Many of the top 30 crypto assets by market capitalization have seen gains in the past seven days, with the Internet Computer Project, Bitcoinand Solarium recording to the max. BTC, in particular, posted a 7.8% rise in 7 days to trade for $29,314 at press time.
On Monday, the largest crypto by market capitalization fell to $27,567, but topped $29,000 on Wednesday after First Republic Bank's quarterly report indicated the institution was not doing well financially. The report revealed that more than $100 billion was withdrawn in March.
First Republic Bank shares fell sharply by more than 55% after the events. Now that cryptocurrencies are seen as an alternative to the traditional banking system, investors flooded into the cryptocurrency market, causing digital assets to rally significantly.
Internet Computer Project led the rally, rising 16.8% in the past seven days to trade at $6.54. Solana was in second place with a 7-day growth of 11%. It is now priced at $23.37. Meanwhile, the second largest crypto Etherealit rose just 2.8% to change hands for $1,907 at press time.
Regulation in the U.S
On Tuesday, Rep. Matt Haney introduced 'Assembly Bill 1229.' If approved, the legal framework will require all Decentralized Autonomous Organizations (DAOs) in California to register and begin paying taxes to the State. Haney said the bill seeks to provide better protection for California residents involved in the block chain industry.
Crypto investment firm Andreessen Horowitz has already publicly stated its support for the bill.
Later that day, rumors began to circulate on Twitter that BinanceAmerican entity Binance.US had backed out of an agreement to buy assets from bankrupt crypto-lending firm Voyager. The lender was one of many high-profile victims of the Land ecosystem collapse in May 2022.
In a statement, Binance.US said that it had decided to withdraw from the deal due to the uncertain regulatory environment in the US.
On Wednesday, it was reported that Changpeng Zhao, the CEO of Binance, had hired lawyers to prepare to defend himself against numerous indictments brought by the Securities and Exchange Commission, the Department of Justice, and the Commodity Futures Trading Commission.
Crypto-friendly senator rejects plans to develop a US CBDC
Meanwhile, cryptocurrency friendly Senator Ted Cruz disapproved of plans for the Fed-issued central bank digital currency (CBDC) when he spoke at the Bitcoin Policy Summit on Thursday. Cruz argued that the central bank will likely use a US CBDC to destroy the value of Bitcoin. He also added that it would lead to centralized control of user funds, which goes against the crypto principle of decentralization.
Finally, the chairwoman of the Hong Kong Securities and Futures Commission, Julia Leung, revealed that the agency will issue guidelines for cryptocurrency companies looking to establish themselves in the region in May. Leung also said that there will be fewer restrictions for retail investors looking to trade crypto assets like BTC and ETH starting June 1.
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