The crypto market tends to vary during trading on Sunday (2/4/2023), amidst the turbulence of the crypto industry in the United States (US) because the US government is considered to be too restrictive.
Launching data from CoinMarketCap at 15:05 WIB, Bitcoin was observed to have slightly decreased by 0.04% to US$ 28,420.85 per chip (Rp. 426,028,542 per chip, exchange rate of Rp. 14,990/US$). Meanwhile, Ethereum weakened 0.16% to US$ 1,821.17 per chip (Rp. 27,299,338 per chip).
However, several alternative coins (altcoins) were observed to strengthen, except for Cardano. Dogecoin became the altcoin that recorded the biggest gain today, which skyrocketed 9.06% to US$ 0.08415 per chip (Rp 1,261 per chip).
Here are the movements of the eight main non-stablecoin cryptos.
| Cryptocurency | In US Dollars | Market Capitalization (US$ Billion) |
|---|---|---|
| Bitcoin | 28.420,85 | 549,51 |
| Ethereum | 1.821,17 | 219,37 |
| BNB | 315,55 | 49,82 |
| XRP | 0,5147 | 26,60 |
| ADA | 0,3876 | 13,47 |
| DOGE | 0,08415 | 11,68 |
| MATIC | 1,12 | 10,15 |
| SOLANA | 21,19 | 8,17 |
Crypto industry players highlighted a number of US government policies that were considered too restrictive for them.
In the aftermath of the fierceness of the US government, the Bittrex exchange chose to close their platform in the US. However, they continue to operate outside the US.
For your information, Bittrex is a crypto exchange located in the US. As many as 670 thousand users have made transactions on the exchange which was founded in 2013.
Bittrex ensures users' funds are safe and they are given time to withdraw their funds until April 30th. Their transaction will end on April 14th.
"After nine years (in operation), the crypto ecosystem is very different. Regulatory requirements are often unclear and without proper discussion or input preceded. This makes conditions uncompetitive," tweeted Bittrex CEO and co-founder Richie Lai, in a statement. tweet on his twitter.
In terms of assets, the Bittrex exchange is relatively small because it is only ranked 71st. The trading value in the last 24 hours was also only US$ 11.7 million.
However, what happened to Bittrex is a reflection of the US crypto industry in general, namely their dislike of Uncle Sam's government policies.
Bittrex's decision to close the platform in the US was only a few days after the case that happened to Binance.
The US Commodity Futures Trading Commission (CFTC) this midweek sued Binance with several accusations.
Among them are providing transaction services to US citizens secretly and conducting insider trading to manipulate the market.
The CFTC lawsuit worried many investors, causing withdrawals of up to US$ 1.6 billion or around Rp 24 trillion.
Binance is one of the largest crypto exchanges in the world with around US$23 trillion in transactions.
Binance is not the first time it has faced demands from the US government. Previously, the US Securities and Exchange Commission (Securities and Exchange Commission/SEC) accused Binance of having an exchange branch in the US and conducting transactions on unregistered securities.
The US Department of Justice and the US Tax Department (IRS) have also investigated Binance for suspected involvement in money laundering.
Prior to Binance, the SEC on March 23 also charged crypto entrepreneur Justin Sun with a number of alleged violations. This includes giving endorsements to celebrities like Lindsay Lohan.
In early March, New York Attorney General Tish James sued the KuCoin cryptocurrency exchange for allegedly carrying out unlicensed operations.
Since last year, the US government and the US Senate have been keenly watching the crypto industry. They are also designing a number of new policies for the industry.
This also makes the growing crypto industry ultimately fail to grow. As a result, many crypto companies or projects have failed due to lack of clarity regarding crypto regulations in the US.
This uncertainty created a massive crisis that occurred in 2022, starting with the Terra Luna, Celsius Network and Three Arrows Capital (3AC) cases, as well as the fall of FTX.
Until now, even Bitcoin is difficult to penetrate the psychological level of US $ 30,000 and Ethereum is the same, it is difficult to penetrate the psychological level of US $ 2,000.
Even though both of them are just a little bit longer to touch the psychological level. However, because current crypto investors are not as interested as they were in 2021, the prospects for crypto in the short to medium term will still be stagnant.
However, crypto watchers are hopeful that conditions will improve by the end of this year.
