Bitcoin and ether decoupled from traditional assets as the crypto industry’s main narrative shifted from macroeconomic uncertainty to the SEC’s agreement with exchange giant Kraken and the possibility of new regulation.
The announcement that Kraken had agreed to “immediately" end its crypto staking-as-a-service platform for U.S. customers and to pay $30 million to settle SEC charges roiled markets.
The most recent Commitment of Traders report shows asset managers with reportable positions are now 99.19% long bitcoin. But will the current crypto market euphoria continue?
The Federal Reserve must weigh the U.S.’ debt obligations while trying to tame inflation without sending the economy into a deep recession. Its next steps could have an impact on crypto markets.