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The cryptocurrency universe, ruled by Bitcoin and Ethereum, is facing a turbulent year due to a potential U.S. regulatory crackdown. A leaked memo to the Democrat House financial services committee sheds light on the lawmakers strategy to categorise almost all cryptocurrencies as securities.

The memo urges Democrat lawmakers to counter Republican claims about providing market clarity through the Commodity Futures Trading Commissions (CTFC) involvement in crypto. The partisan divide over cryptocurrencies has become increasingly pronounced, with influential figures like Ted Cruz endorsing crypto, while Elizabeth Warren takes an anti-crypto stance.

Gary Gensler, the chair of the U.S. Securities and Exchange Commission (SEC), has asserted the organisations authority over the crypto market, considering most cryptocurrencies as unregistered securities. However, this stance has drawn criticism for overstepping legal boundaries.

As the regulatory battle intensifies, the crypto industry has expressed its concerns over the leaked memos implications. The clash between regulators, politicians, and the crypto community adds drama to the evolving crypto landscape.

The number of wallet addresses holding one whole Bitcoin or more has exceeded one million, according to data from Glassnode. This increase has occurred as the price of Bitcoin (BTC) experienced a significant decline of over 65% throughout the past year.

However, its important to note that one Bitcoin wallet address does not always represent a single individual, as many investors have multiple addresses. Additionally, a significant portion of Bitcoin is held by centralised exchanges and considered lost forever, with an estimated 3 million BTC, worth $80.4 billion, remaining inaccessible.

While the milestone of one million wallet addresses holding one Bitcoin or more is noteworthy, it underscores the complex nature of ownership distribution in the cryptocurrency market. Nonetheless, it reflects the growing interest and participation in Bitcoin as a store of value and investment asset.

Ethereum (ETH), the second-largest cryptocurrency by market cap, experienced a technical glitch that resulted in a halt in finalising blocks for over an hour. Finality, the guarantee that a block cannot be altered or removed from the blockchain without significant staking, was disrupted, raising concerns within the crypto community.

The issue of finality, regardless of its duration or origin, remains contentious. Transactions that arent finalised can potentially be re-ordered or ignored, raising questions about the reliability and integrity of the Ethereum network. The network has resumed full operation, with blocks now being finalised. Users and developers remain vigilant, however.

The incident highlights the challenges and complexities of maintaining a robust and secure blockchain network, with ongoing efforts necessary to ensure its stability and functionality.

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U.S. Regulators Target Bitcoin, Ethereum Amidst Regulatory Battle ... - Analytics Insight