BTC - Why Bitcoin Ethereum and Solana Were On Fire This Week
It's not unusual for the crypto market to swing wildly week to week, but this week was particularly chaotic. Regulators have been going hard after crypto firms in the U.S. and that could hurt demand for cryptocurrencies in the near term. But the market reacted positively.
According to data provided by S&P Global Market Intelligence , as of noon ET Friday, Bitcoin (CRYPTO: BTC) has jumped 11.6% in the past week, Ethereum (CRYPTO: ETH) was up 9.6%, and Solana (CRYPTO: SOL) rose 9.7%.
The regulatory actions were swift this week. The Kraken exchange's staking services were shut down, the New York Department of Financial Services ordered Paxos to stop minting BUSD stablecoins , and the Commodity Futures Trading Commission charged Vista Network Technologies and its CEO, Armen Temurian, with fraud.
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Why Bitcoin, Ethereum, and Solana Were On Fire This Week