In the past 24 hours, the price of Bitcoin dropped by more than 1%, reaching $43,579. This decline follows a fall from the 21-month highs seen earlier this month.
After a remarkable surge in December 2023 and the initial week of 2024, cryptocurrencies seem to have experienced a sudden shift in sentiment.
Cryptocurrency Market Update: SEC Warning Sparks Sell-off
The morning trade on Monday saw Bitcoin’s price holding above $43,000, albeit a retreat from the nearly 2-year highs achieved earlier this month. In the last 24 hours, all ten cryptocurrencies, ranked by market capitalization, experienced declines.
Optimism around the potential approval of a spot Bitcoin exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC) took a hit as the federal regulator issued a warning, expressing a “Fear of Missing Out” concern among investors. This cautionary note seemed to unsettle the crypto market.
Bitcoin, the original cryptocurrency, saw a 1% decline in the last 24 hours, with a current price of $43,610 and a market cap of $854.6 billion. Trading volumes surged over 28% to $21 billion during this period.
Ethereum, the second-largest crypto, also experienced a 2.2% price drop. As of writing, the ETH price stood at $2,199, and its market cap slipped to $264.3 billion. However, trading volumes increased by over 29% to $7.7 billion in the last 24 hours.
The bearish trend extended to smaller tokens or altcoins, with BNB price falling nearly 4%, Solana (SOL) price plunging over 5.5%, XRP price sliding down 0.9%, and Cardano (ADA) price tumbling nearly 9%.
This negative sentiment reverberated across the global crypto market, leading to a 2.5% decrease in the market cap to $1.61 trillion over the last 24 hours. The fear and greed index score stood at 67, indicating a relatively subdued sentiment among investors.
Top 3 Cryptos Performance: Pepe Coin- Shiba Inu- Lido DAO
Pepe Coin: Price Drops Over 10%
Pepe Price Chart
In the last 24 hours, the price of Pepe Coin experienced a significant decline, plummeting over 10% to $0.000001062. This resulted in a notable contraction of its market cap, which now stands at $447.3 million. Despite the dip in price, trading volumes over the same period increased by over 26%, reaching $85.1 million.
Shiba Inu (SHIB): 8% Price Decline
Shiba Inu (SHIB) Price Chart
Shiba Inu, the popular meme coin, witnessed an 8% slide in its prices over the past 24 hours, settling at $0.0000088. This dip caused its market cap to fall to $5.2 billion. However, there was a positive note as trading volumes increased by more than 46% during the same period, reaching $170.8 million, suggesting a growing interest among retail investors in the meme coin.
Lido DAO (LDO): Price Slumps 8.5%
Lido DAO (LDO) Price Chart; Image Credits: CoinMarketCap
Following an impressive 14% rally last week, Lido DAO experienced an 8.5% decline, bringing its price down to $2.85. This slump also led to a decrease in its market cap, now standing at $2.53 billion. On the flip side, trading volumes over the last 24 hours declined by 16%, amounting to $176.4 million, indicating a waning retail interest in the token.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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