By James Davis
Many of the leading 30 crypto assets by market cap have seen gains over the past seven days, with Internet Computer Project, Bitcoin, and Solana recording the most. BTC, in particular, has posted a 7-day increase of 7.8% to trade for $29,314 at press time.
On Monday, the largest crypto by market cap fell to $27,567 but rose above $29,000 on Wednesday after the First Republic Bank quarterly report indicated that the institution was not doing well financially. The report revealed over $100 billion was withdrawn in March.
The First Republic Bank stock fell sharply by over 55% following the developments. With crypto now considered an alternative to the traditional banking system, investors flooded the crypto market, causing digital assets to rally significantly.
Internet Computer Project led the rally, rising 16.8% over the last seven days to trade at $6.54. Solana came in second with a 7-day growth of 11%. It’s now priced at $23.37. Meanwhile, the second-largest crypto Ethereum, increased by only 2.8% to change hands for $1,907 at the time of publishing.
Regulations in the United States
On Tuesday, policymaker Matt Haney tabled ‘Assembly Bill 1229.’ If approved, the legal framework will require all Decentralized Autonomous Organizations (DAOs) in California to be registered and start paying taxes to the state. Haney said the bill seeks to provide better protection for California residents involved in the blockchain industry.
Crypto investment company Andreessen Horowitz has already publicly declared its support for the bill.
Later that day, rumors started making rounds on Twitter that Binance’s American entity Binance.US had backed out of a deal to purchase assets of bankrupt crypto lending firm Voyager. The lender was among the many high-profile victims of the Terra ecosystem’s collapse in May 2022.
In a statement, Binance.US said it had decided to walk away from the deal due to the uncertain regulatory environment in the US.
On Wednesday, it was reported that Changpeng Zhao, the Binance CEO, had hired lawyers in preparation for defending himself against numerous allegations raised by the Securities and Exchange Commission, Justice Department, and Commodity Futures Trading Commission.
Crypto-Friendly Senator Rejects Plans to Develop a US CBDC
Meanwhile, crypto-friendly Senator Ted Cruz disapproved of plans for Fed-issued Central Bank digital Currency (CBDC) when he spoke at the Bitcoin Policy Summit on Thursday. Cruz argued that a US CBDC will likely be used by the central bank to destroy Bitcoin’s value. He also added that it would lead to centralized control of users’ funds, which is against the crypto principle of decentralization.
Finally, Hong Kong’s Securities and Futures Commission Chair, Julia Leung, disclosed that the agency will issue guidelines for crypto companies seeking to set up shop in the region in May. Leung also said there will be fewer restrictions for retail investors looking to trade crypto assets like BTC and ETH starting from June 1.