• The U.S. Securities and Exchange Commission (SEC) is advising brokers and investment advisers to take extra caution when making crypto recommendations to ensure the best interests of their clients.
• Deribit sets up a crypto exchange battle with free trading, while NFT marketplaces sales and users have dropped in the last week.
• Bitcoin, Ethereum, Ripple, and Litecoin all experienced price changes in the last session.
SEC Advises Heightened Scrutiny for Crypto Recommendations
The U.S. Securities and Exchange Commission (SEC) is urging brokers and investment advisers to take extra caution when making crypto-related recommendations in order to ensure that they are acting in the best interests of their clients. The SEC issued a new bulletin on this matter which emphasizes that such decisions should be made with heightened scrutiny due to the risks associated with cryptocurrencies.
Deribit Sets Up Crypto Exchange Battle
Crypto derivatives exchange Deribit has launched free trading of bitcoin and other tokens, signaling an upcoming price war among digital asset exchanges as they seek to re-emerge after a difficult year for the industry. This move by Deribit could put pressure on its competitors as traders may be drawn away from fee-based services towards its zero commission offering.
NFT Marketplaces Sales & Users Drop
Data pulled from analytics platform Dune suggests that both daily users and sales have dropped across non-fungible token (NFT) marketplaces over the past week, reaching lows not seen since July 2021. It remains unclear what is driving this sudden decline but it could indicate waning interest in NFTs or simply reflect seasonal trends in cryptocurrency markets more generally.
Price Changes Across Top Cryptocurrencies
The Bitcoin-Dollar pair plummeted 2% during the last session while Ethereum gained 0.3%. Ripple fell 3% against the Dollar while Litecoin dropped 1%. According to technical indicators such as Stochastic RSI and CCI, these cryptos are currently experiencing an oversold market condition which could present buying opportunities for investors looking for good entry points into these markets at lower prices than usual..
Economic Calendar Highlights
Today’s economic calendar highlights include US Baker Hughes US Oil Rig Count at 17:00 GMT, Japan’s Jibun Bank Manufacturing PMI at 00:30 GMT, and Japan’s Jibun Bank Services PMI at 00:30 GMT later today as well as Japan’s Jibun Bank Manufacturing PMI tomorrow morning at 00:30 GMT which will give an early snapshot of the health of Japanese manufacturing sector activity levels..