Cryptocurrencies Take a Nosedive amid Regulatory Uncertainty

By ETF CentralETFsMay 16, 2023 10:23

ca.investing.com/analysis/cryptocurrencies-take-a-nosedive-amid-regulatory-uncertainty-200566550

Cryptocurrencies Take a Nosedive amid Regulatory Uncertainty

By ETF Central | May 16, 2023 10:23

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It was a tough week for the cryptocurrency market as regulatory uncertainty weighs heavily on digital assets. Two major crypto market makers, Jane Street and Jump Crypto, are scaling back their crypto-trading businesses in the U.S., causing a ripple effect across the entire market. The news comes at a time when regulatory authorities in the country are seeking to tighten their grip on the crypto market, spooking investors’ fears. The regulatory crackdown follows the TerraUSD and FTX failures which have heightened concerns about the safety and stability of cryptocurrencies.

As a result of this ever-present uncertainty, the price of Bitcoin dipped well below $27,000 on Friday, representing a 10% drop for the month. This has had a significant impact on Bitcoin ETFs such as the Purpose Bitcoin ETF - CAD ETF Non-Currency Hedged, which plunged 9.39% week-over-week. Other major cryptocurrencies, such as Ethereum, have also taken a hit, with prices falling almost 5% for the week.

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Cryptocurrencies Take a Nosedive amid Regulatory Uncertainty

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