As of Wednesday, nothing has changed substantially in the cryptocurrency market. The BTC exchange rate remains near 25,871 USD.
Market attention is still focused on information about the potential unlocking of FTX assets, worth no less than 3.4 billion USD. The company intends to sell the assets for 200 million USD weekly. From a fundamental point of view, this is clearly negative news for the cryptocurrency market.
The technical support level for the flagship cryptocurrency stands at 25,150 USD, with resistance holding above 27,800 USD. To push it to a higher level, a significant driver is needed.
The cryptocurrency market capitalisation is still low around 1.03 trillion USD. BTC's share has increased to 49.0%, while the ETH share decreased to 18.6%.
SEC addressed the US Senate on the topic of cryptocurrencies
The chair of the US Securities and Exchange Commission (SEC) spoke before the Senate Banking Committee yesterday. His speech was predictably negative for the cryptocurrency market. The official noted that most digital assets fall under the SEC's authority due to their characteristics as investment contracts. If this is the case, such instruments should be regulated in accordance with the law.
Coinbase launched a wallet for corporations
Cryptocurrency exchange Coinbase has announced the launch of a special wallet designed for institutional and corporate clients. It is built on Web-3 technology. With this tool, investors can access Prime Custody, DEX and other decentralised applications with different levels of access and options to use six different blockchains.