US-based crypto exchange Kraken has halted its staking service and had to pay a US$30 million fine to the SEC last week for failing to register the service. After this incident, the week started with a decline in the crypto market.
Bitcoin started trading at the $22,000 level. Let us tell you that before the release of the inflation data in the US, it had reached the level of $ 21,000, but after the release of the data, most of the cryptocurrency market has gained momentum. Bitcoin reached its highest level since August last Thursday.
Although it is down about 65% compared to bitcoin's all-time high. However, on Saturday, bitcoin is currently back at the $24,600 level. If the rally continues strong, it could test the $25,000 level in the coming weeks.
The second largest cryptocurrency, Ethereum, has also traded in line with Bitcoin this week. Ethereum touched the 1,700 level last Thursday and reached the $1,600 level after the PPI data was released.
On the other hand, XRP also rallied due to the SEC-Ripple lawsuit, although this rally soon fizzled out. Polygon outperformed bitcoin on Friday.
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