The crypto market on Friday is extending its losses as many cryptocurrencies are in a bloodbath. After giving hopes for a major bull run, Bitcoin is once again struggling to barely stay afloat over the $21,000 level. As per data from CoinMarketCap, the global market capitalization has decreased by 5.45% over the past twenty-four hours to $1.02 Trillion as of 7:30 AM IST today.
Crypto Market Bleeds
There was a time when the crypto market cap crossed the $3 trillion mark for the first time in November 2021 which was mainly the result of Bitcoin reaching its all-time high of $69,000. But now, the current market conditions call for caution as all the major cryptocurrencies are experiencing a huge decline.
The largest cryptocurrency in the market, Bitcoin’s price has dipped 4.3% in the past 24 hours to $21,846, with Ether, the second-largest crypto, stumbling below $1.6k. Meanwhile, other altcoins like Cardano, Dogecoin, and Solana have also scuffled in red.
Bitcoin price drops below $22K
Bitcoin (BTC) is once again under pressure amid a wider market decline. It is largely followed news that crypto exchange giant Kraken had agreed to shut its cryptocurrency staking operations after the U.S. Securities and Exchange Commission (SEC) alleged the platform for breaking securities laws.
As previously reported by the Coingape, SEC Chair Gary Gensler said that the Kraken staking program is offered and sold as a security. Staking-as-a-service providers must register and provide full, fair, and truthful disclosure and investor protection.
Data from Coinglass, a crypto data platform, projected that investors had liquidated some $90 million in BTC long positions compared to around $42 million in BTC short positions over the past seven days.
Hence, if Bitcoin falls below $20k again, Investors will lose all the remaining hopes of a bullish sentiment even with the upcoming Bitcoin halving in 2024.
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