The Cryptocurrencies have been aggressively declining over the course of the previous few days and analysts have highlighted a number of reasons for this. Analysts throughout the crypto market suggest that the delay in Bitcoin Spot ETF approvals has led to massive outflows of cryptocurrencies.
On the other side, some experts argue that the aggressive crackdowns by the SEC on crypto exchanges have sparked a sense of fear and uncertainty within the minds of the common investors. With the recent crackdowns, it is fairly easy to assume that the SEC is resorting to regulation by enforcement, and is making the existing situation increasingly worse, which mirrors its belief in protecting the investors.
Cryptocurrencies Keep on Tumbling, BTC Tests $26K
The sense of uncertainty and fear has grown considerably throughout the cryptocurrency market, with investors growing more impatient than before. As a result, cryptocurrencies have taken a major hit and were seen to be trading in the red. The global crypto market cap is at $1.05T. Some of the major cryptocurrencies to suffer have been mentioned as follows.
- Bitcoin (BTC): The largest cryptocurrency by market cap became a victim of turbulence within the broader market. The ongoing issues have led to a decline of 11.33% within the previous 7 days. The decline has pushed the trading price down to $26,063, and the market cap currently stands at the $506 billion mark.
- Ethereum (ETH): Among the major cryptocurrencies to tumble as a result of the ongoing market dynamics is ETH. The token has declined by 9.76% within the previous 7 days, and it is currently trading for $1,661.Furthermore, the market cap of ETH currently stands at the $199 billion mark.
- Solana (SOL): Solana did not fare well in comparison to other cryptocurrencies throughout the market as it plunged by a staggering 15.54% within the last 7 days. As of now, the token is trading for $21.06, and its market cap is $8.5 billion.
- Cardano (ADA): The next token on the list to suffer is ADA. Over the course of the previous week, ADA has tumbled by a staggering 9.55%, and the decline has pushed the token’s trading price to $0.2617. The token’s market cap is currently $9.1 billion.
- Dogecoin (DOGE): The meme coin has tumbled down by a whopping 16.03% and is now trading for almost $0.06247. Furthermore, the market cap of Dogecoin stands at the $8.7 billion mark.