BTC Slumps Near $28K; Coinbase US Exit Plan Hurts
By Laxmikant Khanvilkar
Virtual digital assets or VDA extended decline this week as the U.S. Securities Exchange Commission (SEC) toughened its stance against crypto exchanges that saw Coinbase announcing its departure from the U.S.
Bitcoin dropped below $28,000 briefly on Thursday before moving back to current level of $28,100.
The BTC/USD trading pair on the Coinbase exchange fell to $27,991 shortly before U.S. equity markets closed.
Analysts have said that the bitcoin’s recent decline came after Coinbase CEO Brian Armstrong indicated that the crypto exchange giant might leave the U.S.
Meanwhile, Coinbase was able to secure a license to operate in Bermuda.
Bitcoin is expected to struggle until the regulatory clarity is not established which means prices seem poised to drift lower.
Ether (ETH), the second-largest cryptocurrency by market value, recently dropped nearly a percentage point to change hands at around $1,948. ETH fell to $1,917 at one point, its lowest perch in a week.
BTC and ETH were down 7% and 3%, respectively, for the past seven days. BTC’s price dipped to its lowest level since April 9.
The global crypto market cap declined 1.89% to $1.19 tn, over the last 24-hours.
The total crypto market volume fell 16.30% to $52.01 bn. The total volume in DeFi is currently $3.95 bn, 7.59% of the total crypto market 24-hour volume. The volume of all stablecoins is now $46.74 bn, which is 89.86% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 45.77%, a decrease of 0.35% over the day.
Meanwhile, most other major tokens were trading in the red, with both payments-focused cryptocurrency XRP and Litecoin (LTC) recently down over 5%.
Elsewhere, equities markets also declined, amid a series of disappointing first-quarter earnings, including car maker Tesla, whose revenues fell slightly short of consensus estimates, and Blackstone, the world’s largest alternative asset manager.
The S&P 500 and Nasdaq Composite fell 0.6% and 0.8%, respectively for the day.
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