The crypto market has seen a surge in activity, with Bitcoin inflows to exchanges spiking as the currency hits resistance at $75K, according to CoinTelegraph. Meanwhile, a key US senator is eyeing a breakthrough for a stalled crypto bill this week, as reported by CoinTelegraph. Additionally, the SEC has issued its first-ever definitions for what crypto assets are securities, as shared by CoinDesk. These developments come as the market continues to evolve, with major players like Meta shutting down its Horizon Worlds metaverse on VR in favor of mobile, as reported by CoinTelegraph.
Markets
Bitcoin’s rally is facing a key hurdle with the upcoming Fed meeting, where hot PPI inflation data and hawkish remarks by Powell could be damaging for risk assets, including crypto, according to CoinDesk. XRP is trading around $1.50, just above a key options cluster at $1.40 on Deribit, as reported by CoinDesk. The Trump memecoin has also seen a surge in activity, with whales piling in ahead of the Mar-a-Lago gala, according to CoinTelegraph.
Regulation
The SEC has issued its first-ever definitions for what crypto assets are securities, as shared by CoinDesk. The SEC chair, Paul Atkins, has also floated the idea of ‘safe harbor’ exemptions for crypto, as reported by CoinTelegraph. Coin Center has urged the SEC to prioritize rulemaking over no-action letters, according to CoinTelegraph. Senator Tim Scott says market structure negotiations are advancing, and he might see a draft of stablecoin yield language as soon as this week, as reported by CoinDesk.
Other Developments
In other news, Australian crypto shopping has surged, but so have banking blocks, according to a survey reported by CoinTelegraph. Bitrefill has linked the Lazarus Group to an employee laptop hack and stolen funds, as reported by CoinTelegraph. Juliana Stratton has won the Illinois Senate primary, defeating crypto-backed Raja Krishnamoorthi, according to CoinDesk.
Sources: CoinDesk, CoinTelegraph
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