The global crypto currency market capitalisation was 2.1% lower on Monday to $1.2 trillion

Bitcoin (BTC-USD) has dropped below $28,000 as regulatory action against the crypto industry intensifies and the US government announces plans to sell 41,490 bitcoin in 2023.

According to Coinageco, the global crypto currency market capitalisation was 2.1% lower on Monday to $1.2 trillion.

Bitcoin dropped 2.2% to $27,887.

Recent price action has left bitcoin’s market cap at $538 billion. But, the price of bitcoin has risen by 67.76% so far in 2023.

Ethereum (ETH-USD) dropped 1.27% to $1,790.

The Ethereum Foundation said last week that the Shanghai hard fork of the blockchain, featuring an upgrade that lets investors withdraw their staked ether for the first time, is scheduled for April 12.

Last month, the US government sold $216 million worth of bitcoins that it had seized during a November 2021 search linked to the crypto currency, which was stolen from the Silk Road dark web marketplace.

The bitcoin sold was a part of 50,000 bitcoin that was seized after the arrest of James Zhong, who pleaded guilty to wire fraud after the government accused him of manipulating the transaction system at Silk Road in 2012.

As per the petition filed in court, the US government plans to sell the remaining 41,490 bitcoins in four different tranches in 2023.

XRP (XRP-USD) added 3.06% to $0.5192 – a 15.57% weekly gain.

It is believed that Ripple Labs, whose crypto payment platform uses XRP, will soon settle its ongoing legal fight with the US Securities and Exchange Commission.

The Securities and Exchange Commission has accused the firm and its executives of breaching securities rules.

SEC Chairman Gary Gensler asked Congress for $2.4 billion in funding last Wednesday to enhance the agency’s efforts to combat crypto currency-related misconduct.

The crypto currency market has seen volatility because of last week’s litigation from US regulators against crypto exchange Binance.

Last Monday, the US Commodities Futures Trading Commission filed an enforcement action against Binance and its founder Changpeng Zhao.

As per the Commodities Futures Trading Commission, which has been probing Binance’s business since 2021, the firm failed to meet its regulatory obligations by not properly registering with the derivatives regulator.