The last 24 hours brought more pain for bulls as BTC plunged to another three-week low below $21,500.
Most altcoins are in no better shape, including the liquid staking coins ETH, many of which have seen double-digit price drops.
BTC falls again
The start of the month was very positive for the main cryptocurrency, which rose to $24,200 after the latest interest rate hike by the US Federal Reserve on February 2. However, the picture changed in the following days and the asset fell back to around $23,000.
After being quiet for a while, bitcoin began to lose value rapidly late this week after the US SEC intensified its crackdown on cryptocurrency staking. While industry insiders continue to weigh how these regulatory actions will affect the market, BTC fell below $22,000 yesterday and fell below $21,500 today.
The latter became its lowest price since January 20. As of now, the cryptocurrency is trading a few hundred dollars above that line, but its market capitalization is below $420 billion. Its dominance over alternatives remains at 41.4%.
ETH Liquid Staking Alts Dump Hard
Some of the biggest winners in recent days were precisely the ETH liquid staking altcoins, such as LDO, FXS, and RPL. However, they’re all back a long way after the SEC’s actions, with all three down more than 10% in the last 24 hours alone.
Larger-cap alts are quieter today, though most are in the red as well. Ethereum is down 2% and sits just inches above $1,500. Ripple, Cardano, Dogecoin, Polygon, Solana, and Polkadot also have minor losses now.
Binance Coin, OKB, Shiba Inu, and Litecoin, on the other hand, have marked negligible gains.
HBAR is among the few impressive gainers on a daily scale, up more than 16% to $0.09.
Total crypto market capitalization has remained stuck at around $1.01 trillion after losing $70 billion in the past two days.
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