End of the Bull Run? Crypto Market Crashes as Bitcoin Price Drops Below $22k
As many cryptocurrencies are experiencing a financial crisis, the crypto market is continuing to lose ground. After a promising bull run, Bitcoin is struggling to stay above the $21,000 mark. According to CoinMarketCap data, the global market capitalization fell by 5.45% in the past 24 hours to $1.02 Trillion at 7:30 AM IST today.
Crypto Market Bleeds
The crypto market cap reached $3 trillion in November 2021. This was mainly due to Bitcoin’s record-breaking $69,000 high. The current market conditions are causing caution as all major cryptocurrencies are suffering a massive decline.
Bitcoin, the largest cryptocurrency on the market, has fallen 4.3% in the last 24 hours to $21,846, while Ether, the second-largest, is below $1.6k. Other altcoins such as Dogecoin and Cardano have also been stumbling in red.
Bitcoin price drops below $22K
Bitcoin (BTC), which is experiencing a wider market decline, is under increasing pressure. It is widely reported that Kraken, a crypto exchange giant, has agreed to close its cryptocurrency staking operations following allegations by the U.S. Securities and Exchange Commission.
The Coingape reported that Gary Gensler, the Chair of the SEC, stated that the Kraken staking programme is offered and sold to investors as a security. Providers of stake-as-a service must register and provide full disclosure, fair and truthful protection for investors.
According to Coinglass data, investors have liquidated approximately $90 million in BTC long position, compared with $42 million in BTC short position over the past seven day.
Investors will lose all hope of a bullish sentiment if Bitcoin falls below $20k once more, even with the 2024 Bitcoin halving.
Also read: Are these tokens the future of crypto gaming in 2023?
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The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.