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Bitcoin's (BTC) price dropped by 0.48% on Thursday. BTC concluded the day at $28,019 after a Wednesday session that was unchanged.

BTC declined from a high of $28,153 in the early morning to a low of $27,717 in the late morning, remaining bearish throughout. BTC, however, climbed to a high of $28,164 in the middle of the afternoon after finding support at the First Major Support Level (S1) around $27,720. BTC pulled down after failing to reach the First Major Resistance Level (R1) at $28,693 to close the day in the negative.

US legislator conversation and regulatory activity tested consumer interest

The DeFi sector was a hot topic among US senators on Thursday. The 'Illicit Finance Risk-Assessment of Decentralized Finance' was released on Thursday by the US Department of the Treasury as a means of combating illegal behavior.

The Democratic People's Republic of Korea (DPRK), hackers, ransomware attacks, thieves, and con artists were all named in the Treasury Department study as "actors" who used DeFi services to launder illicit funds. The Treasury Department analysis not only outlined illegal behavior and unscrupulous actors, but it also offered suggestions for US government action, including as tightening US AML/CFT regulatory oversight.

The newest study comes in response to requests for more crypto scrutiny from the Biden administration.

After having its Australian derivatives license revoked by the Australian Securities and Investment Commission (ASIC), Binance made headlines once again.

According to CZ, the CEO of Binance, "There are some misunderstandings (and misconceptions) concerning Binance Australia. Yesterday, Binance_Aus asked to have the derivatives license cancelled. As of yesterday, there were precisely 104 users on the platform. The spot exchange in Australia will continue to be run by Binance_AUS.

The negative mood was exacerbated by aggressive Fed talk and US economic statistics. Compared to a predicted 220k, the number of first claims for unemployment benefits decreased from 246k to 228k. Significantly, the result from the prior week was an increase from 198k.

We still have a long way to go, and I believe that inflation will continue to remain sticky, according to FOMC member James Bullard. Since it will be challenging to get inflation back down to the 2% goal, we must continue to put pressure on policymakers to ensure that it does.

The decline in unemployment claims helped the US equities markets despite the hawkish talk. On Thursday, the NASDAQ Composite Index increased by 0.76%.

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