Best Crypto to Buy Today MEMAG, CRV, FGHT, APT, CCHG, GMX, METRO
The US regulatory crackdown on the cryptocurrency industry has caused a stir, as recent actions by US authorities have made the market uneasy. Despite this, the crypto market has remained relatively stable today, even in the face of CPI data showing inflation is still sticky. What are some of the best cryptos to buy today given the current climate?
The New York State Department of Financial Services instructed Paxos to stop issuing new Binance USD stablecoins, Binance founder Changpeng Zhao announced on Monday. Paxos is the issuer of BUSD, which is the third-largest cryptocurrency pegged to the US dollar. BUSD is a type of stablecoin that is backed by real-world reserve assets, such as bonds and cash, and is commonly used by crypto traders to avoid the need to transfer their money back and forth between fiat.
The Securities and Exchange Commission (SEC) has notified Paxos that it may recommend action against BUSD, alleging that it is a security and that Paxos should have registered the token offering under federal securities law. Investors are concerned about the possible implications for other stablecoins, such as USD Coin and Tether.
This comes after Kraken's settlement with the SEC last week over allegations of selling unregistered securities. And all this on the heels of a turbulent year for the cryptocurrency industry, with almost $1.4 trillion wiped off the market, bankruptcies, project failures, and the collapse of the major exchange FTX.
In other news that may impact markets, the release of the Consumer Price Index (CPI) figures for January indicated that inflation had increased by 0.5%, which was in line with expectations. However, the year-over-year inflation rate was slightly higher than anticipated, coming in at
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