During the last seven days, the total crypto market cap lost another $14 billion of its value. Bitcoin managed to avoid dropping below the $3,800 level but could not reverse the overall bear market trend.
Bitcoin closed above the previous support at $4,300 (at $4,320) on November 29, 2018, marking its second day of gains. It was not able to keep up the momentum and erased $300, or seven percent, of its value on November 30. The BTC-USD trading pair almost fell below the psychological level of $4,000 before the weekend, stopping at $4,030
A lot of activity from The United States Securities and Exchange Commission (SEC) and U.S. Government agencies this week, most of which not in favor of the cryptocurrency market.
First, the SEC accused boxer Floyd Mayweather and music producer DJ Khaled of failing to disclose payments they received for hyping initial coin offerings (ICOs). According to the SEC’s press release from November 29, both men agreed to pay the disgorgement, penalties, and interest from their fine. Mayweather agreed to pay more than $600,000 to settle with the SEC, while Khaled will pay more than $150,000.
SEC Chairman Jay Clayton reportedly said he needs to see key upgrades in cryptocurrency markets before approving a Bitcoin ETF. At the Consensus Invest Conference in New York City, Clayton said that “what investors expect is that trading in the commodity that underlies that ETF makes sense and is free from the risk of manipulation. It’s an issue that needs to be addressed before I would be comfortable.”
The United States Federal Bureau of Investigation (FBI) arrested the CEO of cryptocurrency platform ArisBank for defrauding Investors out of $4 Million.