Bitcoin and Ethereum Report from Citibank: “They’re Standing Strong!”

SEC US regulators, especially cryptocurrencies continues to increase the pressure on him.

This regulatory edition since the beginning of 2023 bitcoin And altcoinAlthough the rally in the last years paused, it was seen that the crypto money markets stood stronger than the global markets.

Citibank analysts investigating the state of cryptocurrencies stated in their recent report that crypto markets remained strong despite the weak outlook in equities last week and increased regulatory pressure in the US.

led by Alex Saunders Citibank Analysts made the following statements in their report:

“The correlation of the cryptocurrency market with equities has continued to decline this year after the highs of last year.

While on-chain and search activity is not as robust as before, volumes in the crypto market remain solid.”

Ethereum (ETH) Analysts who also examine the number of transactions, DeFi protocols ETH While the percentage continues to rise, falling after FTX’s bankruptcy stablecoin He also stated that the market value remained stable in 2023.

“Total value locked (TVL) activity in ETH has not risen as much as prices. Decentralized exchange (DEX) volumes were unchanged this month after a steady decline.”

SEC’s BUSD issuer PaxosAnalysts, who also evaluated its move against . BUSD Noting that it has exits, these exits are usually the largest stablecoin. to Tether (USDT) He said he slipped.

Citi analysts stated at the end of their report that despite the rally in cryptocurrencies since the beginning of 2023, crypto search interest remains low.

*Not investment advice.