Coinbase is one of the most prominent centralized cryptocurrency exchanges. However, the exchange has faced several allegations from the US SEC. A significant decline in usage of CEX was seen following the unprecedented collapse of FTX.
Alesia Hass is working as the Chief Financial Officer of Coinbase; while talking to Fortune, she reflected on the importance of Bitcoin reaching a new high of over $72k, advising a broader perspective to appreciate the asset’s growth across four cycles.
She further emphasizes the dynamic between Bitcoin and Ethereum and the different roles each plays, with Bitcoin acting as a value reserve and Ethereum emerging as a preferred platform for decentralized application development.
She quoted the clarification of the SEC over ETH: “Ethereum is not a security” and stated that structured rules and regulations should exist.
The rules are mandatory to safeguard consumers, stabilize markets, and provide transparent guidance.
Haas said, “Ethereum is not a security. Historically, the SEC has repeatedly said that Ether isn’t a security. The CFTC (Commodity Futures Trading Commission) has said that Ether isn’t a security. The core problem here is that we still do not have comprehensive crypto regulation at the federal level in the United States. And this is something that we feel passionately about. It’s so critical to get regulatory clarity so we can have a clear, equitable, applied regulatory framework that will protect consumers and ensure responsible markets and also protect businesses like Coinbase, so we know how we can bring compliant products to the market and continue innovation here in America.”
Several other market observers believe that the BTC spot ETF approval majorly backs the spike in Bitcoin trading price. After the SEC’s green signal, 11 ETFs debuted in the market.
Crypto Market Price Update
The cryptocurrency market capitalization slipped more than 5.25% in the past 24 hours; at the time of writing, the market cap was $2.403 Trillion. Since the beginning of 2024, the market cap has flourished at its verge, at a time when it was trading just near $3.00 Trillion.
Bitcoin’s (BTC) price suddenly slipped 6.08% in the past 24 hours; it was trading at $65,532 when writing. Similarly, its market capitalization fell 6.08% intraday, and its trading volume grew 75.70%.
GrayScale (GBTC) holds 329,281, BlackRock (IBIT) has 254,390, and Fidelity has 145,335 Bitcoins. Since the past few weeks, the ETF of GrayScale has been on its verge and reflected massive outflow.
Ethereum, the second most prominent cryptocurrency in terms of market capitalization, has also lost 7.70% of its trading price intraday. However, its market cap also fell and lost 7.63%.
The intraday loser list is led by Conflux (CFX), Axelar (AXL), Aptos (APT), Bitcoin SV (BSV), Ondo (ONDO), Pendle (PENDLE) and Pyth Network (PYTH). Core (CORE) and Bittensor (TAO) remain the topper of the intraday gainer list.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
