Bitcoin Falls to a 3-Week Low

The cryptocurrency market has been facing some challenges lately, and the leading digital asset, Bitcoin, is no exception. Despite starting the month on a positive note, with a pump to $24,200 following the latest interest rate hike by the US Federal Reserve, the asset has since retraced and fallen to a 3-week low below $21,500. In this market update, we will take a closer look at the recent developments in the Bitcoin market and the factors that have contributed to its current state.

Bitcoin Dumps to 3-Week Low, LDO Plummets 14%

The start of the month was highly optimistic for the primary cryptocurrency, with its price rising to $24,200 after the latest interest rate hike by the US Federal Reserve. However, things took a turn for the worse in the following days as the asset retraced to around $23,000. The situation took a turn for the worse when the US SEC intensified its clampdown on crypto staking. As a result, BTC started losing value rapidly, and it plummeted below $22,000 yesterday and fell to under $21,500 today. This marks its lowest price since January 20.

Altcoins Follow Suit

The market for altcoins is in no better shape, with many coins experiencing double-digit price drops. FXS, LDO, and RPL are all down by over 10% on a daily scale. The crypto market’s dominant player, bitcoin, is trading a few hundred dollars above its three-week low, but its market cap is under $420 billion, with its dominance over altcoins still standing at 41.4%.

The recent drop in bitcoin’s price has had a significant impact on the entire cryptocurrency market, including altcoins. The regulatory actions by the US SEC have intensified the situation, and it remains to be seen how it will affect the market in the long run. Despite this, it’s essential to keep in mind that the cryptocurrency market is highly volatile, and price fluctuations are a common occurrence. Hence, it’s advisable to invest carefully and do proper research before making any investment decisions.

For more articles visit : Cryptotechnews24