Bitcoin Slips Below $23k
By Laxmikant Khanvilkar
Leading cryptocurrencies including Bitcoin, Ethereum and others plummeted in the last 24 hours as risk-off sentiments hit the trade volume. ECB signaling further monetary policy tightening and rumors of U.S. regulators contemplating to ban on retail staking are the key factors to bring down the prices.
Ether has matched bitcoin in year-to-date performance because ETH’s’ supply continues to decline.
The two largest cryptocurrencies by market value have each gained about 38% this year, spearheading a wider cryptocurrency market upsweep. A week ago, BTC was outpacing ETH by about 6 percentage points. The shift reflects a 1.4% rise in ETH’s price and concurrent 3.1% drop in BTC.
The worldwide crypto market capitalization is currently at $1.07 trillion, reflecting a decrease of 1.22% in the past 24 hours. The total crypto market volume over the same period is $57.95 billion, showing a 3.05% decline. The portion of the total crypto market 24-hour volume occupied by DeFi is $5.71 billion, or 9.85%. Stable coins make up 90.95% of the total crypto market 24-hour volume, with a total of $52.70 billion. Bitcoin’s market dominance is 41.27%, having increased by 0.03% in the last day.
Meanwhile, Coinbase CEO Brian Armstrong says he’s heard rumors the U.S. Securities and Exchange Commission would like to ban retail investors from engaging in cryptocurrency staking, the income-generating technique at the core of running blockchains including Ethereum.
Interestingly, as per CoinGecko’s cryptocurrencies price tracker, five out of the top six trending, on Wednesday, had one thing in common: They’re all related to artificial intelligence, crypto’s hottest new fad.
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