2.58% in the last 24 hours and in the last seven days rose 5.26%.

Crypto Performance (7/5/2024)
CoinDesk Market Index (CMI), which is an index to measure the market capitalization-weighted performance of the digital asset market, fell 0.44% to 2,519.08. Open interest depreciated 0.21% to US$55.77 billion.

Meanwhile, the fear & greed index reported by shows the number 58, which indicates that the market is in a neutral phase with the current economic conditions and crypto industry.

Pressure on cryptocurrencies, including Bitcoin, as the coin with the largest market capitalization in the world, occurred because the United States (US) regulator, namely the SEC, took law enforcement action against a company, namely the Robinhood (HOOD) broker.

Quoted from The Block, Robinhood Crypto, the crypto unit of brokerage company Robinhood Markets, received a Wells Notice from the SEC on May 4 last week.

The exchange said SEC staff had made a preliminary decision to recommend legal regulatory action against the crypto unit, with a Securities violation violation.

“After years of good faith efforts to work with the SEC for clarity including the regulation of our well-known ‘enter and register’ efforts, we are disappointed that the agency has decided to issue a Wells Notice relating to our US crypto business,” said Dan Gallagher, Chief Legal, Compliance and Corporate Affairs Officer, Robinhood Markets, Inc, in a statement.

“We firmly believe that the assets listed on our platform are not securities and we look forward to working with the SEC to make clear how weak any case against Robinhood Crypto is from both a factual and legal perspective,” added Dan.

In contrast to bitcoin, solana actually rose quite strongly due to positive reports from leading investment banks, a significant increase in usage of the solana network, and the introduction of native interoperability features on leading decentralized slot dana exchanges.

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