The crypto market started the week on a bearish note, mirroring last week’s downward trend due to regulatory actions taken by both the United States and Nigeria. These two nations, which together have a population of over half a billion, witnessed a bearish turn in the crypto market after their respective Securities and Exchange Commissions (SECs) classified all crypto assets as unregistered securities. Consequently, Binance, the leading centralized exchange holding more than half a million Bitcoins in reserves, has been compelled to halt its operations in both countries until it complies with the relevant securities laws.
Coinbase Global, another prominent exchange, is now in the crosshairs of the US SEC, prompting other platforms such as Robinhood to delist specific assets like Solana (SOL) and Cardano (ADA) from their trading options.
Related: Crypto Vs SEC: What Is SEC’s Strategy Against Coinbase & Binance
The Altcoin Market Is Vulnerable!
Michaël van de Poppe, a well-known crypto influencer and trader, warns that the altcoin market may face further challenges if Bitcoin fails to regain support at $26.1k. During the early London trading market on Monday, many altcoins experienced a decline, indicating the likelihood of more volatile days ahead. However, Poppe suggests that the altcoin market could rebound before next year’s Bitcoin halving, as it has historically shown a rally in the months leading up to this event.
Also Read: Top 4 Promising Altcoins to Consider During a Pivotal Week in the Crypto Market – Coinpedia Fintech News
CPI Data and Federal Interest Rates
This week’s release of the Consumer Price Index (CPI) data and the anticipated announcement on federal interest rates are expected to have a significant impact on the crypto market’s future trajectory. However, it is anticipated that overall crypto liquidity will remain low, as the US Treasury seeks to replenish its general account, which had fallen below $60 billion before the recent agreement.
Source: https://coinpedia.org/news/crypto-market-on-high-alert-cpi-data-fed-rates-to-chart-the-course/