The price of cryptocurrencies is falling.
The price of Bitcoin has lately dropped below $22,000 in the last 24 hours, signaling a collapse in the cryptocurrency industry. The largest cryptocurrency has reached a three-week low as a result of the Securities and Exchange Commission’s (SEC) action against crypto staking.
A Three-Week Low for BTC
Bitcoin reached a five-month high of $24,300 at the beginning of the month, but it was unable to hold that level. Despite attempts to break beyond the $23,000 barrier, the cryptocurrency stuck to its usual trading range just around this threshold. But as it turned out, the SEC was indeed cracking down on crypto staking, which significantly affected the market and sent Bitcoin down to a low of $21,600. Although it has recently made some progress, its dominance over other cryptocurrencies is still at 41.4% and its market valuation is still just $420 billion.
Alternate Currency Affected
Other altcoins, including Ethereum, Binance Coin, Ripple, Polygon, Litecoin, and Tron, which have fallen by up to 4% in a day, have also been impacted by the collapse in the cryptocurrency market in addition to Bitcoin. Cardano, Dogecoin, OKB, Solana, Polkadot, and Shiba Inu are a few of the lower and mid-cap cryptocurrencies that have suffered even greater losses, falling by as much as 8%. The market capitalization of all digital assets as a whole has decreased by $70 billion and is now slightly above $1 trillion.