Bitcoin crept back over the $37,000 threshold overnight. Close to 07:00 BST (UTC -1) today bitcoin was selling at $37,033 having sunk to $36,088 just four hours earlier. Overall, bitcoin is up 1.15% in the past 24 hours but there are further signs of more price pressure this morning.
Ethereum is down more than 3% in the past day with an ether valued at $2,453. The biggest stand-out valuation drops in the last 24 hours are from Solana with its SOL coin 5.36% lower at $39.27 and Dogecoin which is down 3.27% to $0.32 – the Shibu Inu mascot DOGE has slumped more than 15% in the last seven days.
Polkadot is 3% lower over the past 24 hours at $22.81. Apart from bitcoin, the only other top ten crypto riser is Litecoin, up 1.85% to $171.49.
Internet Computer takes more price pressure
Beyond the top ten, newly-launched Internet Computer is more than 16% lower in the past 24 hours. Internet Computer is claimed to work on dedicated hardware rather than the cloud. Its current value of $66.25 has deteriorated more than 41% in the last month.
Much of the downward slump this last week has been stoked by news that the US Department of Justice managed to recover a significant amount of cryptocurrency connected with the Colonial Pipeline cyber attack.
Banking regulators get serious with cryptoassets
The recovery of the ransom has undermined the notion that cryptos are beyond regulatory control. Separately, it emerged yesterday that the Basel Committee on Banking Supervision has published new preliminary proposals for banks’ treatment of cryptoassets.
The Basel Committee is the most influential standards-setter. It argues that banks should carry higher levels of capital against cryptoassets like bitcoin and ether due to money laundering and terrorist financing anxiety.
The proposals look explanatory rather than definitive at the moment but it is a clear indication that the crypto market is being increasingly valued as an asset class in its own right.
The committee’s report says that any cryptoasset that provides “equivalent economic functions and poses the same risks compared with a ‘traditional asset’ should be subject to the same capital, liquidity and other requirements as the traditional asset”.