The absurdity of this is layered and nuanced, like a souffle of clumsy, anti-customer banking practices. One trigger for such a bank security review, you see, is making a large deposit into a new account. But Apple has been heavily marketing the above-average interest rate on its savings service (4.15%), so it shouldn’t be a surprise people are depositing large amounts – which is also kind of what normal people do with a savings account already? And the savings service was only launched a few weeks ago, so all of the accounts are new.

Almost without exception, other major cryptos spent the day solidly in positive territory with ADA and SOL, the tokens of the Cardano and Solana smart contract platforms, recently rising more than 4% and 3.5%, respectively. Meanwhile, a bevy of small DeFi focused protocols were the big gainers of the past seven days, according to the CoinDesk Market Index, a measure of crypto markets overall performance, with Lido (LDO), Synapse (SYN), and PancakeSwap (CAKE), climbing 15%, 13%, and 12%, respectively. The CMI was recently up 1.6%.

But as a product of negotiations between Rep. Patrick McHenry (R-N.C.), the chair of the financial panel, and Rep. Glenn “GT” Thompson (R-Pa.), the chair of the agriculture committee, this bill doesn’t yet represent the needed input from their Democratic counterparts. It’s a “discussion draft” meant to start the conversation, according to a senior policy staff familiar with the legislation, who said the chairs are hoping Democrats come up with their own version and the sides can start finding common ground.

“An order effectively requiring Defendants to decriminalize use of the 20 Tornado Cash addresses would allow Plaintiffs to conduct their legitimate activities with some measure of anonymity, use their preferred software tool without fear of penalties, and engage in important expressive associations,” the suit said. “Judicial relief would also serve the public interest by averting harm to Tornado Cash users who are United States persons, to Ethereum as a freedom and privacy enhancing technology, and to the important sector of the economy that depends on Ethereum.”

Bitcoin climbed nearly 1% to back above $27,000 ahead of U.S. government’s Nonfarm Payrolls report set to release at 8:30 AM ET. The jobs report is expected to show that the economy added 180,000 jobs in May versus 253,000 in April. On Thursday, stocks continued to move higher as the debt ceiling drama mostly moved into the rearview mirror. Gold also inched upward, with some analysts predicting the jobs report might push the metal back above $2,000. As the week draws to a close, top performing digital assets include Quant Network (QNT), which gained 16% over the last seven days and The Graph (GRT), which gained 14% in the same period.

Bitcoin and the broad cryptocurrency market sold off for the second consecutive day on Thursday with fears over inflation and continued rate hikes resurfacing. The U.S. House of Representatives passed the debt ceiling deal Wednesday night and the bill now moves to the Senate for its approval. Bitcoin was down 1% on the day to $26,800 and has lost more than 6% over the past month. While new eurozone data showed that inflation fell more than expected to 6.1% in May from 7% in April, European Central Bank President, Christine Lagarde signaled that additional interest rate rises are needed. “We need to continue our hiking cycle until we are sufficiently confident that inflation is on track to return to our target in a timely manner,” she said in a speech on Thursday.

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In a Telegram message to CoinDesk, Strahinja Savic, head of data & analytics at crypto-focused, institutional capital markets and advisory platform FRNT Financial, noted that stocks and cryptos had fallen together instead of diverging as they have over the past couple of months. “Today crypto dips with risk assets, tomorrow it may not,” Savic wrote. “What we can say is that the technical range has been clearly set between a downside range of $25K to $26K, and a breakout would occur decisively above $31K. Most other activities are likely noise.”

As rumors intensified, pseudonymous crypto sleuth ZachXBT shared ETH addresses linked to the Pixel Penguin NFT collection, showing that the contract had amassed nearly 61.6 ETH, or about $117,000. Two hours later, ZachXBT shared that 63.5 ETH, nearly $119,000, of the funds earned from the project were distributed across two new wallet addresses. While users who had been duped rushed to figure out how to recoup their losses, the scammers apparently deposited funds into a wallet on cryptocurrency exchange OKX, further obfuscating their paper trail.