Crypto markets are crashing as investors panic, following a drop in Bitcoin prices from $6,350, to $4,650.00. The decline is across the board for Bitcoin and altcoins, with over 30 major coins losing over 30% of their value! What caused this sell-off? It seems the rumored move by the US Securities and Exchange Commission (SEC) to delay a Bitcoin ETF until next year has led to a flood of selling pressure.
The cryptocurrency markets have been rocked by the recent news that the U.S. Securities and Exchange Commission has filed charges against a crypto exchange, Binance, for alleged security violations, and is seeking to “temporarily disable” its trading platform. With Bitcoin down over 7% in the past 24 hours, the cryptocurrency markets are seeing a general sell-off. It’s not entirely surprising that the SEC is taking action against a virtual currency exchange. After all, the prohibition against trading securities in securities is a longstanding and widely-recognized provision of US law. (The SEC is explicitly empowered to regulate the sale of securities, Section 6(a)(1) of the Securities Act of 1933.) The SEC has a wide variety of
Cryptocurrency markets did not take well to the news of a proposed Bitcoin ETF being denied by the US Securities and Exchange Commission. These markets have been volatile as of late, but markets in general have been fairly stable, with most of the major cryptocurrencies experiencing a decline of under 10% over the past month.Digital currency markets have once again lost billions, with the entire crypto economy falling from over $2 trillion to a current market valuation of $1.4 trillion. At 9 p.m., bitcoin was just above $38,000. (EST) last night, but then sellers began to capitulate and the price dropped below $34,000.
Crypto-economy will save billions
- Cryptocurrency prices fell Sunday after a number of markets tried to rally Friday and Saturday. Bitcoin (BTC) and a number of other digital assets have lost a lot of value, with losses in the cryptocurrency market last week among the largest in history.
- Bitcoin (BTC) is trading at $35,385 a piece on Sunday, down 7 percent today and 23 percent over the past seven days.
BTC/USD at 8 a.m. Sunday. Eastern Standard Time (May 23, 2021).
- BTC’s dominance has increased after falling to a low of 40%. Sunday’s statistics show that BTC dominates with 45.9% and Ethereum (ETH) with 17.3%.
- The second largest crypto asset, Ethereum (ETH), is down over 11% today and 39% on the week.
ETH/USD at 8am Sunday morning. Eastern Standard Time (May 23, 2021).
- Among the top ten crypto assets, the two biggest losers are Binance Coin (BNB), down 53% in the past week, and Polkadot (DOT), down 53.82% in the past seven days.
- On the other hand, bitcoin (BTC) and dogecoin (DOGE) were among the ten digital currencies that suffered the least losses over the past week.
As participants focus on the carnage of the crypto currency market, the Stabelcoin economy has crossed the $100 billion mark.
- On Twitter, many people are discussing the carnage in the cryptocurrency market. Popular crypto-currency Twitter account Alex Krueger said: This is what a bear market looks like. Sellers capitulate, cash positions are liquidated and the bitcoin futures curve moves downward. It would be great if it was a mass signal, he added.
- A Twitter account under the pseudonym Light shared the timeline and said: Start placing long positions in BTC and ETH. The 50% draws indicate total capitulation, as does panicked retail sentiment, attributed to low liquidity over the weekend.
Chartshared by a Twitter account and a trader named Light on Sunday the 23rd. May 2021.
- Meanwhile, as everyone watches the blood flow in the streets of the cryptocurrency market, the total capitalization of fiat steiblocoins has passed the $100 billion mark. Tether (USDT) has the largest valuation to date at $59 billion, while the usd coin (USDC) is valued at about $19.9 billion.
- Larry Chermack, director of research at The Block Crypto, talked about how marketers are exploiting the stablecoin market. One of the more optimistic aspects of this cycle compared to the previous one is that people are not withdrawing as much cash, preferring to keep it in stable currencies but still in the ecosystem, Cermak tweeted Sunday. The current mentality is that you can at least make some money and enjoy it later.
What do you think of the dynamics of the crypto-currency market this Sunday? Let us know what you think in the comments below.
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$100 billion, Alex Krueger, Bitcoin, Bitcoin (BTC), Crypto economy, Domination, Ethereum (ETH), Larry Cermak, Light, Market gap, Markets, Prices, Stable coins, Tether, Tether (USDT), Traders, Twitter, USDT Photo credit: Shutterstock, Pixabay, Wiki Commons, Bitcoinwisdom.io, Twitter, Coingecko, Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.After a brief respite, the cryptocurrency market broke out in a frenzy to dump billions of dollars from the market. The entire crypto market cap took a precipitous drop to around $400 billion, which is equivalent to around 10 percent of its value at the peak of the last bull run. Altcoins and tokens are still crashing with Bitcoin leading the way. For the first time since the correction that began in mid-October, Bitcoin is now below $7000.. Read more about bitcoin market cap chart and let us know what you think.
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