Bitcoin Price analysis

Significant Developments in Bitcoin ETFs and Crypto Market

Market instability has set off a chain reaction in Bitcoin exchange-traded funds (ETFs), with net inflows falling by 80%. Two US senators have written to Gary Gensler of the Securities and Exchange Commission, urging him not to authorize any new crypto ETF funds. Meanwhile, a UK judge has declared that Craig Wright did not create Bitcoin. Here are three key changes in the cryptocurrency market during the previous 24 hours.

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SEC signboard and Coinbase banner with the symbol of justice

Coinbase Challenges SEC in Lawsuit Over Crypto Regulation

In response to the SEC’s rejection of Coinbase’s formal petition for rulemaking, Coinbase has filed a lawsuit against the U.S. Securities and Exchange Commission, accusing the agency of behaving arbitrarily and capriciously. The lawsuit, filed in the U.S. Court of Appeals for the Third Circuit, alleges that the SEC has failed to establish clear rules for overseeing the cryptocurrency industry, despite Coinbase’s request for specific regulations governing digital assets.

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Nigerian flag and cryptocurrencies

Nigeria’s Crackdown on Crypto Exchanges Sparks Controversy

Nigeria’s recent crackdown on leading cryptocurrency exchanges, including Binance, OctaFX, and Coinbase, has ignited controversy and raised concerns about the accessibility of digital assets in the country. Despite regulatory challenges, stakeholders emphasize the need for transparent dialogue to navigate the evolving regulatory landscape.

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Gamestop shop signboard with a "closing down" and NFT inscriptions

GameStop Closes NFT Shop February 2, Cites Regulatory Hurdles

GameStop, the video game retailer often at the center of the crypto and meme stock storm, is pulling the plug on its NFT marketplace. Citing persisting regulatory hurdles in the crypto space, the company plans to shut down the platform supporting Immutable X and Loopring’s gaming NFTs on February 2nd of this year. This move adds another layer of uncertainty to the already volatile world of blockchain-based collectibles.

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