Record 'lobbying' costs of the crypto sector

 According to OpenSecrets - a non-profit research organization, "lobbying" costs of cryptocurrency companies in the first three quarters of 2023 have reached a record $18.96 million, up from spent 16.1 million USD in the same period last year.

According to research results, Coinbase, America's largest cryptocurrency exchange, continues to top the list of companies spending the most money on this activity (2.16 million USD), followed by Foris DAX - The company operates Crypto.com (electronic exchange in Singapore), Blockchain Association and Binance Holdings.

Ms. Kristin Smith, CEO of the Blockchain Association, said that the goal of cryptocurrency companies when spending large amounts of "lobbying" is to have the opportunity to approach policymakers, build relationships and narrow the education gap to build a common operating framework for the industry.

Currently, cryptocurrency companies are constantly expanding their relationships in Washington (USA). Many companies are trying to restore their reputations after a series of industry scandals, including the collapse of the FTX exchange. At the same time, companies are also looking for ways to cope with increasingly strict supervision regulations, especially from the US Securities and Exchange Commission (SEC) - the agency believes that the cryptocurrency industry has ignored ignore the regulations of this agency. Cryptocurrency companies especially increased their "lobbying" when the SEC sued Coinbase and Binance last June for allegedly not registering their tokens, although both companies denied it.

Currently, cryptocurrency companies are trying to lobby the SEC to approve a plan to establish a spot Bitcoin Exchange Traded Fund (ETF), opening up opportunities for millions of investors to access the world of cryptocurrency.

In 2022, the total value of all cryptocurrencies in circulation globally will be more than 2,200 billion USD, with Bitcoin - the world's most popular cryptocurrency - accounting for about 920 billion USD. In trading on December 4, for the first time since May 2022, Bitcoin price exceeded the threshold of 40,000 USD.

Bitcoin price today December 5: Continuing the upward trend to reach 41,800 USD

According to Coindesk data, updated at 11:29 a.m. on December 5 (Vietnam time), Bitcoin price traded at 41,787.23 USD/BTC, up 2.64% in the past 24 hours. The liquidity of the cryptocurrency with the largest market capitalization is at 65.46 billion USD, an increase of 73.62% compared to December 4. Bitcoin's capitalization reached 817.09 billion USD, accounting for 51.95% of the total capitalization of the cryptocurrency market.

The entire market capitalization recorded at 11:35 a.m. was 1,605.15 billion USD, an increase of about 13 billion USD compared to 24 hours ago. Accordingly, the 24-hour trading volume on the market increased by 91.9% compared to December 4, reaching 77.73 billion USD.

It is known that a number of other cryptocurrencies also tended to increase in the past 24 hours. Accordingly, ETH increased 0.41% to trade at 2,228.14 USD/ETH. Accordingly, Doge coin (DOGE) and Binance Coin (BNB) - other popular cryptocurrencies - also tend to increase.

It is known that at 11:36 a.m. among the 10 cryptocurrencies with the largest capitalization, 5 coins tended to decrease compared to the previous 24 hours. Meanwhile, ORDI coin has the largest increasing trend at 17.06%.