The cryptocurrency market dropped over 1% in the past 24 hours as Bitcoin (BTC) and other digital assets continued to fall. Markets started the week in the red with BTC extending its losses for a second day. The flagship cryptocurrency briefly fell to a low of $107,569 before recovering and moving to its current level. BTC is down over 1% in the past 24 hours, trading around $108,017. Ethereum (ETH) also traded in the red, losing momentum after reaching an intraday high of $2,585 and moving to its current level of $2,543. The world’s second-largest cryptocurrency is down 1.24% in the past 24 hours. 

Meanwhile, Ripple (XRP) is marginally down, and Solana (SOL) is down nearly 2%, having slipped below $150 and trading around $149. Dogecoin (DOGE) is down over 3%, while Cardano (ADA) is down 1.38%, trading around $0.577. Chainlink (LINK), Stellar (XLM), Toncoin (TON), Hedera (HBAR), Litecoin (LTC), and Polkadot (DOT) also registered notable declines. 

Coinbase Crypto Lobby Urges Congress To Back Bill 

Coinbase’s crypto lobby and several crypto firms have urged US House lawmakers to pass a major bill that would define how the crypto industry will be regulated. The Coinbase lobby, called Stand With Crypto, along with 65 crypto advocacy groups and firms, urged lawmakers to back the Digital Asset Market Clarity Act (CLARITY Act), stating, 

“We know that there have been efforts to politicize crypto legislation, but with crypto drastically reshaping the global economy, the US risks falling behind unless we adopt pro-crypto policies that fully embrace blockchain technology.”

The CLARITY Act specifies the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in regulating crypto. The bill grants the CFTC primary jurisdiction, while allowing the SEC to regulate crypto-related securities. The group added, 

“We cannot afford to let inaction

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Author: Amara Khatri