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On Monday, Bitcoin (BTC), ether (ETH), and other cryptos were relatively unchanged, while a few of the gainers last week are now retreating. This week’s macro-news will focus on U.S. Inflation figures, which will be released on Wednesday, for clues about what direction the Federal Reserve is likely to take. Bitcoin has been trading between $29500 and $31,500 since June when it broke above $30,000. SEBA Bank said in a morning report that these levels may be crucial in the short-term. SEBA Bank said that the U.S. CPI is expected to be released this week. A break of either level would indicate a new trend.

Coinbase acknowledged that federal securities laws might apply to its listing years ago. The U.S. Securities and Exchange Commission was responding to Coinbase’s filing, which claimed the SEC did not have enough jurisdiction to file a lawsuit against the company. The SEC filed a lawsuit against Coinbase in January, alleging that it operated as an unregistered clearinghouse, exchange and broker. It also claimed that Coinbase had listed at least thirteen different unregistered cryptocurrencies. The SEC filed a filing on Friday, stating that it would oppose Coinbase’s motion for judgment and asking a court not to accept the exchange’s argument that the suit violated major questions doctrine. The SEC stated that Coinbase, which is a multibillion dollar entity, claims that it did not know that its conduct could violate federal securities laws. It also argues that the SEC approved Coinbase’s registration statement for 2021, thus confirming the legality of Coinbase’s business activities at that time.

According to the Bank for International Settlements, a Swiss-based institution owned by 63 central bankers representing 95% of world’s economy, nine central banks have also stated that they are “very likely” going to issue CBDCs for wholesale use on financial markets in the next six year. The study found that 93% of the 86 central bank surveyed by BIS are currently working on CBDCs. Major jurisdictions like India, Britain and the European Union have also expressed a serious interest in issuing digital versions of their fiat currency.

Chart of the Day

  • The number of bitcoins held in wallets linked to the cryptocurrency exchange Huobi is now below 20,000 BTC. This is the lowest level since 2017.
  • According to Deutsche Digital Assets, the balance has fallen to levels that are increasingly crucial to maintaining on-exchange liquidity.
  • “Huobi’s stablecoins in Tether (USDT), also appear to be relatively low.” If Huobi continues to experience outflows, this could create further uncertainty in the crypto markets.

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– Omkar Godbole

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Stephen Alpher edited the book.