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Crypto Market Daily Highlights: SEC and US Senators Weigh
Thursday was a negative day for the cryptocurrency market. Politicians, the SEC Gary Gensler, and US job market statistics all had an impact on mood before a hectic Friday.
Thursday's session for the top ten cryptocurrencies was negative. The top ten entered the red with ADA's help.
Bitcoin fell shy of the $24,000 mark for the fifth time in six days during the negative session.
On Thursday, the US job market was the main event on the economic schedule, which generated a lot of attention. Initial applications for unemployment decreased from 192k to 190k, and unit labor expenses increased by 3.2% in Q4 compared to Q3's 2.0%. The more aggressive Fed interest rate track to achieve goal inflation was backed by the most recent labor market data.
The statistics prompted a reaction from cryptocurrency buyers, and the market value of the currency fell to a session low before receiving assistance from the Fed.
Bostic, a FOMC member, supported raising rates by 25 basis points, which increased demand for risky commodities.
On Thursday, the NASDAQ Composite Index increased by 0.73%. The NASDAQ mini was down 25 points this morning.
Studies of Bitcoin Market Evaluation Purchase Intent
The cryptocurrency market did, however, decouple from the NASDAQ Composite Index as a result of the news feeds covering it.
The increased concern over a Silvergate Bank failure put investor confidence to the test. Following the FTX collapse, expectations of an end to the crypto cold have diminished. The cryptocurrency-friendly bank postponed the publication of its yearly report this week.
The regulatory and US legislator inspection heightened the pessimistic feeling. SEC Chief Gary Gensler used a meeting of the SEC Investment Advisory Group on Thursday to discuss the cryptocurrency market.
Concerns about possession and the mixing of customer assets with investment loses were the SEC Chair's main concerns.
US legislators contributed to the gloomy atmosphere. There was a lot of attention in a message to Binance from US Lawmakers on both ends of the political spectrum.
US Lawmakers requested information from Binance regarding "increasing worries over the funds, risk management, and legal conformance of Binance, Binance.US, and other connected companies" in a letter addressed to Binance CEO CZ.
The memo continued, "Meanwhile, what scant information there is about Binance's funds indicates that the exchange is a center of illicit financial activity that has enabled over $10 billion in transfers to crooks and sanctions evaders."
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