Cryptocurrency Market Performance Update
• Cryptocurrency market cap saw net outflows of $47.5 billion and currently stands at $1.22 trillion
• Bitcoin and Ethereum’s market cap fell 2.2% and 6.3% to $566.37 billion and $235.88 billion, respectively
• Top 10 cryptocurrencies all recorded losses over the last day with Solana leading the losses, down 8.7%
CoinFLEX Co-founder Accuses Roger Ver of Betrayal
CoinFLEX co-founder Mark Lamb accused crypto entrepreneur Roger Ver of „betrayal“ in a near bankruptcy saga that played out in Hong Kong court recently. Lamb claimed that he was left with no choice but to file for bankruptcy after Ver withdrew his support from CoinFLEX when it was on the brink of closing down due to lack of funds. The court ultimately recognized crypto as property, allowing CoinFLEX to continue operating under new ownership.
President Trump NFTs Floor Price Crashes 58%
After President Trump’s ‚Series 2‘ launch, his non-fungible tokens (NFTs) saw its floor price drop by 58%. This comes as more investors are choosing to diversify their portfolios instead of relying solely on the former president’s digital collectibles as a source of value or investment opportunity.
SEC’s Gary Gensler Says He Has Never Owned Crypto
The SEC chairman Gary Gensler recently revealed that he has never owned any cryptocurrencies during an interview on Bloomberg TV, saying that it is against securities laws for him to do so while he is in office. Gensler also mentioned that it will be important for regulators to ensure investor protection when it comes to digital assets before they can be widely adopted by mainstream financial institutions worldwide.
Fed Board Member Says CBDC Risks Outweigh Benefits
A Federal Reserve board member recently said that central bank digital currencies (CBDCs) pose too many risks compared to the potential benefits they could bring about when implemented in the U.S.. Lael Brainard cited concerns over privacy violations, money laundering activities and other illicit uses as some of her primary reasons against adopting a CBDC system domestically at this point in time