Bitcoin fell hard in the last 24 hours, posting a two-week low of less than $22,500.
Most altcoins are also slightly in the red, apart from the apparent exceptions that come from Ethereum’s liquid staking assets like LDO, RPL, and FXS.
Increase in ETH liquid staking tokens
The latest price frenzy comes just hours after Coinbase CEO Brian Armstrong addressed concerns about a possible crackdown on staking by US authorities. Several representatives of the ETH liquid staking niche showed up with massive price increases, including LDO, which was up nearly 10%.
RPL and FXS have also increased by similar percentages. At the same time, ETH is down over 2% in the same time frame to below $1,650.
Most other larger-cap alternatives are also in the red, including Binance Coin, Ripple, Cardano, Dogecoin, Solana, Polkadot, Litecoin, and Avalanche. Shiba Inu and OKB have lost more than 5% in one day.
Polygon is the only exception to the top 10 crypto assets, with a daily increase of 3%. Chainlink is also doing well in the green – up 5.5%.
Total crypto market capitalization has dropped by around $20 billion in one day to $1.06 trillion.
Bitcoin sees 2-week low
The main cryptocurrency saw increased volatility last week when the US Federal Reserve raised interest rates by another 25 basis points. This was quite bullish for the asset, which shot above $24,000 for the first time since August 2022.
However, that rally was short-lived as the bears came into play. They pushed Bitcoin south hard, resulting in the price crashing below $23,000 days later. Then came another speech from Fed Chairman Jerome Powell, which brought more fluctuations.
However, BTC failed to break above $23,000 and fell again. This time, it fell to a two-week low of $22,400 (on Bitstamp).
It has made up some ground since then, but is still below $23,000. As such, its market capitalization is just under $440 billion and its dominance over alternatives is 41.3%.
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