The cryptocurrency market has experienced significant fluctuations in recent days, with major coins such as Bitcoin and Ethereum being affected by global events, including the ongoing conflict in Iran and regulatory developments. Bitcoin’s price has slid below $68,500, while other coins like XRP have also seen significant declines. Meanwhile, regulatory efforts are underway, with lawmakers pushing for stricter regulations on prediction markets and the UK sanctioning a $20 billion scam market. Additionally, companies such as Tether and OKX are making moves to expand their presence in the US market, with Tether hiring KPMG for a USDT audit and OKX aiming to deliver consistent shareholder returns.
Markets
The cryptocurrency market has been volatile, with Bitcoin’s price sliding below $68,500 as the conflict in Iran continues. Other coins, such as XRP, have also seen significant declines, with XRP sliding towards $1.35. Despite this, institutional accumulation of Bitcoin has been on the rise, with ETF inflows of $2.5 billion over the past month and net exchange outflows suggesting that institutions are buying up the coin. GameStop has also been making moves in the crypto space, turning its $368 million Bitcoin stash into an options income play. CoinDesk
Regulation
Regulatory efforts are underway, with lawmakers pushing for stricter regulations on prediction markets. A new bill has been introduced to curb insider trading in prediction markets, following a previous bill that was introduced earlier in the week. The UK has also sanctioned a $20 billion scam market, cutting off its ties to legitimate crypto businesses. In the US, Tether has hired KPMG to conduct an audit of its USDT stablecoin, as the company gears up for expansion in the US market. CoinTelegraph
Business and Expansion
Companies such as OKX and Tether are making moves to expand their presence in the US market. OKX has stated that it will not rush into an IPO, instead focusing on delivering consistent shareholder returns. Tether, on the other hand, has hired KPMG to conduct an audit of its USDT stablecoin, as the company gears up for expansion in the US market. Additionally, Cathie Wood’s ARK has partnered with Kalshi to make investment decisions, and David Sacks’ term as Trump’s crypto and AI czar has come to an end. CoinDesk Sources: CoinDesk, CoinTelegraph
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