Bitcoin and other major cryptocurrencies experienced a significant drop in value as the Asian business day began on Thursday. Bitcoin, in particular, saw a reversal of gains after surpassing $45,000 earlier in the week.
The decline in prices was attributed to reports suggesting that the US Securities and Exchange Commission (SEC) might reconsider its plans to approve spot Bitcoin exchange-traded funds (ETFs), including BlackRock’s proposal.
In the past 24 hours, Bitcoin’s price fell by almost 4.5% to $43,173, further distancing itself from its recent peak above $45,500. The market cap of Bitcoin also decreased by approximately 5% to $845.7 billion, while trading volumes increased by 42% to $47 billion.
Ethereum, the second-largest cryptocurrency, experienced a similar downward trend with a drop of over 5.5% to $2,238. Its market capitalization also shrank to $269 billion, and trading volume rose by 66% in the last 24 hours.
Other tokens also suffered losses except for Tether, which remained stable with a minimal increase of 0.05%, and BNB, which saw a gain of 1.6%. Solana (SOL) plummeted by over 6%, XRP dropped more than 8%, and Cardano (ADA) experienced an over 8% decline. Even meme coins like Dogecoin and Shiba Inu witnessed a crash of over 9%.
The overall global crypto market lost nearly 5% of its value on Thursday, resulting in a total market cap of $1.65 trillion. The fear and greed index level stood at 67, indicating subdued investor sentiment.
Top 3 Cryptos For Today
Pepe Coin Plunges Over 11%
The price of Pepe Coin dropped by over 11% in the last 24 hours, reaching $0.000001211. This decline caused its market cap to fall to $511.7 million. However, the trading volume for Pepe Coin increased by almost 156% to $184.4 million.
Kaspa (KAS) Crashes Over 11%
Kaspa’s price also experienced a significant drop of over 11% in the past 24 hours, reaching $0.104. As a result, its market cap slid to $2.3 billion. However, the trading volume for Kaspa surged by a staggering 100% to over $73.3 million.
Arbitrum (ARB) Price Rallies Over 4%
On a more positive note, Arbitrum’s price increased by 4.3% in the last 24 hours, reaching $1.98. Over the past seven days, the token has appreciated by nearly 23%. Currently, it holds a market cap of $2.5 billion, and trading volumes have risen by 144% in the past day.
Hot Take: Crypto Market Faces Volatility
The recent drop in Bitcoin and other major cryptocurrencies’ prices highlights the inherent volatility of the crypto market. Factors such as regulatory uncertainties and market sentiment can significantly impact digital asset values.
Investors should closely monitor developments in the regulatory landscape and stay informed about market trends before making any investment decisions in the crypto space.
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