Major cryptocurrencies on Wednesday traded mixed with the bullish momentum showing signs of waning. This shift in momentum can be attributed to the early exchange-traded funds (ETF) flows, which have failed to meet the high market expectations.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin (CRYPTO: BTC) | -0.79% | $42,655 |
| Ethereum (CRYPTO: ETH) | -1.90% | $2,527 |
| Dogecoin (CRYPTO: DOGE) | +0.64% | $0.081 |
What Happened: Bitcoin’s surge has come to a halt, as the cryptocurrency now trades 10% lower from its recent highs near $49,000. This pullback occurred following the launch of 11 spot ETFs and their subsequent trading in the U.S. last Thursday.
In another major development, a federal judge in Manhattan engaged in a rigorous questioning of Coinbase and the U.S. securities regulator, probing their conflicting perspectives on the classification of digital assets as securities, Reuters reported.
Coinbase has petitioned the court to dismiss the Securities and Exchange Commission’s (SEC) lawsuit, which alleges that the largest U.S. crypto exchange is violating its regulations.
During the hearing, Judge Katherine Polk Failla deliberated on the legal precedent that determines securities and scrutinized the characteristics of various crypto tokens traded on Coinbase and other platforms, which the regulator has identified as investment contracts.
Following the over four-hour hearing, Failla refrained from delivering a verdict from the bench, indicating that she was still evaluating certain aspects of the case.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| dydx (CRYPTO: ETHDYDX) | +3.62% | $3.05 |
| Render (CRYPTO: RNDR) | +2.87% | $4.18 |
| Astar (CRYPTO: ASTR) | +1.81% | $0.16 |
The global cryptocurrency market cap now stands at $1.70 trillion, showing a 1.04% increase in the past 24 hours.
Stocks slid on Wednesday as Treasury yields surged following the release of U.S. economic data. The S&P 500 decreased by 0.56% to conclude at 4,739.21, while the Nasdaq Composite also experienced a 0.59% dip, ending the session at 14,855.62.
December’s retail sales data surpassed expectations, signaling a resilient consumer base and casting doubt on aggressive rate cuts from the Federal Reserve. Retail sales exhibited a 0.6% increase from November and a 0.4% month-over-month gain,…
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