Bitcoin ( BTC-USD ) and ether ( ETH-USD ) are on track to end the week over 9% lower amid liquidity concerns stemming from lower participation of institutional market makers as well as ongoing regulatory scrutiny. The top cryptocurrency crossed $28K after the release of the latest CPI report , which indicated that inflation was cooling Y/Y, boosting the odds of the Federal Reserve pausing its rate hikes at its June meeting. However, bitcoin ( BTC-USD ) later gave up its post-CPI gains to trade lower, given lower participation from institutional market makers amid increased regulatory scrutiny. "Bitcoin ( BTC-USD ) is weakening as the dollar surges and Wall Street grows nervous over a handful of macro risks," said Edward Moya, senior market analyst, OANDA. "BTC is still subject to further downside pressure until we get some regulatory clarity in the U.S." Bitcoin ( BTC-USD ) fell to a near two-month low of $25.88K on Friday and traded in the $25.9K-$29.8K range during the week. The overall crypto market cap totaled $1.12T, up 0.5% over Thursday, according to CoinMarketCap . The BRC-20 craze appears to fade, with the total BRC-20 market cap falling to ~$460M from over $916M earlier this week, according to OrdSpace . Binance earlier this week briefly paused bitcoin ( BTC-USD ) withdrawals as a result of increased network congestion . This prompted the exchange to hike transaction fees, which pressured BTC prices. Binance also said it is exiting Canada given the country's new guidance on stablecoins and investor limits provided to crypto trading platforms . Earnings Recap Bakkt ( BKKT ) slid after its Q1 results missed Street estimates . It expects results for the rest of FY23 to be about cash flow breakeven. CleanSpark ( CLSK ) reported better-than-expected Q2 earnings as a rebound in BTC prices boosted gross profit margins . Marathon Digital's ( MARA ) Q1 results improved from Q4 thanks to BTC's rally and the reduced cost to mine . It also formed a JV with Abu Dhabi-based blockchain firm Zero Two to set up the Middle East's first large-scale immersion BTC mining operations . Notable News Former Coinbase ( COIN ) product manager was sentenced to two years in prison for insider trading of certain cryptos before the exchange announced their availability . Sam Bankman-Fried, disgraced co-founder of FTX ( FTT-USD ), asked a U.S. judge to dismiss most of the criminal charges against him . Terraform Labs' Do Kwon pleaded not guilty to falsifying travel documents at a hearing in Montenegro . The Bank of Canada is exploring a digital version of its national currency and is seeking comments from the public on features that should be included . Bitcoin, Ether Prices Bitcoin ( BTC-USD ) slipped 0.9% to $26.78K at 6.32 pm ET and ether ( ETH-USD ) inched up 0.5% to $1.81K.
