Bitcoin Drops Below $22K
By Laxmikant Khanvilkar
Virtual digital asset or more popularly know as cryptocurrencies have suffered another day loss, the trend that was started late last week and is still continues unabated. In the last 24-hours, the markets witnessed another round of selling that was triggered by the crypto exchange giant Kraken agreeing to shut its cryptocurrency staking operations to settle charges with the U.S. Securities and Exchange Commission (SEC).
Bitcoin dipped below $22,000 Thursday and was recently down nearly 4%.
The SEC said later Kraken will “immediately” end its crypto staking-as-a-service platform for U.S. customers and pay $30 million to settle SEC charges it offered unregistered securities.
Bitcoin was recently trading at $21,900. Ether (ETH), the second-largest cryptocurrency, followed BTC’s trend, recently trading down 4.3% to $1,569.
Crypto-related stocks also struggled with Coinbase recently falling 14% during Thursday’s midday trading hours, bitcoin miner Marathon Digital Holdings (MARA) dropping 13%, MicroStrategy (MSTR), a major bitcoin acquirer, down 10%.
The Kraken news followed less than a day after Coinbase CEO Brian Armstrong tweeted his crypto exchange company had heard “rumors” the Securities and Exchange Commission (SEC) wanted” to get rid of crypto staking in the U.S. for retail customers.
The global cryptocurrency market capitalization has dropped by 5.14% in the past day, amounting to $1.02 trillion. The total 24-hour trading volume across the crypto market has seen a significant 38.49% increase to $79.82 billion. Decentralized finance (DeFi) accounts for 11.17% of this total volume, while stable coins make up 83.59% of it with a volume of $66.72 billion. Bitcoin’s dominance has risen slightly to 41.44%, increasing by 0.19% over the course of the day.
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