Market for Cryptocurrencies Drops Once More
In the last day, there has been another decline in the value of cryptocurrencies, with Bitcoin (BTC) falling to a three-week low of around $21,500. Other cryptocurrencies were also impacted by this downturn, such as the ETH liquid staking coins, which saw double-digit price declines.
BTC Falls Under $22,000
Despite having a strong start to the month, rising above $24,200 following the most recent US Federal Reserve interest rate hike, Bitcoin’s value began to fall sharply near the end of the week. The US SEC’s crackdown on crypto staking accelerated the drop, pushing BTC below $22,000 and then below $21,500. With a market worth below $420 billion, the cryptocurrency is currently trading a few hundred dollars above that level.
Significant Losses are experienced by ETH Liquid Staking Alts.
LDO, FXS, and RPL are three ETH liquid staking altcoins that have seen large price increases recently. But because of the SEC’s activities, all three of these assets have experienced harsh retracements, falling more than 10% in the last day alone. Although most are still in the red, the larger-cap alts are a little bit calmer. Small gains have been made by Binance Coin, OKB, Shiba Inu, and Litecoin, but HBAR stands out as one of the few daily gainers, rising by more than 16% to $0.09.
After losing $70 billion over the last two days, the entire market capitalization of all cryptocurrencies has stayed stable at roughly $1.01 trillion.