Bitcoin and ether decoupled from traditional assets this week as the narrative for crypto investors shifted from economics to regulation. GWilliamsJr_CMT writes
to sunset liquidity staking services for U.S. customers particularly darkened the market mood late Thursday.
The week also marked cryptos’ decoupling from traditional finance indexes, with the correlation between bitcoin and the S&P 500 falling more than 50%. Many leading digital assets spent much of the week in the red.Among the top 20 cryptocurrencies by market capitalization, excluding stablecoins, only Polygon's MATIC finished the week in positive territory. BTC and ETH ranked sixth and ninth, respectively.
SEC Chairman Gary Gensler’s warning for crypto companies to “take note” and “fall into compliance” following the Kraken announcement presented a larger, long-reaching overhang for the industry. The statement clearly signaled the SEC will be stepping up its crypto regulatory efforts.
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