Bitcoin (BTC) and the main cryptocurrencies in the market sink as the US Securities and Exchange Commission. (SEC) accentuates regulations on recognized exchange platforms, such as Kraken.
The slowdown in interest rates imposed by the US Federal Reserve (FED) It wasn’t enough to prop up the token price, and the leading coin crashed to a four-week low of $22,408 this morning, before rising back to $22,730.
This scenario completely contradicts the numbers seen in January 2023, when bitcoin raised its price above 40%. Now, the asset is reeling, in line with the general recession facing the crypto ecosystem.
Just a few days ago, the most important coin on the market was approaching $24,000, its highest price in months. However, this bullish illusion was short-lived and the asset now cannot escape the red numbers.
According to data from Coinmarketcap, the bitcoin market capitalization also registered a drop (2.08% since yesterday), but the volume of transactions with this cryptocurrency rose by 12.04%.
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The price of Ethereum
Like bitcoin, Ethereum (ETH) is not going through a good moment either. This Thursday the second most important currency in the market reached US$ 1,632.91. This translates into a drop of 2.5% in 24 hours and 0.6% in the last 7 days.
Likewise, its market capitalization also fell; in this case, by 2.43% from the previous day. However, the volume of money mobilized by this asset increased by almost 4%, according to Coinmarketcap.
Among the main altcoins (alternative tokens to Bitcoin) BNB, Cardano (ADA), is located at US$ 0.386434 and Solana (SOL) at US$ 22.79.
When it comes to investing in cryptocurrencies, traders turn to a variety of indicators to gauge the market. One of the most recognized is the “Fear & Greed Index”, which records the general sentiments of traders and exchanges.
According to your data, The crypto ecosystem is in a state of “greed”, which means that investors are not quite ready to jump into the game; they are not risk hungry and slow the movement of funds.
Source: The Chronicler
