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Crypto has undergone its most significant correction since this bull market began. At one point yesterday, the estimated aggregate crypto market cap had lost as much as about USD 1 trillion WoW. Today, we review some notable metrics.
3 Chinese self-regulatory organizations have issued a statement reiterating that financial institutions in the country are barred from engaging with crypto businesses. The note, which only confirms long-standing policy towards crypto in China, has been mischaracterized as a new crackdown on crypto by the media.
Earlier this month, SEC Chairman Garry Gensler said the U.S. lacks a “regulatory framework” for crypto exchanges which currently don’t have “protection against fraud or manipulation.” The remarks preceded an SEC staff statement that described BTC markets as unregulated and having the potential for “fraud or manipulation.”
Last week, Bloomberg reported that Binance is under investigation by the U.S. Justice Department and IRS. The legal uncertainty faced by Binance is most concerning for alt-coins, for which Binance has emerged as an essential marketplace.
Binance is under investigation by the U.S. Justice Department and IRS, according to Bloomberg. The outlet previously reported in March that Binance was being investigated by the CFTC over allegations that it allowed U.S. residents to trade derivatives that violated local rules.
Block.one, the firm behind the EOS network and asset, has announced plans to launch a new cryptocurrency exchange in 2021. The new venue, called Bullish Global, will seek to combine elements of centralized and decentralized exchanges. EOS has rallied about 40% on the news.
Historically, drops in BTC dominance have preceded weakness in crypto markets. In 2017, when BTC made record highs, the coin’s dominance was about 60%. Several weeks later when ETH made record highs, BTC dominance had fallen to roughly 35% and BTC’s price to around USD 14,000. 
Crypto mining firm Marathon Digital Holdings has launched a mining pool it claims will be fully compliant by only processing transactions that “meet U.S. regulatory standards.” We review what the application of such compliance measures could mean for BTC.
Facebook’s stablecoin project, Diem, is due to begin a pilot test this year, according to CNBC. The project and digital currency, initially referred to as Libra, has since been renamed to Diem and has walked back many of its original features due to regulatory scrutiny. 
Tether (USDt) has surpassed a market cap of USD 50 billion. The world's largest stablecoin has added an unprecedented 45 billion to its market cap in the last year, growing assets 10x.