The crypto economy has managed to remain above the $2 trillion mark during the last five days since March 22. Currently, the global cryptocurrency market capitalization is 1.3% higher during the last 24 hours, as the valuation stands at $2.1 trillion today. Furthermore, the price of bitcoin jumped over the $46K zone on Sunday as well capturing an $870 billion market cap.
Digital Assets Gain This Week, Bitcoin Cracks $46K, TVL in Defi Holds Above $200 Billion
Digital currencies have seen a significant increase in value over the past seven days. For five consecutive days, the total crypto economy value has remained above $2 trillion. The first week in March was the last time that the crypto economy was above $2 trillion.
At 4: 45 p.m. (ET) on Sunday, March 27, 2022, the price of bitcoin (BTC) tapped a high of $46,615 per unit.
During the last seven days, bitcoin (BTC) increased by 8.9% and ethereum (ETH) gained 8.5% against the U.S. dollar. Out of the top ten largest crypto market caps, cardano (ADA) saw the biggest seven-day gain with 26.5% this week.
The crypto economy has managed to stay above the $2 trillion mark for five consecutive days. Data from coingecko.com from March 19 to March 26, 2022. Bitcoin rose above the $46K mark at 4: 45 p.m. (ET) and at the same time ethereum jumped above the $3,220 region on Sunday.
The 13,421 crypto assets traded on 587 exchanges currently has a market valuation of $2.1 trillion and its risen 1.3% during the last day.
The biggest gainer during the last week was zilliqa (ZIL) jumped 148% this week, convex finance (CVX) spiked 53.2% higher, and vechain (VET) increased by 44.9% over the last seven days.
The top privacy coins by market valuation increased by 3.4% in 24 hours, and the top smart contract platform coins by market capitalization rose in value by 1.7% on Sunday. Furthermore, the top rebase tokens by market capitalization increased by 9% during the last 24 hours against the U.S. dollar.
While the value of the crypto economy is $2.1 trillion on Sunday, over the last day there’s been $78.5 billion in global trade volume on exchanges.
At the time of writing, bitcoin (BTC) has a market dominance of around 40.3% of the crypto economy’s value and ethereum (ETH) represents 18% of the $2.1 trillion. The stablecoin tether (USDT), which is the third-largest crypto market valuation, has a market dominance today of around 3.84%.
The total value locked (TVL) in decentralized finance (defi) on Sunday is $216 billion as it’s increased by 1. 04% during the last 24 hours.
Out of the $78.5 billion in global trade volume on exchanges, $42.7 billion of those trades are swapped with stablecoins. The overall value of the stablecoin economy on Sunday is $188.9 billion.
In addition to the $2.1 trillion crypto economy, $216. 58 billion is locked in decentralized finance (defi) protocols. Today, the total value (TVL) of defi has increased by 1. 04% in value during the last 24 hours. Curve Finance, Makerdao and Lido are the largest TVL defi protocol providers.
What do you think about the crypto economy managing to hold above the $2 trillion zone for five consecutive days? Are you expecting digital assets to rise in value next week? 517613
Jamie Redman
Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.
Vote postponed to renominate SEC commissioner Caroline Crenshaw
Senate Banking Committee chair Sherrod Brown called it a “disgusting smear campaign against Caroline Crenshaw” The vote was postponed minutes before it was due to begin by Brown No date has been set for Crenshaw’s renomination A US Senate vote to renominate Democrat Commissioner Caroline Crenshaw to the Securities and Exchange Commission (SEC) has been…
Senate Banking Committee chair Sherrod Brown called it a “disgusting smear campaign against Caroline Crenshaw”
The vote was postponed minutes before it was due to begin by Brown
No date has been set for Crenshaw’s renomination
A US Senate vote to renominate Democrat Commissioner Caroline Crenshaw to the Securities and Exchange Commission (SEC) has been postponed.
The vote was originally scheduled on December 11; however, it was postponed minutes before it was due to begin, reports Bloomberg. Sherrod Brown, the Senate Banking Committee chair, delayed the vote. When Brown requested the vote occur later that day, Republican senators blocked his request.
Brown later released a statement saying that corporate special interests are running a “disgusting smear campaign against Caroline Crenshaw.”
No date has been set for her renomination.
Earlier this week, crypto and blockchain advocacy groups voiced their opposition to Crenshaw’s renomination.
In a letter to Brown and Senate Banking Committee Ranking Member Tim Scott, the Blockchain Association and the DeFi Education Fund argued that Crenshaw’s actions have undermined Congress’s mandate to establish clear regulatory policies for the crypto industry.
In their letter, they mention Crenshaw’s “continued opposition to the approval of a spot Bitcoin ETP.”
Following the news of Crenshaw’s reappointment, Brian Armstrong, CEO of Coinbase, took to X to say: “She tried to block the Bitcoin ETFs, and was worse than Gensler on some issues (which I didn’t think was possible).”
A Republican-majority SEC?
The delay to Crenshaw’s renomination opens up the possibility of a three-person Republican SEC once Donald Trump enters the White House in January. Crenshaw’s term at the SEC officially ended in June; however, if she’s renominated she would be the only Democratic SEC commissioner.
The SEC can make up to five commissioners, but no more than three can form the same political party. Current SEC chair Gary Gensler, a Democrat, is stepping down on January 20, and SEC Commissioner Jaime Lizárraga, also a Democrat, will step down on January 17.
Australia fines Kraken operator $5 million for non-compliance
Kraken operator in Australia Bit Trade will pay a $5.1 million fine for non-compliance with regulatory requirements. The Australian Securities and Investment Commission accused the crypto platform of offering a credit facilty that did not comply with regulations. Kraken crypto exchange’s Australian operator firm has been slapped with a AU$8 million ($5.1 million) fine for…
Kraken operator in Australia Bit Trade will pay a $5.1 million fine for non-compliance with regulatory requirements.
The Australian Securities and Investment Commission accused the crypto platform of offering a credit facilty that did not comply with regulations.
Kraken crypto exchange’s Australian operator firm has been slapped with a AU$8 million ($5.1 million) fine for non-compliance with Australian regulations.
The Australian federal court fined Bit Trade following a lawsuit by the Australian Securities and Investment Commission. In its order, the court said that the Kraken crypto exchange operator must comply with the country’s crypto regulations.
The court ordered that the exchange ought to pay 8 million Australian dollars as a penalty for non-compliance with the local regulations. Notably, Kraken recently announced a licensed broker offering for clients in Australia.
Bit Trade failed to comply with regulations
In August this year, the court ruled in favour of the Australian Securities and Investment Commission. The regulator had filed a case accusing Bit Trade of issuing a credit facility without following the legal proceedings.
ASIC argued that Bit Trade did not make the target market determination, a requirement to protect investors. Between October 2021 and August 2023, ASIC stated that the firm offered a margin extension to 1,100 users which cost them a loss of over $5.2 million without following the legal requirements.
The market regulator’s demand was Bit Trade to pay a fine worth 20 million Australian dollars. On their argument, Bit Trade put their limit to a maximum of four million Australian dollars. The penalty follows these proceedings, and the Kraken operator in Australia has 60 days to comply with the order.
In addition, the firm would cover for all the commissions court proceedings costs.
Kraken has faced regulatory hurdles in the US too, with the Securities and Exchange Commission (SEC), suing the exchange earlier in November 2023.
SEC’s allegations include Kraken offering of unregistered activities and operating as an unregistered broker. In August 2024, a US court denied the exchange’s motion that sought to dismiss the SEC’s lawsuit.
Saylor and Bukele Discuss How El Salvador Can Accelerate Global Bitcoin Adoption
Michael Saylor has met with Salvadoran President Bukele to discuss accelerating global bitcoin adoption as El Salvador strengthens its position, continuing to accumulate bitcoin despite IMF-driven policy adjustments. Michael Saylor Meets Nayib Bukele to Discuss Bitcoin Strategy Michael Saylor, executive chairman of Microstrategy (Nasdaq: MSTR), met with El Salvador’s President Nayib Bukele on Feb… Read More