While Nasdaq contributed to Bitcoin’s loss, news that Kraken had settled with the Securities and Exchange Commission and shut down US crypto betting services sent BTC below $22,000.
With Kraken agreeing to stop betting services to US clients, other exchanges may suffer a similar fate that would greatly affect cryptocurrency market activity and price action. On Thursday, Coinbase (COIN) stock dropped 14.13% to end the day at $59.63.
rumors From the Securities and Exchange Commission (SEC) planning to ban betting on cryptocurrency hit cryptocurrency news overnight on Wednesday. We expect news of other cryptocurrency exchanges suffering a similar fate to lead to more losses.
Today, the consumer confidence numbers from Michigan will be in the spotlight. While the headline number will have an impact, investors should consider the subsidiary components, including the inflation expectations index.
Investors should also watch the speech of FOMC members, as hawkish comments are likely to affect riskier assets. Christopher Waller will be speaking today.
However, investors should continue to monitor cryptocurrency news feeds for updates from FTX, Genesis, and Silvergate Bank. Regulatory chatter and SEC v Ripple news will also provide guidance.