US to Verify Bitcoin Wallets
Bitcoin is up 7.3% in the last week, ending near $37,700
Jan 31, 2022
1 min read
Peter JanssenMarket expert

Ethereum added 7%, other leading altcoins from the top ten showed mixed dynamics: from a fall of 25% (Terra) to a rise of 4.6% (Binance Coin) over the week. The collapse of Terra is linked to the Wonderland DeFi protocol scandal.

The total capitalization of the crypto market, according to CoinGecko, grew by 1.7% over the week, to $1.79 trillion.

The start of the week for bitcoin was not very inspiring. The first cryptocurrency updated its semi-annual lows below $33,000, but the short-term fall was quickly won back against the background of the same sharp rebound in US stock indices.

The US stock market overcame the fall last week and rose for the first time after a three-week fall. Apple jumped on Friday after a positive quarterly report and Tim Cook's statement about the great potential of the metaverse.

The growth of the stock market has contributed to the recovery of the cryptocurrency market, which once again indicates a strong correlation recently between stocks and digital assets. Goldman Sachs believes that this trend will continue at least until the end of this year.

Despite the stabilization, the situation in the cryptocurrency market remains very shaky. Bitcoin could fall for the third month in a row. The fall at the end of January exceeds 17%, and from the highs of November, the first cryptocurrency has already lost 45%.

The U.S. Treasury Department plans to revise FinCEN's controversial proposal for mandatory verification of bitcoin wallet users in 2022. If this proposal is accepted, crypto exchanges will be required to collect the personal data of their users.

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