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Bitcoin Falls to 3-Week Low, LDO Plunges 14% (Weekend Watch)
The last 24 hours brought even more pain for bulls as BTC slipped to another three-week low below $21,500. Most altcoins are in no better shape, including ETH liquid staking coins, many of which have seen double-digit price drops. BTC Falls Again The start of the month was very positive for the primary cryptocurrency, which was pumped to $24,200 following the US Federal Reserve's latest interest rate hike on February 2nd. However, in the following days, the landscape changed and the asset fell to around $23,000. After sitting quietly for a while, Bitcoin began to rapidly increase in value late this week...
Bitcoin Falls to 3-Week Low, LDO Plunges 14% (Weekend Watch)
The last 24 hours brought even more pain for bulls as BTC slipped to another three-week low below $21,500.
Most altcoins are in no better shape, including ETH liquid staking coins, many of which have seen double-digit price drops.
BTC falls again
The start of the month was very positive for the primary cryptocurrency, which was pumped to $24,200 following the US Federal Reserve's latest interest rate hike on February 2nd. However, in the following days, the landscape changed and the asset fell to around $23,000.
After sitting quietly for a while, Bitcoin began rapidly losing value late this week after the US Securities and Exchange Commission (SEC) tightened its crackdown on crypto staking. As industry experts continue to weigh how these regulatory measures will impact the market, BTC broke below $22,000 yesterday and fell below $21,500 today.
The latter became the lowest price since January 20th. Currently, the cryptocurrency is trading a few hundred dollars above this line, but its market cap is below $420 billion. His dominance over alts is still at 41.4%.
BTCUSD. TradingView
ETH Liquid Staking Alts Dump Hard
Some of the biggest winners in recent days have been precisely ETH liquid staking altcoins such as LDO, FXS and RPL. However, they have pulled back sharply following the SEC's actions, with all three down over 10% in the last 24 hours alone.
The larger cap alts are quieter today, although most are also in the red. Ethereum is down 2% and is inches above $1,500. RippleCardano, Dogecoin, Polygon, Solana and Polkadot are also now trading with slight losses.
Binance CoinOKB, Shiba Inu and Litecoin, on the other hand, have made insignificant gains.
HBAR is among the few impressive daily gainers, rising over 16% to $0.09.
The total crypto market cap remained at around $1.01 trillion after losing $70 billion in the last two days.
Overview of the cryptocurrency market. Quantify crypto