The BTC exchange rate fell to 27,621 USD on Wednesday. The loss of the leading cryptocurrency for the week is 3.4%.
When interest in meme coins skyrocketed, the processes of conducting transactions in the BTC became so difficult that the Binance exchange decided to suspend them in an attempt to prevent long queues. This caused local panic in the leading cryptocurrency, although it had no direct relation to the BTC per se.
Another factor that affected Bitcoin negatively is the restoration of the correlation with the US stock market, where sales are conducted. The reason is the numerous concerns about the country’s public debt limits.
To start growing again, the BTC needs to secure a foothold above 28,300 USD and get to the 29,800 USD level next. In this case, it might even test 30,500 USD.
The capitalisation of the cryptocurrency sector has dropped to 1.139 trillion USD. The share of BTC has slumped to 46.9%, while the ETH share has risen to 19.4%.
The ETH staking rewards set a record
The ETH staking reward rate has renewed its high to 8.6%. This also has to do with the agitation around meme coins. The current rate demonstrates the annual return the network validators can expect.
SEC plans a lawsuit against Binance
The US Securities and Exchange Commission (SEC) might sue the Binance cryptocurrency exchange. The goal is to take action against the exchange itself or against its US affiliate. According to the media, the reason for the lawsuit is claims of unregistered securities and money laundering.