Bitcoin faces selling pressure as investors rotate out of risk-on assets: CNBC Crypto World

Summary

Bitcoin and major cryptocurrencies sold off sharply as investors rotated out of risk-on assets, with bitcoin falling below $74,000 and posting its worst week since November 2022. Regulatory news dominated the rest of the episode, including SEC-CFTC cooperation on digital assets, a White House meeting on stablecoin rewards, and the Senate Agriculture Committee advancing its crypto market structure bill. Senator John Boozman expressed optimism about compromise and regulation, while Bitwise CIO Matt Hogan said the market is in a crypto winter but closer to the end than the beginning.

• Bitcoin slid below $74,000 and had its worst weekly performance since November 2022.
• Ether and XRP fell sharply as investors moved out of risk-on assets.
• SEC and CFTC leaders discussed joint crypto regulation and asset classification.
• The White House convened banks and crypto executives on stablecoin rewards.
• The Senate Agriculture Committee advanced its crypto market structure bill along party lines.
• Senator Boozman was optimistic about bipartisan compromise and industry growth.
• Bitwise CIO Matt Hogan said crypto is in a full-blown winter but closer to the end.