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In the past 24 hours, Bitcoin experienced a 0.5% decline to $27,416, following selling pressure from the previous week due to the rise of bond yields and a decline in U.S. dollar liquidity. According to data from TradingView and CoinDesk, the cryptocurrency suffered a 9% weekly loss, marking its largest seven-day decline since early November. Despite reaching $30,000 for the first time in almost a year last week, Bitcoin's appeal was negatively impacted by a six basis point increase in the yield of the 10-year U.S. Treasury note, which rose to 3.58% for the second consecutive week. This rise in yields caused a dent in the appeal of risky assets, including cryptocurrencies. Ether, on the other hand, experienced a 1% decline in the past 24 hours, trading recently at $1,851, erasing most of its monthly gains. Simon Peters, an analyst at investment firm eToro, noted in a morning note on Monday that the market has yet to witness Bitcoin retest more significant levels that would suggest the recent rally is finished.

France's Financial Markets Authority announced on Friday that existing crypto companies may be eligible for a "fast-track regime" under the new European crypto rules. This move comes as France has recently strengthened its crypto registration procedures following the collapse of crypto exchange FTX, and in anticipation of the European Union's Markets in Crypto Assets law (MiCA). The European Parliament approved MiCA last week, and the regulations are expected to come into effect in July 2023. The AMF stated that there will be a "consideration of a possible fast-track modular licensing" between France's current regime, PSAN, and MiCA, which imposes stricter governance, consumer protection, and financial stability regulations.

Gemini, a U.S.-based cryptocurrency exchange, has announced plans to launch an offshore derivatives platform in response to the increasingly challenging regulatory landscape in its home country. The new division, called Gemini Foundation, will initially offer a perpetual bitcoin contract that is denominated in Gemini dollars (GUSD), with a perpetual ether contract also tied to GUSD to follow. Unlike traditional derivatives, perpetuals do not have an expiration date. This strategic move by Gemini comes at a time when U.S. regulators are tightening their grip on the cryptocurrency industry. In fact, in January of this year, Gemini, along with Genesis, which is also owned by Digital Currency Group (the parent company of CoinDesk), was accused by the Securities and Exchange Commission (SEC) of selling unregistered securities.

Chart of the Day

  • The presented chart illustrates the 1% bid depth for cbETH, Coinbase's wrapped Ethereum staking token, as of March 26th. The 1% bid depth indicates the total volume of outstanding buy orders within a 1% range of the mid-price.
  • Following Ethereum's much-awaited Shanghai upgrade on March 12th, which enabled users to freely withdraw staked ether on the network, the bid depth experienced a noticeable increase.
  • Kaiko stated that the increase in bid depth indicates a higher readiness among traders to "to pick up the token should it dip relative to ETH."

Source Coindesk