The cryptocurrency market started the week on a downward trajectory, with significant digital currencies such as Bitcoin and Ether registering slight declines on Monday. Bitcoin's value dipped by 0.18% to $26,492.52 by 07:30 a.m. in Hong Kong time, despite a 2.60% increase over the past week, which saw it reach a peak of $26,840.50 on Friday.
Ether mirrored this trend, falling by 0.87% to $1,619.94, but maintained above its support level of $1,600. Over the past week, Ether had demonstrated marginal growth with a 0.18% uptick.
This downward pressure was not exclusive to Bitcoin and Ether. Most top non-stablecoin cryptocurrencies registered losses, with Toncoin leading the decline at over 4%. However, Binance's BNB token defied this trend, rising by 0.66% to $216.23 and adding 1.80% for the week.
These declines come in light of recent developments at FTX, a bankrupt crypto exchange that received court approval to liquidate its crypto assets. The exchange is expected to liquidate approximately $3.4 billion worth of crypto assets by the end of 2023, with Solana ($1.162 million), Bitcoin ($560 million), and Ether ($192 million) being its top three holdings.
Meanwhile, U.S. stock futures saw an uptick as investors await the Federal Reserve's interest rate decision later this week. This comes after Wall Street closed lower on Friday due to mixed economic data in the U.S., which tempered investor risk appetite.
In related industry news, Binance.US is facing significant changes due to regulatory challenges. Last week, the U.S.-based affiliate of Binance reduced its workforce by one-third and bid farewell to its CEO, Brian Shroder. The firm also recently lost its legal and risk executives. These developments follow increased scrutiny of the crypto industry by the U.S. Securities and Exchange Commission.
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