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The crypto landscape experienced significant movements on Friday, with Bitcoin (BTC) and Ethereum (ETH) witnessing notable price adjustments. Bitcoin saw a decrease of 3.7 percent, closing at US$83,780.06, after fluctuating between US$83,609.35 and US$85,503.88 throughout the day. The market observed a reaction to Deribit’s massive US$16 billion Bitcoin options expiry, with a notable shift from the anticipated max pain point of US$85,000 to US$75,000, indicating market adjustments post-expiry. Additionally, Ethereum’s value decreased by 6.4 percent, landing at US$1,875.25, after trading between US$1,866.54 and US$1,900.19. The broader altcoin market also saw downturns, with Solana (SOL) and XRP among the significant losers, both dropping approximately 6.9 percent.
In the regulatory arena, the spotlight turned to Paul Atkins, a SEC nominee, during his Senate Banking Committee hearing. Atkins faced intense questioning regarding his past consulting work for the now-bankrupt cryptocurrency exchange FTX. Senator Elizabeth Warren and Senator John Kennedy raised concerns on potential conflicts of interest and questioned Atkins on his approach towards regulating the crypto industry, specifically focusing on key figures associated with FTX. The discussions highlighted the ongoing scrutiny and the complex relationship between the crypto industry and regulatory bodies, with a particular emphasis on ensuring that regulatory appointments do not lead to conflicts of interest or under-regulation of the rapidly evolving crypto space.
Internationally, the United Arab Emirates announced an ambitious plan to launch a central bank digital currency (CBDC), named the Digital Dirham, set for retail use by the last quarter of 2025. This move is a part of the UAE’s broader efforts to establish a comprehensive digital economy, aiming to facilitate retail, wholesale, and cross-border transactions. The introduction of the Digital Dirham will enhance financial security, improve transaction efficiency, and provide a regulated alternative to private stablecoins, positioning the UAE at the forefront of the global push towards digital currencies. Additionally, the UK’s Financial Conduct Authority (FCA) revealed plans to introduce a stricter authorization regime for crypto firms by 2026, signaling increased regulatory scrutiny amid growing concerns over consumer protection and financial stability.
Investment firm BlackRock made headlines by launching its iShares Bitcoin exchange-traded product (ETP) in Europe, following the impressive growth of its US-based iShares Bitcoin Trust ETF. The decision to expand into the European market signifies a growing interest in institutional Bitcoin adoption, despite anticipating a more conservative demand compared to its US counterpart due to varying market dynamics and regulatory landscapes. Meanwhile, Nasdaq sought approval to list Grayscale Investments’ spot Avalanche ETF, marking another step towards integrating cryptocurrency more deeply into traditional financial markets. These developments underscore the increasing recognition of cryptocurrency’s potential within the investment domain and highlight the evolving regulatory and market structure aiming to accommodate and capitalize on digital assets’ unique attributes.
