Overview of Bitcoin Market Activity
- Binance’s share of the Bitcoin spot market has fallen more than half since February, when it peaked at 85%.
- Tether USDT is strengthening its reserves with a purchase of Bitcoin.
- Ripple XRP rose 7% after a judge denied the SEC’s motion to seal Hinman documents.
Binance’s Share of Bitcoin Spot Market Falls
Binance’s share of the Bitcoin spot market has fallen more than half since February when it peaked at 85%. This decline indicates that other exchanges are taking on more activity in the crypto market. Tether USDT is also attempting to strengthen its reserves by purchasing Bitcoin.
Crypto Advocacy Group Criticizes UK Treasury Committee
A crypto advocacy group have criticized a report from the UK Treasury Committee which suggests that cryptocurrencies should be regulated like gambling. The advocates argue that this approach does not take into consideration the potential for growth and innovation that blockchain technology offers.
Ripple XRP Rises After Judge Denies SEC’s Motion
Ripple XRP rose 7% after a judge denied the SEC’s motion to seal Hinman documents. The legal battle between Ripple and the SEC has been ongoing for some time, but investors may now be feeling confident in Ripple’s prospects as a result of this ruling.