Crypto Weekly: Bitcoin Plunges, Malaysia Miners' Illegal Power Use, and CFTC Nominee

Bitcoin's Market Volatility

• 📉 Bitcoin experienced a significant rebound on Thursday after hitting a seven-month low below $90,000 the previous day.
• ⚠️ This downturn reflects a broader trend of diminishing investor appetite for risk across global financial markets.
• 💸 The cryptocurrency has erased all gains from the current year and is now approximately 26% below its October peak.
• 📊 Approximately $1.2 trillion has been removed from the total market value of all cryptocurrencies in the last six weeks.

Cryptocurrency Industry Moves

• 🚀 Kraken, a major cryptocurrency exchange, has confidentially filed for an IPO in the United States.
• 📈 This move aligns with other digital asset companies like Circle, Gemini, and Bullish that have made successful US market debuts this year, aiming to list before the 2026 midterm elections.

Regulatory Scrutiny in the US

• 🧐 US senators questioned Michael Celig, President Donald Trump's nominee to lead the Commodity Futures Trading Commission (CFTC).
• ⚖️ Celig, currently chief counsel for the SEC's crypto task force, faced challenges regarding his plans for cryptocurrency regulations and election betting.

Illegal Mining and Financial Losses in Malaysia

• ⚡ Malaysia's national utility firm, Tenaga Nasional Bhd (TNB), reported losses exceeding $1 billion due to illegal power usage by cryptocurrency miners.
• 🔎 Between 2020 and August of the current year, TNB identified over 13,000 premises engaged in unlawful power consumption for crypto mining operations.