The overall cryptocurrency market’s price behaviour today hasn’t been nice, as mega-cap cryptocurrencies are giving up some of their spectacular year-to-date gains. This follows the most recent report that the United States Securities and Exchange Commission (SEC) fined Kraken $30 million and issued an order to stop crypto staking in the nation. Kraken is the third largest cryptocurrency exchange in the world by volume.
The total market has dropped more than 4.1% over the last 24 hours, led by Solana (SOL -9.20%) and Bitcoin (BTC -4.15%). Not Big Eyes Coin (BIG), though, as that coin has successfully carved out its own niche.
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Regulatory issues dampen BTC and SOL’s numbers
Unsurprisingly, Bitcoin’s 24-hour decrease of 4.1% followed the market’s trend. But Solana suffered more losses today, falling 9.2% during the same time period. This dip is significant because it’s one of the first such days that we’ve experienced in 2023.
It is evident that investors are alarmed by different sector-specific headwinds because Bitcoin is currently trading at $21,000+ at the time of this writing. Today, it appears that growing scrutiny from US regulators is the root of that doubt.
Concerns that regulators would investigate staking next have some in the cryptocurrency industry scared, especially after the investigation into the well-known cryptocurrency exchange Kraken was publicized and a $30 million fine was assessed.
Depending on the specifics of the deal, the rumour that XRP is close to reaching a resolution in its protracted legal battle with the SEC over whether or not its token qualifies as a security could add yet another layer of regulatory risk.
Why is SEC in the news?
In response to allegations that it provided unregistered securities, the U.S. agency stated on Thursday that cryptocurrency exchange Kraken will “immediately” stop offering its staking-as-a-service platform to users in the United States and pay a $30 million settlement fine.
Payward Ventures, Inc. and Payward Trading Ltd., the registered companies that make up Kraken, will discontinue their staking services and initiatives, to which the general public has had access since at least 2019.
In a blog post, Kraken stated that all staked assets by U.S. clients would be immediately unstaked, with the exception of staked ether, which would not be unstaked until the Shanghai upgrade to the Ethereum Network is implemented. Additionally, US clients won’t be able to stake any new assets (including ether). Non-American customers are unaffected.
Proof-of-stake blockchain networks like Ethereum maintain their security through a mechanism called staking. Many cryptocurrency investors lend their tokens to companies that run nodes and split the profits with them.
Every extraordinary market advance inevitably has a cooling-off phase before continuing to rise. That is the scenario that many bulls are hoping will transpire in order for this year’s rally to continue.
This is also an opportunity to explore other projects still in their infancy like Big Eyes as they could stand a chance of making investors huge returns even in a bear market.
More On Big Eyes Coin (BIG)
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