The Federal Reserve’s hawkish comments and the SEC’s crackdown on centralized staking are to blame for today’s decline in the cryptocurrency market. Centralized exchanges received a warning from Gary Gensler, Paxos received a notice from the SEC, and New York regulators ordered Paxos to stop issuing BUSD. Bitcoin miners saw a 50% increase in revenue, but leading cryptocurrency investors predict further sell-offs. Investors may think about holding off until there are indications that US inflation has peaked or until the Fed announces gradual interest rate increases.
Why is the crypto market down today?
