Bitcoin and Ethereum opened this week’s trading in the red, dragging the altcoin market lower in the early hours of Monday.
Hopes for a sustained rally after a strong week were put on hold, with bitcoin down 0.47% at $20,419 and Ethereum down 0.84% at $1,140.
After crossing the $1 billion mark over the weekend, the global market capitalization fell back to $912.86 billion, down 3.37% overnight.
Worst performing tokens include STEPN, currently down 11.46% despite recent bullish price action, and decentralized finance (DeFi) project Convex Finance, down 8.55% after being among DeFi tokens top performers in recent weeks.
Chiliz opened strong, with the fan engagement project posting a 5.35% rise on the day, while private currency Monero was up 3.7%.
The dispute between Ripple and the Securities Exchange Commission took a nasty turn when the regulator sought a Daubert motion to bar the review of its expert witnesses.
This “extreme stance” is “an effort to prevent criticism from its experts from reaching the public”, according to lawyers for Ripple, Debevoise & Plimpton.
As for the SEC, the UK’s Financial Conduct Authority (FCA) has appointed Ashley Alder, former CEO of the SEC in Hong Kong, as chairman of the watchdog effective January 2023.
The news comes as plans for the UK’s cryptocurrency hub have suffered a major blow following the departure of Rishi Sunak from the firm.
The whereabouts of Su Zhu and Kyle Davies, founders of bankrupt hedge fund Three Arrows Capital, remains unclear as creditors attempt to liquidate the British Virgin Islands-based fund.
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