Crypto Market Slips Below $1 Trillion As U.S. Regulatory Pressure Mounts by ninabambysheva
Overall, cryptocurrencies are trading at about $996 billion after peaking earlier this month at just under $1.1 trillion. While still up from last year’s lows beneath $800 billion, the market remains far from the 2021 peak of almost $3 trillion.
“Cryptos are weakening as every trader worries about how crippling this SEC wave will be with the cracking down on staking products and stablecoins. The news flow has been rather bearish for crypto, and you can’t forget about tomorrow’s inflation report that could be hot and spell trouble for risky assets,” said Edward Moya, senior analyst at trading firm OANDA, in a Monday note. “It might be hard for buyers to emerge until we see how Wall Street reacts with tomorrow’s inflation data,” he added.
Upon the announcement, traders rushed out of their BUSD positions, according to digital assets data provider Kaiko, with volume climbing to nearly half a billion dollars on the BUSD-tether trading pair in the hour immediately following the news. “The decision will have a profound impact on the stablecoin space and upend a pillar of Binance's aggressive strategy for crypto dominance,” Kaiko added.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ethereum (ETH) Falls Below Important Support Level, Drops Below Critical $1,500 ThresholdCrypto Market Review: $ETH is falling below important support level, following Paxos FUD and potential regulatory framework
Read more »
USD/CHF Price Analysis: Approaches critical resistance below 0.9300 amid a dismal market moodUSD/CHF Price Analysis: Approaches critical resistance below 0.9300 amid a dismal market mood USDCHF Fibonacci SupportResistance RiskAversion Inflation
Read more »
Binance Coin Dumps Below $300 Following News From US Regulators: Market WatchBinance Coin has dropped by over 5% in the past 24 hours following the news regarding BUSD and Paxos.
Read more »
Crypto Price Chart Widget: Embed or Share Crypto Price DataEnrich your articles, reports or publications with visualizations. Add interactive and responsive cryptocurrency price charts to your website or blog for more than 200 cryptocurrencies. Visit any CoinDesk price page to get started:
Read more »
Crypto Market Cap Maintains $1T as Lido (LDO) Recovers 10%: Weekend WatchLido Dao continues with its highly-volatile performance as of late.
Read more »
CME Group Records Increased Demand for Crypto Products Despite Bear MarketThe firm has seen significant demand for its crypto products since November despite the bear market, according to the CEO.
Read more »