Bitcoin, Ethereum, Dogecoin End The Week On Lackluster Note As Stablecoin-Regulations Take Center Stage I

Bitcoin (CRYPTO: BTC) and other major cryptocurrencies were in negative territory on Sunday night as the global cryptocurrency market capitalization fell 3.16% to $2.08 trillion.

What Happened: The apex cryptocurrency declined 1.92% to $47,018.30 over 24 hours. Over a seven-day trailing period, BTC has risen 2.33%.

See Also: How To Buy Bitcoin (BTC)

Ethereum (CRYPTO: ETH), the second-largest coin by market cap, fell 3.56% over 24 hours to $3,285.97. For the week, ETH has lost 3.03% in terms of price.

Meme-cryptocurrency Dogecoin (CRYPTO: DOGE) was down 4.59% at $0.23. The Shiba Inu-themed coin has fallen 7.88% so far this week.

Cardano (CRYPTO: ADA) and Solana (CRYPTO: SOL), both saw sharp 24 hour declines leading up to press time.

ADA fell 5.37% to $2.23, while SOL plunged 12.28% to $148.64 in the period.

The top 24-hour gainer on Sunday night was NEAR Protocol (CRYPTO: NEAR), which rose 13.28% to $10.02 over 24 hours. Over a week, NEAR has risen 14.09%.

The token of the decentralized applications platform rose 15.85% and 17.79% over 24 hours against BTC and ETH respectively.

Other notable gainers over 24 hours at press time were Audius (CRYPTO: AUDIO), Celo (CRYPTO: CELO), and Cosmos (CRYPTO: ATOM).

AUDIO shot up 10.12% to $2.96, CELO rose 9.97% to $5.78, and ATOM gained 7.18% to $41.90 in the time frame.

Why It Matters: After showing strength on Saturday, Bitcoin has taken a comfortable rangebound position against the dollar and is hovering around the $47,000 mark.

Amsterdam-based cryptocurrency trader Michaël van de Poppe said Sunday noted the BTC price action on the Chicago Mercantile Exchange.

Meanwhile, the fear of intensifying regulatory crackdowns remains intact in the backdrop. On Friday, the New York Times termed the “rush to oversee stablecoins” coupled with the “industry’s lobbying push to either avoid regulation or get on its profitable side” as the “most important conversation in Washington financial circles this year.”

The New York Times coverage comes at a time when the U.S. Securities and Exchange Commission and its Chair Gary Gensler move on widening the regulatory net to ensnare decentralized finance and stablecoins.

On the altcoin side, Litecoin Foundation director Jay Milla said that the number of active addresses on Litecoin (CRYPTO: LTC) has surpassed that of Bitcoin Cash (CRYPTO: BCH) and Dogecoin.

Jay said on Twitter that the growth of wallet activity on the Litecoin network has risen to 450,000 exceeding that of other larger cryptocurrencies.

Meanwhile, Wormhole said over the weekend in an emailed note that the Ethereum-Solana bridge is now live.

Migration between ETH and SOL blockchains will be supported in Wormhole V2, V1 users will be able to exchange their assets for V2 assets at a 1-to-1 rate through the wormhole website.

“With over $150 billion TVL in the top five blockchains alone, the demand for cross-chain bridges for digital asset swaps and liquidity are becoming more and more in demand,” as per the note.