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As Bitcoin drives downward momentum, the cryptocurrency market declines

Over the last day, the market capitalization of cryptocurrencies declined by 0.5% to $1.055 trillion. With the announcement of US inflation statistics, the pace of the rally was halted, while other markets swiftly bounced back from the initial dip. Ethereum fell 0.5% to $1740 and Bitcoin lost 1% to $25.8K. BNB was gaining ground on the market, adding 5.8%, but XRP is losing 3.5% after tripping on profit-taking following a rise.

Prior to the FOMC decision, there may be less demand in the most risk-sensitive segment of the market due to the dynamics of Bitcoin driving the cryptocurrency market down faster than other assets.

Through the four-day local lows, there has been an upward trend in BTCUSD. However, attempts to accelerate Bitcoin's advances the previous night were thwarted by a sell-off on the way to $26.4K, the area of the prior consolidation. The Bears might currently be in the lead. If so, it's possible that the declines may quicken and reach $25.7K before ending at $24.8K.

Glassnode reports that the seven-day moving average-smoothed hash rate for bitcoin has hit 393.9 EH/s. The planned nighttime recalculation will cause BTC's mining complexity to increase to a peak of 52.84T. The pressure on miners' yields is due to the rise in complexity brought on by the decline in Bitcoin pricing.

The future head of the SEC, Gary Gansler, says in a video from 2018 that Bitcoin, Ethereum, Litecoin, and Bitcoin Cash are not securities.

After the court finally published documents pertaining to former SEC officer William Hinman's 2018 speech, HRP once again reached a 2.5-month high at roughly $0.56. He asserted at the time that bitcoin and Ethereum were not securities for whatever reason. Ripple Labs thinks Hinman's statements disprove all of the SEC's claims, giving the business a strong probability of winning this lawsuit.

According to Circle CEO Jeremy Allaire, it is time for US authorities to create international crypto regulations that will have a substantial long-term impact on both the crypto market and the dollar's competitiveness. The Stablecoin Act's passage could be the initial step.

According to JPMorgan, all cryptocurrencies on the exchanges would be regarded as securities and crypto exchanges in the US would likely need to register as brokers with the SEC. The crypto business would be under pressure in such a circumstance.

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